The cryptocurrency market has witnessed a significant increase in the number of hardware wallets on the market in recent years, all promising to keep digital assets secure and safe. The Ellipal wallet is a brand new competitor in the field, and is aiming to differentiate itself from its competitors by offering a completely isolated solution. As the use of cryptocurrency is becoming more widespread, the need for secure security for digital asset storage is becoming increasingly crucial. The Ellipal digital wallet tool that keeps the private key to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal the company that developed the hardware wallet, is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews claim that their hardware wallet is 100% secure, but it’s important to remember that hardware wallets of competing companies like TREZOR as well as Ledger are also designed in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR on a compromised system that has been infected with viruses Your private keys remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network that is, it doesn’t have wireless or wired connections. Instead, it transmits QR codes through an image camera at the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers getting an access point to your private keys by a network connection. It’s important to note that this could mean that the Ellipal wallet is not as convenient to use as other hardware wallets that can be linked to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market meaning that it’s not battle-tested yet. This is something that potential buyers should take into consideration when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) were in business for longer and have proven track record of security.
Regarding support for coins In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. 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 device is an new player in the market of hardware wallets that claims to be 100% safe due to its total inaccessibility to any network or computer. Ellipal is a company that’s relatively new, and the product has not been tested in battle yet. The Ellipal wallet currently supports only a few coins and the price of $149 is in line with other wallets. Although the concept of a fully separated hardware wallet sounds appealing but it’s crucial to look at the security and track record measures of other wallets prior to making a choice. The final decision about whether the Ellipal wallet is worth the cost is entirely up to the user. It’s an extremely secure choice with a unique design however, it’s not as user-friendly for use like other wallets, and it’s an extremely new product that’s available.