The cryptocurrency market has witnessed an significant increase in the number of wallets that are hardware in recent years, each promises that digital assets will be safe and secure. The Ellipal wallet is a new entry into the market and hopes to differentiate from its rivals by providing an unrivalled solution. As cryptocurrency usage grows more commonplace and more commonplace, the need for safe storage of digital assets becomes more crucial. Ellipal wallet Ellipal digital wallet gadget that stores the private key to digital assets offline and prevents hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new player in the market. They raised $55K in an Indiegogo campaign to fund its development. The company’s website and online reviews state the hardware wallet as completely safe, however it is important to remember that hardware wallets of rival businesses like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For instance, even if it is possible to connect your TREZOR with a compromised computer that has been infected with viruses Your private keys remain secure and safe.
Its Ellipal wallet is unique in its design. It is completely isolated from any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it transmits QR codes using an image camera at the back of the. This makes it a highly secure choice as it removes the possibility of hackers having gain access to private information via the network. However, it’s important to remember that this also means that the Ellipal wallet isn’t as convenient to use as other hardware wallets that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly recent to market which implies that it’s not battle-tested yet. This is something prospective buyers should keep in mind when considering purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) are around for longer and have proven track record of security.
In terms of support for coin In terms of support for coins, 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 fewer than the coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. The company is working to add support for more coins in the near future.
In the end, the Ellipal wallet is a new player on the market for hardware wallets, promising to be completely secure due to 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 at $149 is comparable with the other options. While the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other hardware wallets before making a decision. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option with a unique design however, it’s not as easy to use as other hardware wallets. Additionally, it’s a relatively new product that’s available.