The cryptocurrency market has witnessed a significant increase in the number of hardware wallets available on the market in recent years, each claims that digital assets will be safe and secure. Its Ellipal wallet is the latest entrant in this field and hopes to differentiate from its competitors by offering a completely isolated solution. As cryptocurrency usage is becoming more widespread, the need for safe storage of digital assets is becoming increasingly important. Ellipal wallet Ellipal digital wallet device which keeps the private keys to digital assets offline and prevents hackers from taking the keys from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young company on the market. The company raised $55K via the course of an Indiegogo campaign to finance research and development for their products. The website of the company and its online reviews state the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets of rival firms such as TREZOR and Ledger are also designed in a way that no one outside can access your private keys. For instance, even if you connect your TREZOR to a compromised system that has been infected with viruses your private keys are still safe and secure.
The Ellipal wallet is unique in its design, it is completely disconnected from any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates via QR codes via cameras on its rear end. This makes it an extremely safe option since it blocks the possibility of a hacker gaining an access point to your private keys via an internet connection. However, it’s worth noting that this means the Ellipal wallet isn’t so user-friendly as other hardware wallets that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, meaning that it’s not combat-tested to date. This is something prospective buyers must take into consideration when buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) were around for longer and have a proven track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. However, the company is working to add the support of more coins in the near future.
In the end In conclusion, it is clear that the Ellipal device is an fresh player in the hardware wallet market that claims to be completely secure due to its complete isolation from any computer or network. Ellipal is a company that’s relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins and the price at $149 is comparable with other wallets. While the idea of a fully separated hardware wallet sounds appealing, it’s important to consider the track record and security features of other hardware wallets before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the price is up to the individual. It’s a very secure option that has a modern design however, it’s not as easy in use as the other hardware wallets. It’s also a relatively new product that’s available.