The world of cryptocurrency has witnessed an significant increase in the number of wallets that are hardware on the market in recent years. Each claims to keep digital assets secure and safe. The Ellipal wallet is a new entry into the market and aims to stand out from its rivals by providing an entirely separate solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure storage of digital assets becomes more crucial. It is the Ellipal digital wallet tool that stores the private key to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new player in the market. They raised $55K in an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews state that their hardware wallet is completely safe, however it is important to note that the hardware wallets of competing companies like TREZOR and Ledger are also designed in a way that no one outside can access 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 remain safe and secure.
The Ellipal wallet is unique in its design, it is completely disconnected from any computer or network which means it does not have wireless or wired connections. Instead, it communicates through QR codes via cameras on its rear end. This makes it an extremely secure option as it eliminates the possibility of hackers gaining an access point to your private keys via a network connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based, which can be connected to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, which means that it’s not combat-tested to date. This is something prospective buyers should be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) were in business for longer and have a an established track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some buyers. But, the company is currently working on adding more support for 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 that it is 100% safe due to its total separation from any network or computer. Its creators are new and the product hasn’t been tested in battle yet. The Ellipal wallet supports a limited number of coins and its price of $149 is on par with its competitors. While the idea of a completely isolated hardware wallet is intriguing however, you should consider the history and security features of other hardware wallet options before making a choice. In the end, the decision on whether the Ellipal device is well worth the cost is entirely up to the user. It’s a very secure option that has a modern design but it’s not as convenient for use like other hardware wallets, and it’s an extremely new product on the market.