The cryptocurrency market has seen a significant increase in the amount of hardware wallets available on the market in recent years, all claims that digital assets will be secure and safe. The Ellipal wallet is a new entry into the market and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to safe storage of digital assets is becoming increasingly important. The Ellipal digital wallet tool that keeps the private key to digital assets indefinitely to prevent hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively young competitor in the market. They raised $55K in an Indiegogo campaign to finance research and development for their products. The company’s website and reviews online claim the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets of rival businesses such as TREZOR as well as Ledger are also designed in a way that no outside attacker can see your private keys. In the event that, for instance, the TREZOR is connected TREZOR with 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 unconnected to any network or computer, meaning it has no wireless or wired connections. Instead, it transmits QR codes through cameras on its rear of the. This makes it a very secure option as it eliminates the possibility of a hacker gaining access to the private key via the network. However, it’s important to remember that this also means that 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 fairly recent to market meaning that it has not been battle-tested yet. This is something prospective buyers should be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) were on the market for longer and have a established track records of security.
In terms of support for coin in terms of coin support, the Ellipal wallet is currently able to support a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some buyers. But, the company is working to provide support for more coins in the near future.
In the end it is clear that the Ellipal wallet is a new player in the market for hardware wallets 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 hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with a limited number of coins and its price at $149 is comparable with other wallets. While the idea of a totally isolated hardware wallet is intriguing 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 or not the Ellipal device is well worth the price is entirely up to the user. It’s a safe option with a unique design however, it’s not as easy to use as other wallets, and it’s a relatively new product that’s available.