The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets in recent years, all promises that digital assets will be safe and secure. The 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 and more commonplace, the need for secure the storage and protection of assets becomes increasingly important. The Ellipal wallet is a device that keeps the private key to digital assets off-line to prevent hackers from taking the keys remotely.
Ellipal the company that developed the wallet’s hardware, is a relatively new competitor in the market. It raised $55K through an Indiegogo campaign to help fund the development of their product. The website of the company and its reviews online claim they are completely secure, but it’s important to remember that hardware wallets of competing companies such as TREZOR and Ledger are made in a way that no attacker from outside is able to see your private keys. For instance, even if it is possible to connect your TREZOR on a compromised device that has been infected with viruses your private keys will remain safe and secure.
The Ellipal wallet is unique in its design. It is completely unconnected to any computer or network, meaning it has no wireless or wired connections. Instead, it transmits QR codes through a camera on the rear of the. This makes it a highly safe option since it blocks the possibility of a hacker having access to the private key through a network connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly recent to market meaning that it’s not battle-tested yet. This is something that potential buyers must be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) are in business for longer and have an established track record of security.
Regarding support for coins in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. The company is currently working on adding support for more coins in the future.
In the end it is clear that the Ellipal wallet is a brand new player in the hardware wallet market that claims to be completely safe due to its total separation from any computer or network. 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 the price of $149 is in line with the other options. Although the idea of a completely exclusive hardware wallet is appealing however, you should consider the track record and security measures of other wallets before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the cost is up to the person who buys it. It’s a very secure option with a unique design however, it’s not as user-friendly to use as other hardware wallets. It’s also an extremely new product on the market.