The world of cryptocurrency has seen a significant increase in the amount of hardware wallets in recent years. Each promises to keep digital assets secure and safe. The Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to secure security for digital asset storage becomes more important. It is the Ellipal wallet is a device 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 new company on the market. It raised $55K through an Indiegogo campaign to help fund research and development for their products. The website of the company and its reviews online claim the hardware wallet as 100% safe, however it is important to note that the hardware wallets of rival companies like TREZOR as well as Ledger are also designed in a way that no one outside can see your private keys. For instance, even if it is possible to connect your TREZOR on a compromised device that is infected with viruses your private keys will remain safe and secure.
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 communicates through QR codes via an image camera at the rear end. This makes it a highly secure option as it eliminates the possibility of a hacker gaining gain access to private information via a network connection. However, it’s important to remember that this also means that the Ellipal wallet is not as convenient to use as other hardware wallets that can be linked to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly recent to market which implies that it’s not combat-tested to date. This is something potential buyers must be aware of when buying the Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR and Ledger) are on the market for a longer time and have a proven track record 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, 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 buyers. But, the company is working to provide support for more coins in the near future.
In the end it is clear that the Ellipal wallet has been a brand new player in the market for hardware wallets that claims to be completely secure due to its complete separation from any computer or network. Ellipal is a company that’s relatively new and the product has not been tested in battle yet. The Ellipal wallet supports a limited number of coins and the price at $149 is comparable with the other options. While the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the security and track record features of other hardware wallets before making a choice. Ultimately, the decision of whether or not the Ellipal device is well worth the cost is up to the individual. It’s a safe option with an innovative design, but it’s not as convenient to use as other hardware wallets, and it’s an extremely new product available on the market.