The cryptocurrency market has witnessed an significant rise in the number of hardware wallets available in recent years. Each promises that digital assets will be safe and secure. 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, the need for safe storage of digital assets becomes more crucial. It is the Ellipal wallet can be described as a tool which keeps the private keys to digital assets indefinitely and prevents hackers from taking them remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively new company on the market. It raised $55K through an Indiegogo campaign to finance research and development for their products. The website of the company and its reviews online claim they are completely safe, however it is important to keep in mind that hardware wallets of rival firms like TREZOR and Ledger are also designed in a way that no outside attacker can view your private key. For example, even if the TREZOR is connected TREZOR on a compromised computer that has been infected with viruses your private keys will remain safe and secure.
The Ellipal wallet is unique in its design, it is completely isolated from any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it transmits QR codes using an image camera at the rear of the. This makes it a very secure choice as it removes the possibility of hackers gaining gain access to private information by the network. It’s important to note that this could mean that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market which means that it isn’t tested in battle yet. This is something potential buyers need to take into consideration when buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR as well as Ledger) were around for longer and have established track records of security.
In terms of coin support in terms of coin support, the Ellipal wallet is currently able to support a limited number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. The company is currently working on adding more support for coins in the future.
In the end, the Ellipal device is an brand new competitor in the hardware wallet market and promises that it is 100% safe due to its total inaccessibility to any network or computer. The company behind it is new, and the product has not been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and the price at $149 is comparable with its competitors. Although the concept of a completely exclusive hardware wallet is appealing however, you should consider the history and security measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal product is worthwhile for the price is up to the person who buys it. It’s an extremely secure choice with an innovative design, however, it’s not as easy for use like other wallets, and it’s a relatively new product that’s available.