The cryptocurrency market has seen a significant rise in the number of hardware wallets available in recent years, each claims to keep digital assets secure and safe. The Ellipal wallet is a new entrant in this field and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread, the need for secure storage of digital assets becomes more essential. The Ellipal wallet can be described as a tool that stores the private key to digital assets offline to prevent hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware, is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to finance the development of their product. The company’s website and online reviews state the hardware wallet as 100% safe, however it is important to remember that hardware wallets of competing firms such as TREZOR and Ledger are also designed in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR to a compromised device which is infected by viruses, your private keys will remain protected and safe.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network which means it does not have wireless or wired connectivity. Instead, it transmits QR codes using an image camera at the rear of the. This makes it a highly secure option as it eliminates the possibility of hackers getting an access point to your private keys by the network. It’s important to note that this means the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, which means that it’s not battle-tested yet. This is something potential buyers need to be aware of when buying Ellipal. Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) have been in business for a longer time 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 that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. The company is working to add the support of more coins in the future.
In conclusion it is clear that the Ellipal wallet is a new player in the market of hardware wallets, promising that it is 100% secure because of its complete isolation from any network or computer. Ellipal is a company that’s new and the product has not been tested in battle yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is on par with other wallets. Although the idea of a completely exclusive hardware wallet is appealing but it’s crucial to look at the history and security measures of other hardware wallets prior to making a choice. In the end, the decision on whether the Ellipal device is well worth the price is up to the individual. It’s a safe option with an innovative design, however, it’s not as user-friendly to use as other wallets. Additionally, it’s an extremely new product that’s available.