The world of cryptocurrency has seen a 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 competitor in the field, and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for safe security for digital asset storage becomes increasingly essential. It is the Ellipal digital wallet tool which keeps the private keys to digital assets indefinitely to prevent hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively young company on the market. The company raised $55K via the course of an Indiegogo campaign to finance the development of their product. The company’s website as well as reviews online claim the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets of competing companies like TREZOR as well as Ledger are made in a way that no outside attacker can see your private keys. For example, even if it is possible to connect your TREZOR to a compromised computer that has been infected with viruses, your private keys will remain safe and secure.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design. It is completely disconnected from any network or computer, meaning it has no wired or wireless connectivity. Instead, it transmits QR codes via a camera on the rear end. This makes it a very secure option as it eliminates the possibility of hackers getting an access point to your private keys through an internet connection. However, it’s important to remember that this also means that the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t tested in battle yet. This is something that potential buyers need to take into consideration when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) are in business for longer and have established track records of security.
In terms of coin support, the Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. The company is currently working on adding the support of more coins in the future.
In the end it is clear that the Ellipal wallet is a new player on the market for hardware wallets that claims to be 100% safe due to its total isolation from any network or computer. The company behind it is new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins and its price at $149 is comparable with its competitors. While the idea of a fully isolated hardware wallet is intriguing but it’s crucial to look at the history and security measures of other hardware wallet options before making a decision. The final decision about whether or not the Ellipal device is well worth the price is up to the individual. It’s an extremely secure choice that has a modern design but it’s not as convenient for use like other wallets, and it’s a relatively new product available on the market.