The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware on the market in recent years, all promising that digital assets will be secure and safe. Its Ellipal wallet is the latest entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for safe storage of digital assets becomes increasingly essential. It is the Ellipal wallet is a device that keeps the private key to digital assets indefinitely, preventing hackers from stealing the keys remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young competitor in the market. It raised $55K through an Indiegogo campaign to finance the development of their product. The company’s website as well as online reviews claim they are 100% safe, however it is important to keep in mind that hardware wallets of rival companies such as TREZOR and Ledger are made in a way that no one outside can access your private keys. In the event that, for instance, it is possible to connect your TREZOR to a compromised device which is infected by viruses, your private keys are still protected and safe.
The Ellipal wallet is unique in its design, it is completely unconnected to any network or computer that is, it doesn’t have wireless or wired connections. Instead, it communicates via QR codes using cameras on its rear of the. This makes it an extremely secure choice as it removes 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 is not as convenient to use as other hardware wallets that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which means that it’s not combat-tested to date. This is something potential buyers must take into consideration when buying this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR and Ledger) are in business for longer and have a proven track record of security.
In terms of support for coin in terms of coin support, the Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some users. However, the company is currently working on adding the support of more coins in the future.
In the end In conclusion, Ellipal wallet is a good choice. Ellipal wallet has been a brand new competitor in the market of hardware wallets, promising to be 100% secure due to its complete inaccessibility to any network or computer. Its creators are 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 the price at $149 is comparable with other wallets. Although the concept of a fully exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal device is well worth the price is up to the individual. It’s an extremely secure choice with an innovative design, however, it’s not as user-friendly for use like other wallets. Additionally, it’s an extremely new product on the market.