The world of cryptocurrency has witnessed a significant increase in the amount of hardware wallets in recent years. Each promises that digital assets will be safe and secure. Its Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its competitors by offering an unrivalled solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to secure the storage and protection of assets is becoming increasingly important. Ellipal wallet Ellipal wallet can be described as a device which keeps the private keys to digital assets offline and prevents hackers from taking the keys remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively young competitor 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 reviews online claim that their hardware wallet is 100% secure, however, it’s important to note that the hardware wallets from rival companies such as TREZOR as well as Ledger are constructed in a manner that no outside attacker can see your private keys. For instance, even if the TREZOR is connected TREZOR to a compromised computer that has been infected with viruses your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes through an image camera at the back of the. This makes it a very secure choice as it removes the possibility of hackers getting gain access to private information via an internet connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as convenient to use like other wallets on hardware that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively recent to market meaning that it isn’t battle-tested yet. This is something that potential buyers must take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) are in business for a longer time and have a an established track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. The company is working to provide more support for coins in the near future.
In the end In conclusion, the Ellipal wallet has been a new competitor in the market for hardware wallets and promises to be completely safe due to its total isolation from any computer or network. Ellipal is a company that’s new and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins and the price of $149 is in line with other wallets. Although the idea of a totally exclusive hardware wallet is appealing however, you should consider the history and security features of other hardware wallets before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the cost is up to the person who buys it. It’s a very secure option that has a modern design but it’s not as convenient for use like other hardware wallets, and it’s an extremely new product that’s available.