The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware in recent years, each promises to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is the latest entry into the market and aims to stand out from its competitors by offering a completely isolated solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for safe the storage and protection of assets is becoming increasingly crucial. The Ellipal digital wallet device that keeps the private key to digital assets offline, preventing hackers from stealing 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 finance its development. The website of the company and its online reviews state the hardware wallet as 100% safe, however it is important to keep in mind that hardware wallets of rival companies like TREZOR as well as Ledger are made in a way that no outside attacker can see your private keys. For instance, even if you connect your TREZOR to a compromised computer which is infected by viruses your private keys will remain protected and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates through QR codes via cameras on its back of the. This makes it a highly secure option as it eliminates the possibility of hackers getting gain access to private information by the network. It’s important to note that this could mean that the Ellipal wallet isn’t as user-friendly like other wallets on hardware that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly new to the market, which implies that it’s not battle-tested yet. This is something prospective buyers need to keep in mind when considering buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) have been around for longer and have a established track records of security.
Regarding support for coins in terms of coin support, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. However, the company is working to provide the support of more coins in the future.
In the end, it is clear that the Ellipal wallet has been a brand new player in the hardware wallet market and promises to be completely safe due to its total inaccessibility to any network or computer. Its creators are relatively new and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and the price of $149 is on par with other wallets. While the idea of a totally exclusive hardware wallet is appealing but it’s crucial to look at the track record and security features of other hardware wallets before making a choice. In the end, the decision on whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as user-friendly for use like other wallets. It’s also a relatively new product on the market.