The cryptocurrency market has witnessed a significant increase in the amount of hardware wallets available in recent years, all claims to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from the crowd by providing an unrivalled solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for secure security for digital asset storage is becoming increasingly important. The Ellipal digital wallet tool which keeps the private keys to digital assets offline, preventing hackers from stealing their assets remotely.
Ellipal the company that developed the hardware wallet is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to help fund the development of their product. The website of the company and its online reviews claim they are 100% safe, however it is important to keep in mind that hardware wallets of competing firms such as TREZOR and Ledger are also designed in a way that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised device that has been infected with viruses Your private keys are still safe and secure.
Its Ellipal wallet is unique in its design, it is completely isolated from any network or computer, meaning it has no wired or wireless connectivity. Instead, it transmits QR codes through an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of hackers gaining an access point to your private keys through a network 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 simple transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which implies that it has not been tested in battle yet. This is something prospective buyers need to take into consideration when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) were around for longer and have an established track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support a limited number of coins which include Bitcoin, Ethereum, Litecoin along with 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 currently working on adding the support of more coins in the future.
In the end, Ellipal wallet is a good choice. Ellipal device is an fresh player on the market for hardware wallets that claims that it is 100% secure because of its complete separation from any network or computer. Its creators are new and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins and its price at $149 is comparable with the other options. Although the concept of a totally separated hardware wallet sounds appealing however, you should consider the history and security measures of other wallets prior to making a choice. Ultimately, the decision of whether the Ellipal product is worthwhile for the price is up to the individual. It’s a very secure option that has a modern design however, it’s not as user-friendly for use like other hardware wallets. Additionally, it’s an extremely new product that’s available.