The cryptocurrency market has seen a significant increase in the number of hardware wallets on the market in recent years. Each promising that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a new entrant in this field and hopes to differentiate from the crowd by providing an unrivalled solution. As cryptocurrency usage is becoming more widespread, the need for secure storage of digital assets becomes increasingly crucial. It is the Ellipal wallet can be described as a tool that keeps the private key to digital assets indefinitely, preventing hackers from stealing them remotely.
Ellipal, the company behind the hardware wallet, is a relatively new company on the market. They raised $55K in an Indiegogo campaign to help fund the development of their product. The company’s website and online reviews state the hardware wallet as completely secure, however, it’s important to remember that hardware wallets from rival companies like TREZOR as well as Ledger are made in a way that no one outside can see your private keys. For instance, even if you connect your TREZOR on a compromised system which is infected by viruses, your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it transmits QR codes through cameras on its rear of the. This makes it a highly secure choice as it removes the possibility of a hacker getting access to the private key via an internet connection. It’s important to note that this means the Ellipal wallet isn’t as user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which implies that it’s not combat-tested to date. This is something potential buyers need to take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are in business for a longer time and have a established track records of security.
In terms of coin support in terms of coin support, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. However, the company is working to add the support of more coins in the near future.
In the end, the Ellipal device is an fresh player on the market for hardware wallets, promising to be 100% safe due to its total separation from any network or computer. The company behind it is new and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag at $149 is comparable with other wallets. Although the concept of a fully isolated hardware wallet is intriguing, it’s important to consider the history and security measures of other wallet options before making a decision. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is up to the individual. It’s a very secure option with a unique design but it’s not as convenient for use like other hardware wallets, and it’s an extremely new product on the market.