The world of cryptocurrency has seen an significant rise in the number of wallets that are hardware in recent years, all promising to keep digital assets secure and safe. Its Ellipal wallet is a brand new entry into the market and aims to stand out from its competitors by offering an unrivalled solution. As cryptocurrency usage is becoming more widespread it is becoming more important to safe the storage and protection of assets becomes more crucial. The Ellipal wallet can be described as a tool which keeps the private keys to digital assets indefinitely to prevent hackers from taking the keys remotely.
Ellipal the company that developed the wallet’s hardware is a relatively young competitor in the market. It raised $55K through an Indiegogo campaign to finance the development of their product. The company’s website as well as reviews online claim they are 100% secure, but it’s important to keep in mind that hardware wallets from rival businesses like TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For example, even if it is possible to connect your TREZOR on a compromised computer which is infected by viruses your private keys will remain safe and secure.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design. It is completely isolated from any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates via QR codes through a camera on the rear of the. This makes it an extremely secure option as it eliminates the possibility of hackers getting an access point to your private keys via the network. However, it’s worth noting that this could mean that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based, which can be connected to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which implies that it’s not combat-tested to date. This is something prospective buyers need to be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) have been in business for longer and have a established track records of security.
In terms of coin support, the Ellipal wallet currently supports a limited number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. The company is working to add the support of more coins in the near future.
In the end, it is clear that the Ellipal device is an new competitor in the market for hardware wallets that claims to be 100% secure due to its complete separation from any computer or network. The company behind it is relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins and the price at $149 is comparable with its competitors. Although the concept of a fully isolated hardware wallet is intriguing however, you should consider the track record and security features of other hardware wallets prior to making a choice. In the end, the decision on whether or not the Ellipal product is worthwhile for the price is up to the individual. It’s an extremely secure choice that has a modern design but it’s not as convenient for use like other hardware wallets. Additionally, it’s a relatively new product on the market.