The cryptocurrency market has witnessed an significant increase in the number of hardware wallets available in recent years, each claims that digital assets will be secure and safe. Its Ellipal wallet is the latest entrant in this field and aims to stand out from its competitors by offering an entirely separate solution. As the use of cryptocurrency is becoming more widespread, the need for secure security for digital asset storage becomes more important. The Ellipal wallet is a device that stores the private key to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively new player in the market. The company raised $55K via an Indiegogo campaign to fund its development. The company’s website as well as online reviews state that their hardware wallet is completely secure, but it’s important to keep in mind that hardware wallets of competing businesses such as TREZOR and Ledger are constructed in a manner that no outside attacker can see your private keys. For instance, even if the TREZOR is connected TREZOR to a compromised device which is infected by viruses, your private keys are still 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 wireless or wired connectivity. Instead, it transmits QR codes via an image camera at the rear of the. This makes it a very secure choice as it removes the possibility of hackers getting access to the private key by a network connection. It’s important to note that this means the Ellipal wallet is not as convenient to use as other hardware wallets that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, meaning that it isn’t tested in battle yet. This is something potential buyers need to take into consideration when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR as well as Ledger) are on the market for longer and have a proven track record of security.
In terms of support for coin, the Ellipal wallet supports only a small number of coins which include 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. The company is working to add the support of more coins in the future.
In conclusion it is clear that it is clear that the Ellipal device is an fresh player on the market for hardware wallets, promising to be 100% safe due to its total inaccessibility to any network or computer. Its creators are relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet is currently compatible with the use of a small number of coins and the price of $149 is in line with the other options. Although the idea of a completely isolated hardware wallet is intriguing, it’s important to consider the security and track record features of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is up to the individual. It’s a safe option that has a modern design however, it’s not as easy in use as the other hardware wallets. It’s also an all-new product available on the market.