The cryptocurrency market has witnessed a significant rise in the number of hardware wallets available on the market in recent years. Each promising to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is a new competitor in the field, and is aiming to differentiate itself from its rivals by providing a completely isolated solution. As cryptocurrency usage becomes more mainstream it is becoming more important to secure the storage and protection of assets becomes more important. Ellipal wallet Ellipal wallet is a gadget that stores the private key to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to fund the development of their product. The company’s website and reviews online claim they are 100% secure, however, it’s important to keep in mind that hardware wallets from rival businesses like TREZOR and Ledger are also designed in a way that no one outside can access your private keys. For instance, even if it is possible to connect your TREZOR on a compromised computer that has been infected with viruses, your private keys remain safe and secure.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any network or computer which means it does not have wireless or wired connectivity. Instead, it communicates via QR codes via a camera on the rear end. This makes it a highly secure choice as it removes the possibility of a hacker getting gain access to private information by a network connection. However, it’s important to remember that this also means that the Ellipal wallet isn’t as user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, which means that it isn’t combat-tested to date. This is something potential buyers should be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) were on the market for longer and have an established track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. The company is working to add more support for coins in the near future.
In the end, Ellipal wallet is a good choice. Ellipal device is an new competitor in the market of hardware wallets, promising to be 100% safe due to its total separation from any network or computer. Its creators are new and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins and the price at $149 is comparable with other wallets. While the idea of a totally separated hardware wallet sounds appealing however, you should consider the history and security measures of other hardware wallets prior to making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the price is up to the individual. It’s a very secure option that has a modern design however, it’s not as user-friendly to use as other wallets. Additionally, it’s a relatively new product that’s available.