The cryptocurrency market has witnessed an significant rise in the number of hardware wallets available in recent years, each claims that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a new entry into the market and aims to stand out from its competitors by offering an unrivalled solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for safe the storage and protection of assets is becoming increasingly crucial. The Ellipal digital wallet gadget that stores the private key to digital assets off-line to prevent hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively new player in the market. It raised $55K through an Indiegogo campaign to help fund research and development for their products. The company’s website as well as online reviews claim the hardware wallet as 100% secure, however, it’s important to remember that hardware wallets of competing businesses such as TREZOR and Ledger are made in a way that no outside attacker can see your private keys. For example, even if the TREZOR is connected TREZOR on a compromised computer that has been infected with viruses your private keys remain protected and safe.
Its Ellipal wallet is unique in its design. It is completely unconnected to any network or computer which means it does not have wired or wireless connectivity. Instead, it communicates via QR codes via a camera on the back of the. This makes it a highly safe option since it blocks the possibility of hackers gaining an access point to your private keys by a network connection. It’s important to note that this means the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which means that it has not been tested in battle yet. This is something that potential buyers must be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) were around for a longer time and have a established track records of security.
Regarding support for coins, the Ellipal wallet supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some buyers. The company is currently working on adding the support of more coins in the near future.
In conclusion, the Ellipal wallet is a brand new competitor in the market for hardware wallets and promises to be 100% safe due to its total isolation from any computer or network. Its creators are new, and the product has not been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is in line with the other options. Although the idea of a totally exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other wallets prior to making a decision. Ultimately, the decision of whether the Ellipal device is well worth the cost is entirely up to the user. It’s a very secure option with a unique design however, it’s not as easy for use like other hardware wallets, and it’s an extremely new product on the market.