The cryptocurrency market has witnessed a significant increase in the number of hardware wallets available on the market in recent years, all promising to keep digital assets secure and safe. The Ellipal wallet is a new entrant in this field and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to safe storage of digital assets becomes more essential. It is the Ellipal wallet is a tool which keeps the private keys to digital assets indefinitely and prevents hackers from taking their assets remotely.
Ellipal the company that developed the wallet’s hardware is a relatively young player in the market. They raised $55K in an Indiegogo campaign to finance the development of their product. The company’s website and online reviews claim the hardware wallet as 100% secure, however, it’s important to keep in mind that hardware wallets from rival companies such as TREZOR and Ledger are constructed in a manner that no one outside can view your private key. For example, even if it is possible to connect your TREZOR to a compromised computer which is infected by viruses, your private keys are still safe and secure.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it transmits QR codes through a camera on the rear end. This makes it a highly secure choice as it removes the possibility of a hacker gaining access to the private key via a network connection. However, it’s important to remember that this means the Ellipal wallet isn’t so user-friendly like other wallets on hardware that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, which means that it’s not battle-tested yet. This is something that potential buyers need to keep in mind when considering buying the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) were in business for longer and have established track records of security.
Regarding support for coins in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. However, the company is currently working on adding support for more coins in the near future.
In conclusion In conclusion, it is clear that the Ellipal wallet is a fresh competitor in the market for hardware wallets that claims to be 100% secure because of its complete isolation from any network or computer. The company behind it is relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with the use of a small number of coins and the price at $149 is comparable with its competitors. Although the idea of a fully isolated hardware wallet is intriguing but it’s crucial to look at the security and track record measures of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a safe option with an innovative design, but it’s not as convenient to use as other hardware wallets. Additionally, it’s a relatively new product on the market.