The cryptocurrency market has seen an significant increase in the amount of hardware wallets on the market in recent years, each claims to keep digital assets safe and secure. Its Ellipal wallet is the latest entrant in this field and aims to stand out from its competitors by offering a completely isolated solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to safe security for digital asset storage becomes increasingly essential. The Ellipal wallet is a device that keeps the private key to digital assets off-line, preventing hackers from stealing them remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively young player in the market. It raised $55K through an Indiegogo campaign to finance its development. The website of the company and its online reviews claim that their hardware wallet is completely safe, however it is important to remember that hardware wallets of competing businesses such as TREZOR and Ledger are also designed in a way that no attacker from outside is able to see your private keys. For instance, even if it is possible to connect your TREZOR on a compromised device that is infected with viruses your private keys are still secure and safe.
The Ellipal wallet is distinctive in its design. It is completely isolated from any computer or network, meaning it has no wireless or wired connections. Instead, it communicates through QR codes via an image camera at the rear of the. This makes it a highly secure choice as it removes the possibility of hackers gaining an access point to your private keys through an internet connection. It’s important to note that this also means that the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t combat-tested to date. This is something prospective buyers must keep in mind when considering purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) were in business for longer and have a an established track record of security.
Regarding support for coins in terms of coin support, the Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some buyers. However, the company is currently working on adding the support of more coins in the future.
In conclusion it is clear that the Ellipal device is an new competitor in the market of hardware wallets that claims to be completely secure because of its complete inaccessibility to any computer or network. Its creators are new and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and the price of $149 is on par with its competitors. While the idea of a totally separated hardware wallet sounds appealing however, you should consider the track record and security measures of other wallet options before making a choice. In the end, the decision on whether the Ellipal wallet is worth the cost is entirely up to the user. It’s an extremely secure choice that has a modern design however, it’s not as easy in use as the other hardware wallets. It’s also an all-new product that’s available.