The world of cryptocurrency has seen a significant increase in the amount of hardware wallets on the market in recent years, each claims that digital assets will be safe and secure. Its Ellipal wallet is a new competitor in the field, and aims to stand out from its competitors by offering a completely isolated solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure security for digital asset storage is becoming increasingly important. Ellipal wallet Ellipal wallet is a device that stores the private key 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 player in the market. They raised $55K in the course of an Indiegogo campaign to fund research and development for their products. The company’s website and online reviews state that their hardware wallet is completely secure, but it’s important to note that the hardware wallets from rival companies such as TREZOR and Ledger are made in a way that no outside attacker can access your private keys. In the event that, for instance, you connect your TREZOR on a compromised computer that is infected with viruses your private keys remain secure and safe.
Its Ellipal wallet is unique in its design, it is completely disconnected from any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it communicates via QR codes via a camera on the rear end. This makes it a very secure option as it eliminates the possibility of a hacker getting access to the private key by the network. However, it’s worth noting that this also means that the Ellipal wallet isn’t as user-friendly as other hardware wallets that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which means that it isn’t combat-tested to date. This is something potential buyers must take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) are on the market for longer and have an established track record of security.
In terms of support for coin, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some customers. But, the company is currently working on adding more support for coins in the future.
In conclusion it is clear that the Ellipal device is an brand new competitor in the hardware wallet market, promising to be completely secure due to its complete inaccessibility to any network or computer. Its creators are new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is in line with its competitors. While the idea of a fully exclusive hardware wallet is appealing however, you should consider the history and security measures of other wallets prior to making a decision. The final decision about whether the Ellipal device is well worth the cost is up to the person who buys it. It’s a safe option with an innovative design, however, it’s not as user-friendly to use as other hardware wallets. It’s also a relatively new product that’s available.