The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets available in recent years. Each claims to keep digital assets secure and safe. The Ellipal wallet is a new entry into the market and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As cryptocurrency usage becomes more mainstream, the need for secure storage of digital assets is becoming increasingly important. Ellipal wallet Ellipal wallet can be described as a device which keeps the private keys to digital assets offline to prevent hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young player in the market. It raised $55K through an Indiegogo campaign to finance the development of their product. The company’s website and online reviews claim the hardware wallet as completely secure, however, it’s important to keep in mind that hardware wallets of rival companies like TREZOR and Ledger are constructed in a manner that no outside attacker can see your private keys. For example, even if it is possible to connect your TREZOR on a compromised device which is infected by viruses, your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design. It is completely isolated from any network or computer that is, it doesn’t have wireless or wired connections. Instead, it communicates via QR codes using cameras on its rear of the. This makes it a very secure choice as it removes the possibility of hackers gaining gain access to private information via a network connection. However, it’s important to remember that this means the Ellipal wallet isn’t so user-friendly as other hardware wallets that connect to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, meaning that it has not been combat-tested to date. This is something potential buyers should be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) were in business for longer and have an established track record of security.
Regarding support for coins in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. The company is working to add support for more coins in the near future.
In conclusion, it is clear that the Ellipal wallet is a new player in the hardware wallet market, promising that it is 100% safe due to its total isolation from any network or computer. The company behind it is relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price of $149 is on par with other wallets. While the idea of a fully exclusive hardware wallet is appealing but it’s crucial to look at the history and security features of other hardware wallets before making a choice. The final decision about whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s an extremely secure choice that has a modern design however, it’s not as user-friendly for use like other hardware wallets. It’s also an all-new product available on the market.