The world of cryptocurrency has witnessed an significant rise in the number of hardware wallets available on the market in recent years. Each promises to keep digital assets secure and safe. The Ellipal wallet is a brand new entrant in this field and aims to stand out from its competitors by offering an unrivalled solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for secure the storage and protection of assets becomes increasingly essential. The Ellipal wallet can be described as a device that keeps the private key to digital assets indefinitely to prevent hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to help fund its development. The company’s website and online reviews claim the hardware wallet as 100% secure, but it’s important to remember that hardware wallets of rival companies such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to see your private keys. For example, even if you connect your TREZOR with a compromised device that is infected with viruses, your private keys remain protected and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any network or computer, meaning it has no wireless or wired connections. Instead, it communicates via QR codes via cameras on its rear end. This makes it a highly secure choice as it removes the possibility of a hacker gaining an access point to your private keys through a network connection. However, it’s important to remember that this also means that the Ellipal wallet isn’t as user-friendly as other hardware wallets, which can be connected to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly new to the market, which implies that it has not been battle-tested yet. This is something that potential buyers should keep in mind when considering purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been on the market for longer and have an established track record of security.
Regarding support for coins, the Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. However, the company is currently working on adding more support for coins in the future.
In the end it is clear that it is clear that the Ellipal device is an new competitor in the market of hardware wallets, promising to be completely safe due to its total inaccessibility to any network or computer. The company behind it is relatively new, and the product has not been battle-tested as of yet. The Ellipal wallet supports only a few coins, and its price tag of $149 is on par with other wallets. Although the concept of a completely exclusive hardware wallet is appealing, it’s important to consider the security and track record measures of other hardware wallets before making a choice. In the end, the decision on whether or not the Ellipal product is worthwhile for the price is up to the person who buys it. It’s a very secure option with a unique design however, it’s not as easy for use like other wallets. It’s also an all-new product available on the market.