The world of cryptocurrency has witnessed an significant rise in the number of wallets that are hardware in recent years. Each claims to keep digital assets safe and secure. The Ellipal wallet is a new entry into the market and is aiming to differentiate itself from its competitors by offering a completely isolated solution. As cryptocurrency usage grows more commonplace, the need for secure security for digital asset storage is becoming increasingly essential. The Ellipal wallet can be described as a gadget that stores the private key to digital assets off-line, preventing hackers from stealing them remotely.
Ellipal, the company behind the wallet’s hardware is a relatively new competitor in the market. They raised $55K in the course of an Indiegogo campaign to finance research and development for their products. The website of the company and its online reviews state the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets of rival firms like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to see 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 will remain secure and safe.
Its Ellipal wallet is distinctive in its design. It is completely disconnected from any network or computer, meaning it has no wireless or wired connectivity. Instead, it communicates via QR codes through a camera on the rear end. This makes it a highly secure choice as it removes the possibility of hackers gaining access to the private key by a network connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t as user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it’s not tested in battle yet. This is something prospective buyers need to keep in mind when considering buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) were in business for longer and have proven track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. However, the company is working to add the support of more coins in the near future.
In conclusion In conclusion, the Ellipal wallet is a new competitor in the market of hardware wallets that claims to be completely secure due to its complete isolation from any computer or network. Ellipal is a company that’s new, and the product has not been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is in line with the other options. Although the concept of a fully separated hardware wallet sounds appealing but it’s crucial to look at the security and track record measures of other wallets prior to making a choice. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the cost is up to the individual. It’s an extremely secure choice with an innovative design, but it’s not as convenient for use like other wallets, and it’s an extremely new product that’s available.