The world of cryptocurrency has witnessed a significant increase in the amount of hardware wallets available in recent years. Each promises to keep digital assets safe and secure. The Ellipal wallet is a brand new competitor in the field, and hopes to differentiate from its rivals by providing a completely isolated solution. As the use of cryptocurrency 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 that stores the private key to digital assets indefinitely and prevents hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to finance research and development for their products. The website of the company and its reviews online claim the hardware wallet as 100% safe, however it is important to keep in mind that hardware wallets of competing firms such as TREZOR and Ledger are also designed in a way that no outside attacker can see your private keys. For instance, even if you connect your TREZOR to a compromised computer that is infected with viruses your private keys will remain protected and safe.
The 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 connections. Instead, it communicates via QR codes using a camera on the back of the. This makes it an extremely secure option as it eliminates the possibility of hackers having an access point to your private keys via a network connection. 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 that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively recent to market which means that it has not been battle-tested yet. This is something that potential buyers need to take into consideration when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) have been on the market for longer and have proven track record of security.
In terms of support for coin in terms of coin support, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. But, the company is working to provide more support for coins in the future.
In conclusion it is clear that the Ellipal device is an brand new player on the market for hardware wallets that claims to be 100% secure due to its complete inaccessibility to any computer or network. The company behind it is relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins, and its price tag of $149 is on par with the other options. Although the idea of a completely exclusive hardware wallet is appealing but it’s crucial to look at the security and track record measures of other wallets before making a choice. In the end, the decision on whether or not the Ellipal wallet is worth the price is up to the person who buys it. It’s an extremely secure choice with an innovative design, but it’s not as convenient in use as the other wallets. It’s also an all-new product that’s available.