The cryptocurrency market has seen a significant increase in the number of hardware wallets on the market in recent years, all promising that digital assets will be secure and safe. Its Ellipal wallet is a new entry into the market and aims to stand out from its rivals by providing an unrivalled solution. As cryptocurrency usage is becoming more widespread, the need for secure the storage and protection of assets is becoming increasingly crucial. It is the Ellipal digital wallet gadget which keeps the private keys to digital assets off-line to prevent hackers from taking them remotely.
Ellipal the company that developed the wallet’s hardware is a relatively young competitor in the market. It raised $55K through 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 completely secure, however, it’s important to remember that hardware wallets from rival companies like TREZOR and Ledger are made in a way that no outside attacker can access your private keys. For example, even if the TREZOR is connected TREZOR to a compromised device which is infected by viruses your private keys remain safe and secure.
Its Ellipal wallet is unique in its design, it is completely isolated from any computer or network, meaning it has no wireless or wired connections. Instead, it communicates through QR codes through a camera on the rear end. This makes it an extremely safe option since it blocks the possibility of hackers gaining gain access to private information by the network. It’s important to note that this means the Ellipal wallet is not as user-friendly like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly brand new in the marketplace, meaning that it has not been battle-tested yet. This is something prospective buyers should be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) are on the market for longer and have a proven track record of security.
In terms of coin support In terms of support for coins, 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 and ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. The company is working to provide the support of more coins in the near future.
In the end In conclusion, the Ellipal wallet has been a brand new player in the hardware wallet market that claims to be 100% secure because of its complete inaccessibility to any network or computer. Its creators are new and the product has not been tested in battle yet. The Ellipal wallet supports only a few coins and the price at $149 is comparable with its competitors. Although the concept of a completely exclusive hardware wallet is appealing however, you should consider the security and track record measures of other wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal wallet is worth the price is up to the person who buys it. It’s a safe option with an innovative design, but it’s not as convenient for use like other wallets, and it’s an all-new product on the market.