The cryptocurrency market has seen an significant rise in the number of hardware wallets in recent years. Each claims that digital assets will be secure and safe. The Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As cryptocurrency usage becomes more mainstream, the need for secure storage of digital assets becomes more important. It is the Ellipal wallet can be described as a gadget which keeps the private keys to digital assets off-line, preventing hackers from stealing the keys remotely.
Ellipal, the company behind the hardware wallet is a relatively new company on the market. They raised $55K in the course of an Indiegogo campaign to fund the development of their product. The company’s website as well as online reviews state the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets from rival companies such as TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For example, even if it is possible to connect your TREZOR with a compromised device which is infected by viruses, your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design. It is completely isolated from any computer or network, meaning it has no wired or wireless connectivity. Instead, it communicates via QR codes using a camera on the rear of the. This makes it a very safe option since it blocks the possibility of a hacker having an access point to your private keys via an internet connection. However, it’s worth noting that this could mean that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market meaning that it’s not combat-tested to date. This is something that potential buyers need to keep in mind when considering buying this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR and Ledger) are around for a longer time and have a proven track record of security.
Regarding support for coins In terms of support for coins, the Ellipal wallet currently supports only a small number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the number of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. However, the company is working to provide more support for coins in the near future.
In conclusion, it is clear that the Ellipal wallet has been a fresh competitor in the hardware wallet market and promises to be 100% safe due to its total separation from any network or computer. Its creators are relatively new and the product has not been battle-tested as of yet. The Ellipal wallet supports the use of a small number of coins and its price at $149 is comparable with other wallets. Although the concept of a fully separated hardware wallet sounds appealing but it’s crucial to look at the history and security features of other hardware wallets prior to making a decision. The final decision about whether the Ellipal product is worthwhile for the cost is up to the individual. It’s a very secure option that has a modern design but it’s not as convenient to use as other hardware wallets. It’s also an extremely new product on the market.