The world of cryptocurrency has seen a significant increase in the amount of wallets that are hardware on the market in recent years. Each promises that digital assets will be secure and safe. The Ellipal wallet is a new entry into the market and aims to stand out from its competitors by offering an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure storage of digital assets is becoming increasingly crucial. The Ellipal wallet can be described as a tool which keeps the private keys to digital assets off-line and prevents hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews state they are completely safe, however it is important to remember that hardware wallets of rival businesses such as TREZOR and Ledger are constructed in a manner that no outside attacker can see your private keys. For instance, even if you connect your TREZOR to a compromised system that has been infected with viruses Your private keys will remain protected and safe.
The Ellipal wallet is unique in its design, it is completely isolated from any computer or network which means it does not have wireless or wired connectivity. Instead, it transmits QR codes using cameras on its rear of the. This makes it a very secure option as it eliminates the possibility of hackers getting an access point to your private keys by the network. However, it’s important to remember that this also means that the Ellipal wallet isn’t as user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is fairly new to the market, meaning that it’s not battle-tested yet. This is something that potential buyers must be aware of when buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) are on the market for longer and have a an established track record of security.
In terms of coin support in terms of coin support, 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 as well as ERC20 tokens. This is fewer than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. The company is currently working on adding the support of more coins in the near future.
In the end, the Ellipal wallet is a new player in the market of hardware wallets that claims to be completely secure because of its complete inaccessibility to any computer or network. The company behind it is new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is in line with the other options. Although the idea of a totally exclusive hardware wallet is appealing however, you should consider the history and security features of other hardware wallets prior to making a decision. The final decision about whether the Ellipal product is worthwhile for the price is up to the person who buys it. It’s an extremely secure choice with a unique design however, it’s not as user-friendly in use as the other wallets, and it’s an all-new product available on the market.