The world of cryptocurrency has seen an significant increase in the amount of hardware wallets available in recent years, each promises that digital assets will be safe and secure. Its Ellipal wallet is a brand new competitor in the field, and aims to stand out from the crowd by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream, the need for safe the storage and protection of assets becomes more essential. The Ellipal wallet can be described as a gadget that keeps the private key to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. The company raised $55K via an Indiegogo campaign to fund its development. The company’s website as well as reviews online claim that their hardware wallet is 100% safe, however it is important to keep in mind that hardware wallets of rival firms like TREZOR as well as Ledger are also designed in a way that no outside attacker can access your private keys. For example, even if it is possible to connect your TREZOR on a compromised system that is infected with viruses Your private keys are still protected and safe.
Its Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates via QR codes via a camera on the rear of the. This makes it a very secure choice as it removes the possibility of hackers getting access to the private key through a network connection. It’s important to note that this could mean that the Ellipal wallet is not as convenient to use as other hardware wallets that connect to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which means that it isn’t battle-tested yet. This is something prospective buyers should be aware of when buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) have been on the market for longer and have an established track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some buyers. The company is working to add more support for coins in the near future.
In conclusion it is clear that the Ellipal device is an brand new player on the market of hardware wallets, promising 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 as of yet. The Ellipal wallet currently supports only a few coins, and its price tag at $149 is comparable with its competitors. While the idea of a completely isolated hardware wallet is intriguing but it’s crucial to look at the history and security measures of other wallet options before making a choice. Ultimately, the decision of whether the Ellipal device is well worth the price is up to the person who buys it. It’s a very secure option that has a modern design however, it’s not as user-friendly to use as other hardware wallets. It’s also an all-new product on the market.