The cryptocurrency market has seen an 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 the latest entry into the market and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As the use of cryptocurrency grows more commonplace and more commonplace, the need for safe security for digital asset storage becomes increasingly essential. The Ellipal wallet can be described as a tool that stores the private key to digital assets offline to prevent hackers from taking their assets from a remote location.
Ellipal the company that developed 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 company’s website as well as online reviews state that their hardware wallet is 100% secure, however, it’s important to note that the hardware wallets from rival companies like TREZOR and Ledger are also designed in a way that no outside attacker can access your private keys. In the event that, for instance, the TREZOR is connected TREZOR with a compromised device that has been infected with viruses, your private keys are still secure and safe.
The Ellipal wallet is unique in its design, it is completely isolated from any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it transmits QR codes using an image camera at the rear end. This makes it a very secure option as it eliminates the possibility of a hacker getting gain access to private information through an internet connection. It’s important to note that this means the Ellipal wallet is not so user-friendly like other wallets on hardware that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market which implies that it isn’t tested in battle yet. This is something potential buyers need to keep in mind when considering buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) are around for longer and have established track records of security.
Regarding support for coins In terms of support for coins, the Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem 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 it is clear that the Ellipal device is an brand new competitor in the market for hardware wallets that claims to be 100% safe due to its total inaccessibility to any computer or network. Ellipal is a company that’s new, and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with a limited number of coins and the price at $149 is comparable with other wallets. Although the concept of a totally separated hardware wallet sounds appealing, it’s important to consider the history and security measures of other wallet options before making a decision. The final decision about whether the Ellipal device is well worth the price is up to the individual. It’s an extremely secure choice that has a modern design however, it’s not as easy for use like other hardware wallets. It’s also a relatively new product on the market.