The cryptocurrency market has witnessed a significant rise in the number of hardware wallets in recent years. Each promising that digital assets will be secure and safe. Its Ellipal wallet is a new competitor in the field, and aims to stand out from its competitors by offering an entirely separate solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to safe storage of digital assets becomes more essential. The Ellipal wallet is a gadget which keeps the private keys to digital assets indefinitely, preventing hackers from stealing their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young company on the market. They raised $55K in the course of an Indiegogo campaign to fund its development. The company’s website as well as reviews online claim they are 100% secure, however, it’s important to note that the hardware wallets from rival businesses like TREZOR and Ledger are also designed in a way that no outside attacker can see your private keys. For instance, even if it is possible to connect your TREZOR with a compromised computer which is infected by viruses your private keys will remain secure and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any network or computer that is, it doesn’t have wireless or wired connectivity. Instead, it transmits QR codes through an image camera at the rear end. This makes it an extremely safe option since it blocks the possibility of a hacker gaining access to the private key by a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as user-friendly as other hardware wallets that connect to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively new to the market, which implies that it isn’t battle-tested yet. This is something potential buyers need to keep in mind when considering buying Ellipal. Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) have been in business for longer and have a an established track record of security.
Regarding support for coins In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. But, the company is working to provide support for more coins in the future.
In the end, it is clear that the Ellipal wallet has been a new player on the hardware wallet market, promising that it is 100% secure due to its complete separation 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 its price of $149 is in line with its competitors. While the idea of a totally separated hardware wallet sounds appealing however, you should consider the history and security features of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal device is well worth the price is up to the individual. It’s a safe option with a unique design but it’s not as convenient in use as the other wallets. Additionally, it’s an all-new product that’s available.