The cryptocurrency market has seen a significant increase in the number of wallets that are hardware on the market in recent years, all promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entry into the market and hopes to differentiate from its rivals by providing a completely isolated solution. As the use of cryptocurrency becomes more mainstream, the need for safe security for digital asset storage is becoming increasingly important. It is the Ellipal wallet is a device that stores the private key to digital assets off-line to prevent hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively young competitor in the market. They raised $55K in the course of an Indiegogo campaign to help fund its development. The company’s website as well as reviews online claim the hardware wallet as completely secure, however, it’s important to keep in mind that hardware wallets of competing firms like TREZOR as well as Ledger are made in a way that no attacker from outside is able to see your private keys. In the event that, for instance, you connect your TREZOR to a compromised computer which is infected by viruses, your private keys remain secure and safe.
Its Ellipal wallet is unique in its design. It is completely unconnected to any computer or network, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes through a camera on the rear end. This makes it a very secure option as it eliminates the possibility of a hacker having gain access to private information by an internet connection. However, it’s important to remember that this also means that the Ellipal wallet is not as convenient to use as other wallets that are hardware-based, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market meaning that it isn’t combat-tested to date. This is something that potential buyers must be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) have been in business for a longer time and have a proven track record of security.
In terms of support for coin, the Ellipal wallet is currently able to support only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. However, the company is currently working on adding more support for coins in the future.
In conclusion In conclusion, it is clear that the Ellipal wallet is a fresh player on the hardware wallet market and promises to be completely secure due to its complete inaccessibility to any network or computer. Its creators are relatively new, and the product has not been tested in battle yet. The Ellipal wallet supports only a few coins, and its price tag at $149 is comparable with other wallets. Although the idea of a completely isolated hardware wallet is intriguing, it’s important to consider the history and security measures of other wallet options before making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s an extremely secure choice with an innovative design, but it’s not as convenient in use as the other wallets, and it’s an all-new product on the market.