The cryptocurrency market has seen a significant increase in the number of hardware wallets available in recent years. Each promises that digital assets will be safe and secure. The Ellipal wallet is a new entry into the market and hopes to differentiate from the crowd by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for safe the storage and protection of assets becomes more essential. It is the Ellipal wallet is a gadget which keeps the private keys to digital assets offline and prevents hackers from taking them from a remote location.
Ellipal the company that developed the hardware wallet, is a relatively new competitor in the market. The company raised $55K via 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 completely safe, however it is 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. For example, even if you connect your TREZOR to a compromised computer which is infected by viruses Your private keys are still secure and safe.
Its Ellipal wallet is unique in its design, it is completely isolated from any computer or network which means it does not have wireless or wired connections. Instead, it communicates through QR codes using a camera on the rear end. This makes it a very secure option as it eliminates the possibility of hackers gaining access to the private key through the network. However, it’s important to remember that this also means that the Ellipal wallet isn’t so user-friendly as other hardware wallets that connect to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, which means that it has not been tested in battle yet. This is something that potential buyers must be aware of when buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) are in business for longer and have established track records of security.
Regarding support for coins in terms of coin support, the Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. However, the company is currently working on adding support for more coins in the near future.
In the end, it is clear that the Ellipal wallet is a brand new player on the market of hardware wallets and promises to be 100% safe due to its total separation from any computer or network. Its creators are new and the product has not been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins and the price of $149 is on par with the other options. Although the concept of a completely 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 decision. Ultimately, the decision of whether the Ellipal wallet is worth the price is up to the person who buys it. It’s a safe option with a unique design but it’s not as convenient in use as the other wallets, and it’s an extremely new product available on the market.