The cryptocurrency market has witnessed an significant increase in the number of hardware wallets available on the market in recent years, each promising that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a new competitor in the field, and aims to stand out from its rivals by providing an unrivalled solution. As the use of cryptocurrency grows more commonplace, the need for safe security for digital asset storage is becoming increasingly crucial. The Ellipal digital wallet tool that stores the private key to digital assets off-line, preventing hackers from stealing their assets remotely.
Ellipal, the company behind the hardware wallet is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to finance its development. The company’s website as well as online reviews state the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets of rival companies like TREZOR as well as Ledger are made in a way that no outside attacker can see your private keys. For instance, even if the TREZOR is connected TREZOR with a compromised device which is infected by viruses your private keys will remain secure and safe.
Ellipal is a unique wallet. Ellipal wallet is unique in its design, it is completely isolated from any network or computer that is, it doesn’t have wireless or wired connections. Instead, it transmits QR codes using cameras on its rear end. This makes it a highly secure option as it eliminates the possibility of hackers gaining access to the private key via a network connection. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use as other hardware wallets, which can be connected to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly recent to market meaning that it’s not battle-tested yet. This is something prospective buyers need to take into consideration when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) are in business for longer and have established track records of security.
Regarding support for coins, the Ellipal wallet currently supports a limited number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. However, the company is working to provide support for more coins in the near future.
In conclusion, the Ellipal wallet is a fresh competitor in the hardware wallet market, promising to be completely safe due to its total isolation from any computer or network. Ellipal is a company that’s new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with a limited number of coins and the price of $149 is on par with other wallets. Although the idea of a completely exclusive hardware wallet is appealing, it’s important to consider the security and track record measures of other wallet options before making a choice. In the end, the decision on whether or not the Ellipal device is well worth the price is up to the person who buys it. It’s a very secure option with a unique design however, it’s not as easy to use as other hardware wallets. Additionally, it’s an all-new product available on the market.