The cryptocurrency market has witnessed a significant increase in the amount of hardware wallets on the market in recent years, each promising that digital assets will be safe and secure. Its Ellipal wallet is a new entry into the market and hopes to differentiate from its competitors by offering an unrivalled solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to safe security for digital asset storage becomes increasingly essential. The Ellipal digital wallet tool which keeps the private keys to digital assets offline and prevents hackers from taking the keys remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young competitor in the market. It raised $55K through the course of an Indiegogo campaign to fund research and development for their products. The company’s website as well as online reviews state they are completely safe, however it is important to keep in mind that hardware wallets of competing businesses like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For instance, even if you connect your TREZOR on a compromised computer which is infected by viruses, your private keys will remain protected and safe.
The Ellipal wallet is unique in its design. It is completely isolated from any network or computer, meaning it has no wireless or wired connectivity. Instead, it communicates through QR codes through cameras on its rear end. This makes it a highly safe option since it blocks the possibility of hackers having access to the private key via a network connection. However, it’s worth noting that this also means that the Ellipal wallet is not so user-friendly as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, which implies that it’s not tested in battle yet. This is something that potential buyers must be aware of when purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) are around for longer and have established track records of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports a limited number of coins which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is fewer than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. But, the company is working to provide the support of more coins in the near future.
In conclusion it is clear that the Ellipal wallet has been a fresh competitor in the hardware wallet market that claims to be completely secure because of its complete isolation from 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 the use of a small number of coins, and its price tag of $149 is in line with other wallets. While the idea of a fully isolated hardware wallet is intriguing however, you should consider the history and security measures of other hardware wallet options before making a choice. In the end, the decision on whether 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 user-friendly for use like other wallets. Additionally, it’s a relatively new product available on the market.