The world of cryptocurrency has witnessed a significant rise in the number of wallets that are hardware in recent years, each promising that digital assets will be secure and safe. The Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its rivals by providing a completely isolated solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure storage of digital assets is becoming increasingly crucial. Ellipal wallet Ellipal wallet is a device that keeps the private key to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal the company that developed the wallet’s hardware, is a relatively new company on the market. It raised $55K through an Indiegogo campaign to help fund research and development for their products. The company’s website as well as online reviews claim that their hardware wallet is 100% secure, but it’s important to keep in mind that hardware wallets of competing companies such as TREZOR as well as Ledger are made in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR to a compromised device that has been infected with viruses, your private keys remain protected and safe.
Its Ellipal wallet is distinctive in its design. It is completely isolated from any computer or network which means it does not have wireless or wired connectivity. Instead, it transmits QR codes through a camera on the rear of the. This makes it a very secure choice as it removes the possibility of hackers having access to the private key by an internet connection. However, it’s important to remember that this means the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which implies that it has not been combat-tested to date. This is something prospective buyers must keep in mind when considering buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are on the market for longer and have an established track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few, 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 customers. But, the company is working to add the support of more coins in the near future.
In the end, it is clear that the Ellipal wallet is a new competitor in the market for hardware wallets that claims to be completely safe due to its total separation from any network or computer. Its creators are new and the product has not been battle-tested yet. The Ellipal wallet supports only a few coins and its price of $149 is in line with other wallets. Although the idea of a completely exclusive hardware wallet is appealing however, you should consider the security and track record measures of other wallets before making a choice. Ultimately, the decision of whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option with an innovative design, but it’s not as convenient to use as other hardware wallets, and it’s a relatively new product that’s available.