The cryptocurrency market has witnessed a significant increase in the number of hardware wallets on the market in recent years, all promises to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is a new entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure security for digital asset storage is becoming increasingly important. It is the Ellipal wallet can be described as a gadget that stores the private key to digital assets indefinitely and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young company on the market. It raised $55K through the course of an Indiegogo campaign to finance the development of their product. The company’s website as well as online reviews claim that their hardware wallet is completely secure, however, it’s important to note that the hardware wallets of rival businesses like TREZOR and Ledger are constructed in a manner that no outside attacker can view your private key. In the event that, for instance, the TREZOR is connected TREZOR to a compromised system which is infected by viruses, your private keys will remain safe and secure.
Its 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 connectivity. Instead, it communicates through QR codes using an image camera at the back of the. This makes it an extremely secure option as it eliminates the possibility of a hacker gaining access to the private key via the network. However, it’s important to remember that this could mean that the Ellipal wallet is not as convenient to use like other wallets on hardware that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t battle-tested yet. This is something potential buyers need to be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are on the market for longer and have proven track record of security.
In terms of support for coin in terms of coin support, the Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. However, the company is working to add more support for coins in the near future.
In the end, the Ellipal wallet is a new player in the hardware wallet market that claims to be 100% 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 supports the use of a small number of coins and the price at $149 is comparable with other wallets. Although the concept of a totally separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other wallets prior to making a choice. The final decision about whether or not the Ellipal device is well worth the cost is entirely up to the user. It’s a very secure option with an innovative design, however, it’s not as easy to use as other hardware wallets. It’s also a relatively new product available on the market.