The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets available in recent years, each claims to keep digital assets secure and safe. The Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from the crowd by providing an unrivalled solution. As the use of cryptocurrency grows more commonplace and more commonplace, the need for safe security for digital asset storage is becoming increasingly crucial. It is the Ellipal wallet is a device that stores the private key to digital assets off-line and prevents hackers from taking them from a remote location.
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 that their hardware wallet is completely safe, however it is important to keep in mind that hardware wallets of rival companies such as TREZOR and Ledger are also designed in a way that no one outside can access your private keys. For instance, even if it is possible to connect your TREZOR with a compromised system that is infected with viruses your private keys are still secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates through QR codes using a camera on the rear end. This makes it a highly safe option since it blocks the possibility of a hacker getting an access point to your private keys through the network. It’s important to note that this means the Ellipal wallet isn’t as convenient to use like other wallets on hardware that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is fairly recent to market which means that it isn’t battle-tested yet. This is something potential buyers should keep in mind when considering purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) were on the market for longer and have a proven track record of security.
Regarding support for coins 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, including Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. But, the company is currently working on adding support for more coins in the near future.
In the end, it is clear that the Ellipal wallet is a new competitor in the market of hardware wallets that claims to be completely secure due to its complete separation from any computer or network. The company behind it is new and the product has not been tested in battle yet. The Ellipal wallet supports only a few coins, and its price tag of $149 is in line with other wallets. Although the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the track record and security measures of other wallet options before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the price is up to the individual. It’s a safe option that has a modern design however, it’s not as easy in use as the other hardware wallets. It’s also an all-new product available on the market.