The cryptocurrency market has seen a significant increase in the number of wallets that are hardware on the market in recent years. Each promising that digital assets will be secure and safe. The Ellipal wallet is a brand new entrant in this field and aims to stand out from its competitors by offering an unrivalled solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for safe storage of digital assets becomes increasingly crucial. It is the Ellipal digital wallet gadget that keeps the private key to digital assets off-line to prevent hackers from taking their assets remotely.
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 help fund its development. The company’s website as well as online reviews claim the hardware wallet as 100% secure, however, it’s important to remember that hardware wallets of competing companies such as TREZOR as well as Ledger are constructed in a manner that no outside attacker can view your private key. In the event that, for instance, it is possible to connect your TREZOR on a compromised computer which is infected by viruses, your private keys will remain protected and safe.
Its Ellipal wallet is unique in its design, it is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes via an image camera at the rear end. This makes it a highly secure option as it eliminates the possibility of a hacker getting gain access to private information via the network. However, it’s worth noting that this means the Ellipal wallet is not so user-friendly like other wallets on hardware, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which means that it isn’t battle-tested yet. This is something that potential buyers must take into consideration when purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) were around for longer and have a an established track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet is currently able to support a limited number of coins which include Bitcoin, Ethereum, Litecoin and 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 add the support of more coins in the future.
In conclusion it is clear that the Ellipal wallet has been a brand new player in the market of hardware wallets, promising to be completely secure because of its complete inaccessibility to any computer or network. The company behind it is relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price at $149 is comparable with the other options. Although the concept of a fully isolated hardware wallet is intriguing however, you should consider the track record and security measures of other wallet options before making a decision. Ultimately, the decision of whether or not the Ellipal wallet is worth the price is up to the person who buys it. It’s a very secure option that has a modern design however, it’s not as user-friendly to use as other hardware wallets, and it’s an extremely new product available on the market.