The cryptocurrency market has witnessed a significant increase in the amount of hardware wallets available on the market in recent years, all promising to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entrant in this field and hopes to differentiate from its rivals by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream it is becoming more important to secure storage of digital assets becomes increasingly crucial. The Ellipal wallet is a tool that keeps the private key to digital assets off-line, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young company on the market. It raised $55K through the course of an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews claim that their hardware wallet is 100% secure, but it’s important to remember that hardware wallets of rival businesses like TREZOR and Ledger are constructed in a manner that no one outside can view your private key. For instance, even if it is possible to connect your TREZOR on a compromised device that is infected with viruses, your private keys are still protected and safe.
Its Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer which means it does not have wired or wireless connectivity. Instead, it communicates via QR codes through an image camera at the rear end. This makes it a very safe option since it blocks the possibility of hackers having an access point to your private keys through an internet connection. However, it’s important to remember that this could mean that the Ellipal wallet is not as user-friendly like other wallets on hardware, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly new to the market, which means that it has not been battle-tested yet. This is something prospective buyers need to be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) have been around for longer and have an established track record of security.
In terms of support for coin in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, as well as 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. The company is currently working on adding more support for coins in the future.
In conclusion, the Ellipal wallet is a fresh competitor in the market for hardware wallets that claims to be 100% safe due to its total isolation from any computer or network. Ellipal is a company that’s relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins and its price at $149 is comparable with the other options. Although the idea of a totally separated hardware wallet sounds appealing but it’s crucial to look at the track record and security measures of other wallets before making a decision. The final decision about whether or not the Ellipal wallet is worth the price is up to the individual. It’s a safe option that has a modern design but it’s not as convenient for use like other wallets, and it’s an all-new product on the market.