The cryptocurrency market has witnessed an significant increase in the number of hardware wallets available in recent years, each promises to keep digital assets secure and safe. The Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its rivals by providing a completely isolated solution. As cryptocurrency usage is becoming more widespread it is becoming more important to secure security for digital asset storage becomes more crucial. The Ellipal digital wallet device which keeps the private keys to digital assets offline to prevent hackers from taking them from a remote location.
Ellipal the company that developed 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 website of the company and its online reviews state the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets of competing companies like TREZOR and Ledger are made in a way that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR with a compromised system that has been infected with viruses your private keys will remain secure and safe.
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 connectivity. Instead, it communicates via QR codes via cameras on its rear end. This makes it a highly safe option since it blocks the possibility of a hacker having gain access to private information via the network. However, it’s worth noting 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 simple transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t battle-tested yet. This is something potential buyers should take into consideration when purchasing the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) have been on the market for a longer time and have a proven track record of security.
In terms of support for coin In terms of support for coins, the Ellipal wallet currently supports a limited number of coins which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. The company is currently working on adding more support for coins in the near future.
In the end, the Ellipal wallet has been a brand new player on the market of hardware wallets, promising to be completely secure due to its complete isolation from any network or computer. Its creators are relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports only a few coins and its price at $149 is comparable with its competitors. Although the concept of a completely exclusive hardware wallet is appealing, it’s important to 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 cost is up to the person who buys it. It’s a safe option with a unique design but it’s not as convenient to use as other hardware wallets. Additionally, it’s an all-new product available on the market.