The cryptocurrency market has witnessed an significant rise in the number of hardware wallets available on the market in recent years, each claims to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is a brand new competitor in the field, and is aiming to differentiate itself from its rivals by providing a completely isolated solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure security for digital asset storage is becoming increasingly essential. The Ellipal digital wallet device that stores the private key to digital assets indefinitely and prevents hackers from taking their assets from a remote location.
Ellipal the company that developed the hardware wallet is a relatively young competitor in the market. They raised $55K in an Indiegogo campaign to finance research and development for their products. The website of the company and its reviews online claim that their hardware wallet is 100% secure, however, it’s important to note that the hardware wallets of rival companies such as TREZOR and Ledger are constructed in a manner that no outside attacker can see your private keys. For instance, even if you connect your TREZOR to a compromised computer which is infected by viruses your private keys remain safe and secure.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connections. Instead, it communicates through QR codes using an image camera at the back of the. This makes it an extremely secure option as it eliminates the possibility of a hacker getting access to the private key by the network. It’s important to note that this means the Ellipal wallet is not as convenient to use as other hardware wallets that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it has not been tested in battle yet. This is something that potential buyers need to be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) have been on the market for longer and have an established track record of security.
In terms of coin support in terms of coin support, Ellipal wallet supports a limited number of coins. 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 coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. But, the company is currently working on adding support for more coins in the future.
In the end it is clear that the Ellipal wallet is a new player in the hardware wallet market and promises to be completely safe due to its total separation from any network or computer. Ellipal is a company that’s new and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports only a few coins, and its price tag of $149 is in line with other wallets. Although the idea of a totally exclusive hardware wallet is appealing however, you should consider the history and security measures of other hardware wallets prior to making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the cost is up to the individual. It’s an extremely secure choice with a unique design however, it’s not as easy to use as other wallets. It’s also a relatively new product that’s available.