The world of cryptocurrency has seen a significant increase in the amount of hardware wallets available in recent years. Each promising that digital assets will be safe and secure. Its Ellipal wallet is a brand new entrant in this field and aims to stand out from the crowd by providing an unrivalled solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for safe security for digital asset storage becomes more crucial. The Ellipal wallet is a device which keeps the private keys to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to finance research and development for their products. The company’s website as well as online reviews state the hardware wallet as 100% secure, however, it’s important to keep in mind that hardware wallets of rival firms such as TREZOR as well as Ledger are made in a way that no one outside can see your private keys. For instance, even if you connect your TREZOR on a compromised device that is infected with viruses Your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design. It is completely unconnected to any network or computer, meaning it has no wireless or wired connections. Instead, it communicates through QR codes using a camera on the rear of the. This makes it a very secure option as it eliminates the possibility of hackers getting gain access to private information by a network connection. However, it’s worth noting that this means the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it has not been battle-tested yet. This is something prospective buyers should be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) were on the market for longer and have proven track record of security.
In terms of coin support in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few which include 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 users. But, the company is working to provide more support for coins in the future.
In the end, it is clear that the Ellipal wallet is a fresh player on the market of hardware wallets, promising to be 100% secure due to its complete separation from any computer or network. Its creators are relatively new, and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and the price of $149 is in line with its competitors. While the idea of a fully exclusive hardware wallet is appealing but it’s crucial to look at the history and security measures of other wallet options before making a decision. Ultimately, the decision of whether or not the Ellipal wallet is worth the cost is up to the person who buys it. It’s a safe option with a unique design however, it’s not as easy to use as other hardware wallets, and it’s a relatively new product available on the market.