The world of cryptocurrency has seen a significant increase in the number of hardware wallets on the market in recent years. Each claims that digital assets will be secure and safe. Its Ellipal wallet is the latest entry into the market and hopes to differentiate from the crowd by providing a completely isolated solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to safe storage of digital assets becomes more essential. The Ellipal digital wallet gadget that keeps the private key to digital assets offline and prevents hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new company on the market. They raised $55K in the course of an Indiegogo campaign to help fund research and development for their products. The company’s website and reviews online claim the hardware wallet as 100% secure, but it’s important to note that the hardware wallets from rival businesses like TREZOR and Ledger are also designed in a way that no one outside can 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 will remain protected and safe.
The Ellipal wallet is unique in its design. It is completely disconnected from any computer or network that is, it doesn’t have wireless or wired connections. Instead, it communicates via QR codes via a camera on the rear of the. This makes it a very safe option since it blocks the possibility of hackers having gain access to private information by an internet connection. It’s important to note that this means the Ellipal wallet isn’t as user-friendly like other wallets on hardware, which can be connected to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market which means that it has not been combat-tested to date. This is something prospective buyers need to keep in mind when considering purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) are in business for longer and have proven track record of security.
In terms of coin support, the Ellipal wallet currently supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. But, the company is working to add more support for coins in the near future.
In conclusion it is clear that it is clear that the Ellipal device is an brand new competitor in the hardware wallet market that claims to be completely secure due to its complete isolation from 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 the price of $149 is in line with its competitors. Although the concept of a totally separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other wallets before making a decision. In the end, the decision on whether the Ellipal device is well worth the price is up to the individual. It’s an extremely secure choice with a unique design but it’s not as convenient to use as other hardware wallets. Additionally, it’s an extremely new product that’s available.