The cryptocurrency market has witnessed a significant increase in the amount of wallets that are hardware in recent years. Each promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest competitor in the field, and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage grows more commonplace and more commonplace, the need for safe storage of digital assets becomes increasingly important. The Ellipal digital wallet device that keeps the private key to digital assets off-line to prevent hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young player in the market. It raised $55K through the course of an Indiegogo campaign to help fund the development of their product. The website of the company and its online reviews claim the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets from rival businesses like TREZOR and Ledger are made in a way that no one outside can view your private key. In the event that, for instance, the TREZOR is connected TREZOR to a compromised device which is infected by viruses your private keys will remain protected and safe.
The Ellipal wallet is unique in its design, it is completely isolated from any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it communicates via QR codes using cameras on its rear of the. This makes it an extremely secure choice as it removes the possibility of a hacker having access to the private key through the network. However, it’s important to remember that this also means that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly new to the market, meaning that it isn’t battle-tested yet. This is something prospective buyers need to be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been around for a longer time and have a established track records of security.
In terms of support for coin, the Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. But, the company is working to provide the support of more coins in the near future.
In the end, it is clear that the Ellipal wallet has been a brand new player on the hardware wallet market and promises that it is 100% secure because of its complete separation from any computer or network. Ellipal is a company that’s 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 at $149 is comparable with other wallets. Although the concept of a fully exclusive hardware wallet is appealing, it’s important to consider the history and security measures of other hardware wallet options before making a choice. The final decision about whether or not the Ellipal device is well worth the price is up to the individual. It’s an extremely secure choice with an innovative design, however, it’s not as easy in use as the other hardware wallets, and it’s an extremely new product on the market.