The world of cryptocurrency has witnessed an significant rise in the number of wallets that are hardware in recent years. Each promises that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and hopes to differentiate from its competitors by offering an unrivalled solution. As cryptocurrency usage grows more commonplace, the need for safe storage of digital assets is becoming increasingly crucial. It is the Ellipal digital wallet device that stores the private key to digital assets offline, preventing hackers from stealing their assets remotely.
Ellipal, the company behind the wallet’s hardware component, is a relatively new player in the market. It raised $55K through an Indiegogo campaign to help fund research and development for their products. The company’s website and online reviews state they are completely secure, but it’s important to note that the hardware wallets of competing companies such as TREZOR and Ledger are made in a way that no attacker from outside is able to access your private keys. In the event that, for instance, it is possible to connect your TREZOR with a compromised system that is infected with viruses your private keys remain safe and secure.
The Ellipal wallet is distinctive in its design, it is completely isolated from any computer or network, meaning it has no wireless or wired connectivity. Instead, it transmits QR codes through an image camera at the rear end. This makes it a very secure choice as it removes the possibility of hackers getting gain access to private information via the network. However, it’s important to remember that this means the Ellipal wallet is not so user-friendly like other wallets on hardware that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which means that it’s not battle-tested yet. This is something that potential buyers need to be aware of when buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR and Ledger) have been around for a longer time and have a established track records of security.
In terms of coin support, the Ellipal wallet is currently able to support only a small number of coins which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. However, the company is working to provide the support of more coins in the future.
In conclusion it is clear that the Ellipal wallet has been a new competitor in the market for hardware wallets, promising that it is 100% safe due to its total inaccessibility to any computer or network. Its creators are new, and the product has not been battle-tested yet. The Ellipal wallet currently supports a limited number of coins, and its price tag at $149 is comparable with its competitors. Although the concept of a totally separated hardware wallet sounds appealing however, you should consider the history and security measures of other wallet options before making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as easy in use as the other wallets. It’s also an all-new product available on the market.