The world of cryptocurrency has witnessed an significant increase in the amount of wallets that are hardware on the market in recent years, each claims that digital assets will be secure and safe. Its Ellipal wallet is a new entrant in this field and aims to stand out from its rivals by providing an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to safe the storage and protection of assets is becoming increasingly important. The Ellipal digital wallet tool that keeps the private key to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young competitor in the market. They raised $55K in the course of an Indiegogo campaign to help fund the development of their product. The website of the company and its online reviews claim the hardware wallet as completely secure, but it’s important to note that the hardware wallets from rival companies like TREZOR and Ledger are made in a way that no attacker from outside is able to access your private keys. For example, even if it is possible to connect your TREZOR on a compromised device which is infected by viruses your private keys remain protected and safe.
The Ellipal wallet is unique in its design, it is completely disconnected from any computer or network, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes using a camera on the back of the. This makes it an extremely safe option since it blocks the possibility of hackers getting access to the private key by an internet connection. However, it’s important to remember that this could mean that the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is fairly new to the market, which means that it has not been combat-tested to date. This is something that potential buyers should be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) are around for longer and have a established track records of security.
In terms of coin support in terms of coin support, the Ellipal wallet is currently able to support only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. However, the company is working to add the support of more coins in the near future.
In the end, the Ellipal wallet is a fresh player in the market of hardware wallets, promising to be 100% safe due to its total separation from any network or computer. Its creators are relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet supports the use of a small number of coins and the price of $149 is on par with other wallets. Although the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the track record and security measures of other wallet options before making a choice. Ultimately, the decision of whether the Ellipal wallet is worth the cost is up to the individual. It’s a safe option with an innovative design, however, it’s not as easy in use as the other hardware wallets. Additionally, it’s an all-new product that’s available.