The cryptocurrency market has seen a significant increase in the amount of hardware wallets available in recent years. Each claims that digital assets will be secure and safe. Its Ellipal wallet is a brand new entrant in this field and hopes to differentiate from its competitors by offering a completely isolated solution. As cryptocurrency usage is becoming more widespread it is becoming more important to secure the storage and protection of assets becomes more essential. The Ellipal wallet is a tool which keeps the private keys to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young competitor in the market. They raised $55K in an Indiegogo campaign to help fund its development. The company’s website and online reviews state they are completely secure, but it’s important to keep in mind that hardware wallets from rival companies like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to access your private keys. In the event that, for instance, it is possible to connect your TREZOR with a compromised computer that has been infected with viruses your private keys will remain secure 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 wired or wireless connectivity. Instead, it communicates through QR codes using cameras on its back of the. This makes it a very safe option since it blocks the possibility of hackers gaining access to the private key via an internet connection. It’s important to note that this could mean that the Ellipal wallet isn’t as user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t tested in battle yet. This is something that potential buyers need to be aware of when purchasing this Ellipal wallet. In comparison, both leading hardware wallet manufacturers 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, the Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. But, the company is working to add the support of more coins in the future.
In the end In conclusion, the Ellipal device is an brand new player in the market of hardware wallets, promising that it is 100% secure because of its complete isolation from any computer or network. The company behind it is new and the product hasn’t been tested in battle yet. The Ellipal wallet supports only a few coins and its price at $149 is comparable with its competitors. Although the concept of a completely exclusive hardware wallet is appealing however, you should consider the security and track record features of other hardware wallets prior to making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the cost is up to the person who buys it. It’s a very secure option that has a modern design however, it’s not as easy to use as other hardware wallets. It’s also a relatively new product on the market.