The cryptocurrency market has seen a significant increase in the amount of hardware wallets available on the market in recent years. Each claims that digital assets will be secure and safe. Its 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 it is becoming more important to secure security for digital asset storage becomes increasingly important. The Ellipal digital wallet gadget which keeps the private keys to digital assets indefinitely and prevents hackers from taking the keys from a remote location.
Ellipal the company that developed the hardware wallet is a relatively young player in the market. The company raised $55K via an Indiegogo campaign to fund research and development for their products. The company’s website as well as online reviews state they are completely secure, however, it’s important to keep in mind that hardware wallets of rival companies such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For instance, even if you connect your TREZOR to a compromised system which is infected by viruses, your private keys are still secure and safe.
Its Ellipal wallet is unique in its design, it is completely disconnected from any computer or network that is, it doesn’t have wireless or wired connections. Instead, it transmits QR codes through a camera on the back of the. This makes it a highly secure choice as it removes the possibility of a hacker gaining access to the private key by the network. It’s important to note that this also means that the Ellipal wallet isn’t so user-friendly like other wallets on hardware, which can be connected to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, which means that it’s not battle-tested yet. This is something potential buyers should take into consideration when purchasing the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) have been on the market for longer and have a established track records of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. But, the company is currently working on adding support for more coins in the near future.
In conclusion it is clear that the Ellipal wallet is a new competitor in the market for hardware wallets that claims that it is 100% secure because of its complete isolation from any computer or network. Ellipal is a company that’s relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with only a few coins and the price of $149 is on par with the other options. Although the concept of a fully exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other wallets before making a decision. The final decision about whether or not the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a safe option with a unique design however, it’s not as easy in use as the other wallets. It’s also an extremely new product that’s available.