The cryptocurrency market has seen a significant increase in the amount of wallets that are hardware on the market in recent years, each promising that digital assets will be secure and safe. The Ellipal wallet is a new entrant in this field and aims to stand out from the crowd by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure the storage and protection of assets is becoming increasingly essential. It is the Ellipal wallet can be described as a gadget that keeps the private key to digital assets offline to prevent hackers from taking them remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively young player in the market. The company raised $55K via the course of an Indiegogo campaign to finance research and development for their products. The company’s website as well as online reviews state the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets of rival businesses such as TREZOR and Ledger are constructed in a manner that no outside attacker can see your private keys. For example, even if you connect your TREZOR to a compromised computer that is infected with viruses, your private keys will remain secure and safe.
The Ellipal wallet is unique in its design, it is completely disconnected from any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes via cameras on its rear of the. This makes it a highly safe option since it blocks the possibility of a hacker having gain access to private information via a network connection. It’s important to note that this means the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based, which can be connected to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which implies that it’s not battle-tested yet. This is something prospective buyers need to be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) have been on the market for a longer time and have a proven track record of security.
Regarding support for coins in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins, including 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 customers. But, the company is working to provide support for more coins in the near future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet has been a fresh competitor in the market of hardware wallets that claims to be completely secure because of its complete separation from any computer or network. Its creators are relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag of $149 is on par with the other options. While the idea of a totally exclusive hardware wallet is appealing, it’s important to consider the track record and security measures of other hardware wallets prior to making a choice. In the end, the decision on whether or not the Ellipal device is well worth the price is entirely up to the user. It’s a very secure option with an innovative design, however, it’s not as easy to use as other wallets, and it’s an all-new product available on the market.