The world of cryptocurrency has seen a significant rise in the number of wallets that are hardware on the market in recent years. Each promises that digital assets will be secure and safe. Its Ellipal wallet is a new entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for safe storage of digital assets is becoming increasingly crucial. The Ellipal wallet can be described as a gadget which keeps the private keys to digital assets off-line, preventing hackers from stealing their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young player in the market. The company raised $55K via an Indiegogo campaign to help fund its development. The company’s website as well as reviews online claim that their hardware wallet is 100% secure, but it’s important to remember that hardware wallets of rival businesses like TREZOR and Ledger are made in a way that no attacker from outside is able to view your private key. For instance, even if the TREZOR is connected TREZOR on a compromised system that is infected with viruses Your private keys remain safe and secure.
Ellipal is a unique wallet. Ellipal wallet is unique in its design. It is completely disconnected from any computer or network which means it does not have wireless or wired connections. Instead, it transmits QR codes using a camera on the rear of the. This makes it a highly secure option as it eliminates the possibility of a hacker having gain access to private information by an internet connection. It’s important to note that this could mean that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it’s not combat-tested to date. This is something that potential buyers must take into consideration when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) have been on the market for a longer time and have a an established track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few that are supported, such as 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 buyers. The company is working to provide the support of more coins in the future.
In the end, it is clear that the Ellipal wallet is a new competitor in the market of hardware wallets, promising that it is 100% safe due to its total inaccessibility to any computer or network. Its creators are relatively new and the product has not been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is in line with its competitors. Although the concept of a totally exclusive hardware wallet is appealing but it’s crucial to look at the security and track record measures of other wallets before making a choice. Ultimately, the decision of whether or not the Ellipal wallet is worth the cost is entirely up to the user. It’s a very secure option with an innovative design, but it’s not as convenient in use as the other hardware wallets. Additionally, it’s a relatively new product available on the market.