The cryptocurrency market has witnessed a significant increase in the number of wallets that are hardware in recent years, all claims that digital assets will be secure and safe. The Ellipal wallet is a new entrant in this field and aims to stand out from its rivals by providing a completely isolated solution. As the use of cryptocurrency is becoming more widespread, the need for safe the storage and protection of assets is becoming increasingly crucial. The Ellipal wallet can be described as a gadget that keeps the private key to digital assets off-line and prevents hackers from taking them remotely.
Ellipal, the company behind 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 fund the development of their product. The website of the company and its online reviews state that their hardware wallet is 100% safe, however it is important to remember that hardware wallets of rival companies such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For example, even if you connect your TREZOR on a compromised device which is infected by viruses your private keys remain safe and secure.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any network or computer which means it does not have wireless or wired connections. Instead, it communicates via QR codes via cameras on its back of the. This makes it a very safe option since it blocks the possibility of a hacker having access to the private key through an internet connection. It’s important to note that this means the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market which implies that it’s not tested in battle yet. This is something potential buyers need to be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been around for longer and have established track records of security.
Regarding support for coins, the Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. However, the company is working to provide more support for coins in the future.
In the end In conclusion, it is clear that the Ellipal wallet is a new player in the market for hardware wallets that claims to be 100% safe due to its total separation from any computer or network. The company behind it is new and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price at $149 is comparable with the other options. Although the idea of a completely exclusive hardware wallet is appealing however, you should consider the security and track record features of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal device is well worth the price is up to the individual. It’s a very secure option with a unique design however, it’s not as easy in use as the other wallets, and it’s a relatively new product on the market.