The cryptocurrency market has seen a significant increase in the amount of hardware wallets on the market in recent years, each promises that digital assets will be safe and secure. Its Ellipal wallet is a brand new entrant in this field and hopes to differentiate from the crowd by providing a completely isolated solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for safe the storage and protection of assets becomes more crucial. The Ellipal wallet is a tool which keeps the private keys to digital assets offline and prevents hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware component, is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to finance the development of their product. The company’s website as well as online reviews claim the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets of competing firms such as TREZOR and Ledger are made in a way that no outside attacker can access your private keys. For example, even if you connect your TREZOR on a compromised computer that is infected with viruses Your private keys will remain protected and safe.
Ellipal is a unique wallet. Ellipal wallet is unique in its design, it is completely isolated from any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it communicates via QR codes using a camera on the rear of the. This makes it a very secure option as it eliminates the possibility of a hacker having access to the private key by the network. However, it’s worth noting that this also means that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based, which can be connected to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, meaning that it isn’t tested in battle yet. This is something prospective buyers should take into consideration when purchasing this Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR and Ledger) are around for a longer time and have a proven track record of security.
Regarding support for coins, the Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. The company is working to add support for more coins in the near future.
In conclusion it is clear that the Ellipal wallet has been a fresh competitor in the hardware wallet market that claims that it is 100% secure because of its complete inaccessibility to any computer or network. Its creators are relatively new, and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with the use of a small number of coins, and its price tag at $149 is comparable with its competitors. Although the concept of a fully isolated hardware wallet is intriguing however, you should consider the history and security measures of other hardware wallets before making a choice. The final decision about whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option that has a modern design however, it’s not as user-friendly in use as the other hardware wallets. Additionally, it’s a relatively new product available on the market.