The cryptocurrency market has seen a significant rise in the number of hardware wallets on the market in recent years, each promises that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is the latest entry into the market and aims to stand out from its competitors by offering an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure security for digital asset storage is becoming increasingly important. It is the Ellipal wallet is a tool which keeps the private keys to digital assets indefinitely to prevent hackers from taking the keys from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to finance its development. The company’s website as well as online reviews claim the hardware wallet as 100% secure, however, it’s important to remember that hardware wallets of rival businesses such as TREZOR as well as Ledger are also designed in a way that no outside attacker can view your private key. In the event that, for instance, it is possible to connect your TREZOR to a compromised device which is infected by viruses Your private keys remain protected and safe.
Its Ellipal wallet is distinctive in its design. It is completely disconnected from any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates via QR codes through a camera on the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers getting gain access to private information through a network connection. It’s important to note that this means the Ellipal wallet isn’t as convenient to use like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which means that it’s not battle-tested yet. This is something prospective buyers must keep in mind when considering purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) are around for longer and have an established track record of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few which include Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. But, the company is working to provide the support of more coins in the near future.
In the end, it is clear that the Ellipal device is an fresh competitor in the hardware wallet market that claims to be completely secure due to its complete inaccessibility to any network or computer. Ellipal is a company that’s relatively new and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins and the price at $149 is comparable with its competitors. Although the concept of a fully exclusive hardware wallet is appealing but it’s crucial to look at the security and track record measures of other hardware wallet options before making a choice. The final decision about whether the Ellipal wallet is worth the price is up to the person who buys it. It’s a very secure option with an innovative design, however, it’s not as easy in use as the other wallets, and it’s a relatively new product available on the market.