The world of cryptocurrency has seen an 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. The Ellipal wallet is a new entry into the market and hopes to differentiate from its competitors by offering an entirely separate solution. As the use of cryptocurrency becomes more mainstream, the need for safe storage of digital assets is becoming increasingly important. The Ellipal wallet is a gadget that keeps the private key to digital assets offline to prevent hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to fund its development. The website of the company and its online reviews state the hardware wallet as completely secure, however, it’s important to note that the hardware wallets of rival companies such as TREZOR as well as Ledger are made in a way that no attacker from outside is able to access your private keys. For example, even if you connect your TREZOR on a compromised device that is infected with viruses Your private keys are still safe and secure.
Its Ellipal wallet is unique in its design, it is completely isolated from any computer or network which means it does not have wired or wireless connectivity. Instead, it transmits QR codes via an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of a hacker having access to the private key through a network connection. It’s important to note that this means the Ellipal wallet isn’t as convenient to use like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly brand new in the marketplace, which means that it’s not tested in battle yet. This is something prospective buyers must be aware of when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) were on the market for a longer time and have a an established track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet supports a limited number of coins, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some customers. However, the company is currently working on adding support for more coins in the future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet is a fresh competitor in the hardware wallet market, promising that it is 100% 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 yet. The Ellipal wallet supports the use of a small number of coins and the price of $149 is in line with the other options. While the idea of a fully separated hardware wallet sounds appealing however, you should consider the security and track record measures of other hardware wallet options before making a decision. The final decision about whether the Ellipal wallet is worth the cost is entirely up to the user. It’s a very secure option that has a modern design however, it’s not as user-friendly in use as the other wallets, and it’s an extremely new product on the market.