The cryptocurrency market has seen a significant increase in the number of hardware wallets available on the market in recent years. Each promising to keep digital assets safe and secure. Its Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from its competitors by offering a completely isolated solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to safe security for digital asset storage is becoming increasingly crucial. Ellipal wallet Ellipal wallet can be described as a gadget which keeps the private keys to digital assets off-line to prevent hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young competitor in the market. The company raised $55K via an Indiegogo campaign to fund the development of their product. The company’s website as well as online reviews state they are 100% secure, however, it’s important to keep in mind that hardware wallets from rival businesses such as TREZOR as well as Ledger are constructed in a manner that no one outside can access your private keys. For instance, even if you connect your TREZOR with a compromised system which is infected by viruses Your private keys are still safe and secure.
The Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connections. Instead, it communicates through QR codes using an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of a hacker getting an access point to your private keys through the network. It’s important to note that this also means that the Ellipal wallet is not so user-friendly as other hardware wallets, which can be connected to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which means that it’s not combat-tested to date. This is something prospective buyers should keep in mind when considering purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) were around for longer and have an established track record of security.
Regarding support for coins In terms of support for coins, Ellipal wallet supports a limited number of coins. 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 amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. The company is working to provide more support for coins in the near future.
In the end it is clear that it is clear that the Ellipal wallet is a new competitor in the market for hardware wallets that claims to be completely safe due to its total inaccessibility to any computer or network. Its creators are relatively new and the product has not been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is in line with other wallets. Although the idea of a fully exclusive hardware wallet is appealing however, you should consider the history and security features of other hardware wallet options before making a choice. In the end, the decision on whether or not the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a very secure option with an innovative design, however, it’s not as user-friendly for use like other hardware wallets, and it’s an all-new product on the market.