The world of cryptocurrency has seen a significant increase in the number of hardware wallets in recent years, all promises that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entrant in this field and aims to stand out from its competitors by offering a completely isolated solution. As the use of cryptocurrency becomes more mainstream, the need for secure security for digital asset storage becomes increasingly crucial. Ellipal wallet Ellipal wallet is a device that keeps the private key to digital assets offline and prevents hackers from taking the keys remotely.
Ellipal, the company behind the hardware wallet is a relatively young player in the market. They raised $55K in the course of an Indiegogo campaign to fund research and development for their products. The company’s website as well as online reviews claim the hardware wallet as completely safe, however it is important to keep in mind that hardware wallets of competing companies like TREZOR and Ledger are also designed in a way that no outside attacker can access your private keys. In the event that, for instance, it is possible to connect your TREZOR to a compromised device which is infected by viruses your private keys are still protected and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any computer or network which means it does not have wireless or wired connections. Instead, it communicates via QR codes through an image camera at the rear end. This makes it an extremely secure option as it eliminates the possibility of a hacker getting gain access to private information via a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t so user-friendly as other hardware wallets, which can be connected to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it has not been tested in battle yet. This is something potential buyers should take into consideration when buying this 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 proven track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. The company is working to add the support of more coins in the future.
In the end In conclusion, it is clear that the Ellipal wallet has been a new player on the hardware wallet market and promises to be completely secure because of its complete separation from any network or computer. Its creators are new, and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins, and its price tag at $149 is comparable with its competitors. Although the idea of a totally separated hardware wallet sounds appealing, it’s important to consider the history and security features of other hardware wallets before making a choice. The final decision about whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as easy in use as the other hardware wallets, and it’s a relatively new product that’s available.