The cryptocurrency market has seen an significant increase in the number of hardware wallets on the market in recent years. Each promises that digital assets will be safe and secure. Its Ellipal wallet is a new entry into the market and aims to stand out from its rivals by providing an unrivalled solution. As the use of cryptocurrency grows more commonplace it is becoming more important to secure the storage and protection of assets is becoming increasingly essential. The Ellipal wallet can be described as a tool that keeps the private key to digital assets indefinitely to prevent hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware, is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to finance research and development for their products. The company’s website and reviews online claim the hardware wallet as 100% secure, however, it’s important to remember that hardware wallets of competing firms 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 with a compromised system that is infected with viruses your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely unconnected to any network or computer that is, it doesn’t have wireless or wired connections. Instead, it communicates via QR codes using cameras on its back of the. This makes it an extremely secure choice as it removes the possibility of a hacker 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 so user-friendly as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly recent to market which implies that it’s not battle-tested yet. This is something prospective buyers need to be aware of when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) are in business for longer and have established track records of security.
Regarding support for coins 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, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. However, the company is working to provide the support of more coins in the future.
In the end it is clear that it is clear that the Ellipal wallet is a new player on the market of hardware wallets that claims to be completely safe due to its total inaccessibility to any computer or network. The company behind it is relatively new and the product has not been battle-tested yet. The Ellipal wallet supports only a few coins, and its price tag of $149 is in line with other wallets. 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 hardware wallet options before making a decision. In the end, the decision on whether or not the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option that has a modern design but it’s not as convenient in use as the other wallets. It’s also a relatively new product that’s available.