The cryptocurrency market has witnessed an significant increase in the number of wallets that are hardware in recent years, each claims that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure storage of digital assets becomes increasingly important. Ellipal wallet Ellipal digital wallet gadget that stores the private key to digital assets off-line and prevents hackers from taking them from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively new player in the market. They raised $55K in an Indiegogo campaign to help fund the development of their product. The website of the company and its online reviews claim they are completely secure, however, it’s important to remember that hardware wallets of competing companies like TREZOR and Ledger are made in a way that no outside attacker can access your private keys. For example, even if you connect your TREZOR with a compromised device that is infected with viruses, your private keys will remain secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network, meaning it has no wireless or wired connectivity. Instead, it transmits QR codes via an image camera at the back of the. This makes it a very secure choice as it removes the possibility of hackers getting access to the private key via a network connection. It’s important to note that this means the Ellipal wallet is not as user-friendly as other hardware wallets that can be linked to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, meaning that it has not been combat-tested to date. 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 on the market for longer and have a proven track record of security.
In terms of support for coin in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few, including Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is fewer than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. The company is currently working on adding support for more coins in the future.
In conclusion, it is clear that the Ellipal device is an new competitor in the hardware wallet market and promises to be completely secure due to its complete isolation from any network or computer. Its creators are new, and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins and its price at $149 is comparable with other wallets. Although the concept of a totally separated hardware wallet sounds appealing but it’s crucial to look at the history and security features of other hardware wallets prior to making a choice. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is up to the individual. It’s a very secure option with an innovative design, however, it’s not as easy for use like other wallets. Additionally, it’s an all-new product on the market.