The world of cryptocurrency has seen a significant increase in the number of hardware wallets available on the market in recent years. Each promising that digital assets will be safe and secure. The Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure security for digital asset storage becomes increasingly essential. It is the Ellipal wallet is a tool which keeps the private keys to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. The company raised $55K via an Indiegogo campaign to help fund research and development for their products. The company’s website and online reviews claim the hardware wallet as 100% secure, however, it’s important to remember that hardware wallets from rival firms like TREZOR as well as Ledger are made in a way that no outside attacker can access your private keys. For instance, even if it is possible to connect your TREZOR on a compromised system which is infected by viruses, your private keys remain secure 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 through QR codes using an image camera at the back of the. This makes it a highly safe option since it blocks the possibility of hackers having an access point to your private keys through a network connection. However, it’s important to remember that this means the Ellipal wallet is not as user-friendly like other wallets on hardware that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which implies that it isn’t battle-tested yet. This is something potential buyers should keep in mind when considering purchasing this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR as well as Ledger) are around for a longer time and have a an established track record of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. But, the company is currently working on adding the support of more coins in the future.
In the end In conclusion, the Ellipal wallet is a new player on the market of hardware wallets, promising to be completely safe due to its total separation from any network or computer. Its creators are relatively new and the product has not been battle-tested as of yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag at $149 is comparable with its competitors. While the idea of a completely separated hardware wallet sounds appealing however, you should consider the history and security measures of other hardware wallet options before making a choice. Ultimately, the decision of whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s an extremely secure choice with a unique design however, it’s not as user-friendly for use like other hardware wallets. It’s also a relatively new product available on the market.