The world of cryptocurrency has witnessed a significant increase in the amount of hardware wallets available on the market in recent years, each promises to keep digital assets safe and secure. The Ellipal wallet is the latest entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream, the need for secure security for digital asset storage becomes increasingly crucial. The Ellipal wallet can be described as a gadget that stores the private key to digital assets off-line to prevent hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to finance the development of their product. The website of the company and its online reviews claim that their hardware wallet is 100% secure, but it’s important to note that the hardware wallets of rival firms like TREZOR as well as Ledger are also designed in a way that no outside attacker can access your private keys. For example, even if you connect your TREZOR on a compromised device that is infected with viruses your private keys remain safe and secure.
The Ellipal wallet is unique in its design. It is completely unconnected to any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it communicates through QR codes through a camera on the rear end. This makes it a highly safe option since it blocks the possibility of hackers gaining gain access to private information by the network. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based, which can be connected to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, meaning that it has not been combat-tested to date. This is something that potential buyers must keep in mind when considering purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) are around for a longer time and have a proven track record of security.
Regarding support for coins in terms of coin support, the Ellipal wallet supports a limited number of coins, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. However, the company is currently working on adding more support for coins in the future.
In conclusion, it is clear that the Ellipal wallet is a fresh player in the market of hardware wallets and promises to be completely secure due to its complete inaccessibility to any computer or network. Ellipal is a company that’s relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports only a few coins and its price of $149 is in line with other wallets. Although the concept of a completely separated hardware wallet sounds appealing, it’s important to consider the security and track record measures of other wallet options before making a choice. The final decision about whether the Ellipal wallet is worth the cost is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as easy for use like other wallets. Additionally, it’s a relatively new product available on the market.