The cryptocurrency market has witnessed an significant rise in the number of hardware wallets available in recent years, each promises to keep digital assets secure and safe. The Ellipal wallet is a brand new competitor in the field, and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for safe security for digital asset storage becomes more important. The Ellipal digital wallet tool that stores the private key to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal the company that developed the hardware wallet is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to finance research and development for their products. The company’s website and online reviews state they are 100% secure, however, it’s important to note that the hardware wallets of competing companies like TREZOR and Ledger are constructed in a manner that no outside attacker can view your private key. In the event that, for instance, you connect your TREZOR with a compromised system which is infected by viruses, your private keys remain protected 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 wireless or wired connectivity. Instead, it communicates via QR codes through an image camera at the back of the. This makes it an extremely secure choice as it removes the possibility of a hacker having an access point to your private keys via the network. However, it’s important to remember that this means the Ellipal wallet is not so user-friendly as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, which implies that it has not been battle-tested yet. This is something prospective buyers must be aware of when buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) were in business for a longer time and have a proven track record of security.
In terms of support for coin in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support a limited number of coins which include Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some customers. The company is currently working on adding support for more coins in the near future.
In conclusion, the Ellipal wallet is a fresh player in the market for hardware wallets and promises to be 100% safe due to its total separation from any network or computer. The company behind it is relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports only a few coins and its price of $149 is in line with other wallets. Although the idea of a completely separated hardware wallet sounds appealing however, you should consider the track record 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 entirely up to the user. It’s an extremely secure choice with an innovative design, but it’s not as convenient for use like other hardware wallets. It’s also an extremely new product that’s available.