The cryptocurrency market has witnessed an significant increase in the amount of wallets that are hardware in recent years, all claims that digital assets will be secure and safe. The Ellipal wallet is a new entry into the market and aims to stand out from its rivals by providing a completely isolated solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to safe storage of digital assets becomes more essential. The Ellipal wallet can be described as a tool which keeps the private keys to digital assets offline and prevents hackers from taking the keys remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively young company on the market. It raised $55K through an Indiegogo campaign to help fund research and development for their products. The company’s website as well as online reviews state they are 100% safe, however it is important to keep in mind that hardware wallets of competing businesses such as TREZOR as well as Ledger are made in a way that no outside attacker can view your private key. For example, even if it is possible to connect your TREZOR with a compromised system that is infected with viruses, your private keys are still secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely isolated from any computer or network that is, it doesn’t have wireless or wired connections. Instead, it communicates through QR codes through cameras on its rear of the. This makes it a highly secure option as it eliminates the possibility of hackers having gain access to private information via the network. However, it’s important to remember that this means the Ellipal wallet isn’t as user-friendly like other wallets on hardware, which can be connected to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which means that it’s not battle-tested yet. This is something potential buyers should keep in mind when considering buying the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) were around for a longer time and have a proven track record of security.
In terms of support for coin in terms of coin support, the Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. The company is working to add more support for coins in the future.
In the end In conclusion, the Ellipal device is an fresh competitor in the market for hardware wallets, promising that it is 100% safe due to its total separation from any computer or network. Its creators are new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and its price of $149 is in line with other wallets. Although the concept of a fully separated hardware wallet sounds appealing, it’s important to consider the security and track record measures of other wallet options before making a decision. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a very secure option with a unique design however, it’s not as user-friendly for use like other hardware wallets. It’s also a relatively new product that’s available.