The world of cryptocurrency has seen a significant increase in the number of wallets that are hardware on the market in recent years. Each promising that digital assets will be safe and secure. Its Ellipal wallet is the latest entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure security for digital asset storage is becoming increasingly important. It is the Ellipal wallet can be described as a device that keeps the private key to digital assets indefinitely and prevents hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews state they are 100% secure, but it’s important to remember that hardware wallets of rival businesses like TREZOR and Ledger are constructed in a manner that no one outside can see your private keys. For example, even if it is possible to connect your TREZOR to a compromised system that has been infected with viruses, your private keys remain protected and safe.
The Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connections. Instead, it communicates via QR codes via an image camera at the rear of the. This makes it a very secure option as it eliminates the possibility of hackers having access to the private key through the network. However, it’s important to remember that this could mean that the Ellipal wallet isn’t as user-friendly like other wallets on hardware, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which implies that it’s not battle-tested yet. This is something that potential buyers must keep in mind when considering purchasing the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) are in business for longer and have a an established track record of security.
Regarding support for coins, the Ellipal wallet is currently able to support only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. But, the company is working to provide the support of more coins in the near future.
In conclusion, the Ellipal wallet is a brand new competitor in the hardware wallet market, promising to be completely safe due to its total inaccessibility to any computer or network. The company behind it is relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins and the price of $149 is on par with other wallets. While the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the history and security features of other hardware wallets prior to making a choice. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s an extremely secure choice that has a modern design but it’s not as convenient to use as other wallets. Additionally, it’s an all-new product available on the market.