The world of cryptocurrency has witnessed an significant increase in the amount of hardware wallets available on the market in recent years, each promising that digital assets will be secure and safe. The Ellipal wallet is the latest entrant in this field and hopes to differentiate from its rivals 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 is becoming increasingly crucial. The Ellipal wallet is a gadget that keeps the private key to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young company on the market. It raised $55K through the course of an Indiegogo campaign to help fund its development. The website of the company and its online reviews claim the hardware wallet as completely safe, however it is important to note that the hardware wallets from rival firms such as TREZOR and Ledger are also designed in a way that no outside attacker can see your private keys. For example, even if you connect your TREZOR on a compromised computer that has been infected with viruses your private keys are still secure and safe.
Its Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network, meaning it has no wireless or wired connectivity. Instead, it communicates via QR codes via an image camera at the rear of the. This makes it a highly secure choice as it removes the possibility of a hacker gaining gain access to private information by the network. However, it’s worth noting that this also means that the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively new to the market, which implies that it’s not combat-tested to date. This is something that potential buyers need to keep in mind when considering purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) are around for longer and have a an established track record of security.
In terms of coin support In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support a limited number of coins which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. But, the company is working to add more support for coins in the future.
In the end it is clear that the Ellipal wallet is a new player in the hardware wallet market and promises that it is 100% safe due to its total inaccessibility to any network or computer. Its creators are new and the product has not been tested in battle yet. The Ellipal wallet supports a limited number of coins and the price of $149 is in line with the other options. While the idea of a totally exclusive hardware wallet is appealing however, you should consider the history and security measures of other hardware wallets before making a decision. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the cost is up to the individual. It’s a safe option with a unique design however, it’s not as easy in use as the other wallets, and it’s an extremely new product on the market.