The cryptocurrency market has seen a significant rise in the number of hardware wallets available on the market in recent years, each promising that digital assets will be secure and safe. Its Ellipal wallet is a new competitor in the field, and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream, the need for secure storage of digital assets becomes increasingly crucial. Ellipal wallet Ellipal digital wallet device that stores the private key to digital assets indefinitely and prevents hackers from taking them from a remote location.
Ellipal, the company behind the hardware wallet, is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to fund the development of their product. The company’s website as well as online reviews state they are 100% safe, however it is important to remember that hardware wallets of rival firms such as TREZOR and Ledger are made in a way that no attacker from outside is able to view your private key. In the event that, for instance, the TREZOR is connected TREZOR on a compromised device which is infected by viruses your private keys remain protected and safe.
Ellipal is a unique wallet. Ellipal wallet is unique in its design, it is completely unconnected to any network or computer which means it does not have wired or wireless connectivity. Instead, it transmits QR codes via a camera on the rear end. This makes it a very secure option as it eliminates the possibility of a hacker having access to the private key through the network. It’s important to note that this could mean that the Ellipal wallet is not as convenient to use as other hardware wallets that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly brand new in the marketplace, meaning that it isn’t battle-tested yet. This is something prospective buyers need to take into consideration when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been on the market for longer and have proven track record of security.
In terms of support for coin, the Ellipal wallet supports a limited number of coins which include Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. The company is working to add the support of more coins in the future.
In the end, it is clear that the Ellipal device is an fresh player in the market for hardware wallets and promises to be 100% safe due to its total isolation from any computer or network. Its creators are new and the product hasn’t been tested in battle yet. The Ellipal wallet is currently compatible with a limited number of coins and the price of $149 is on par with the other options. Although the idea of a fully isolated hardware wallet is intriguing however, you should consider the security and track record features of other hardware wallet options before making a decision. The final decision about whether the Ellipal wallet is worth the price is entirely up to the user. It’s a very secure option that has a modern design however, it’s not as easy to use as other hardware wallets. Additionally, it’s an all-new product available on the market.