Ledger Stax: The Web3 iPod?

The Ledger Stax boasts the biggest touchscreen on the market, a Bluetooth connection, and an iPod-like design. It also asks for the most money on the market too, going for $279 against products like the Ledger Nano, which can go for a nifty $79. So why is it so expensive, and why are we discussing it in a Web3 space? Let’s get into it!

Background

Historically, storing and moving crypto assets has always been the primary goal behind using e-wallet services. The convenience of having all your crypto assets stored safely under a wallet address led to many names in the market coming up with newer, faster, and more user-friendly e-wallets.

To differentiate themselves and to try and negotiate a sustainable market position, these e-wallets often focused on differentiated specialities. Some wallets specialize in transaction speed, some in security protocols, whereas some claim proficiency in a specific blockchain.

Hardware wallets

As more niches started to develop in the market, it was no surprise to the community when TREZOR came up with the first hardware wallet in 2014. The utility of hardware wallets was questioned because traders/asset holders at the time thought that the problem of e-wallet security had been catered to. Well, traders kept losing money and valuable assets as a result.

In fact, it was not till Bitcoin and many other cryptocurrencies/assets had reached the $1,000 price that security and the utility of hardware wallets became a serious consideration in the crypto space.

This sentiment was later reinforced when people started to trade NFTs worth a fortune. Slowly, it became necessary for high-profile traders to keep a hardware wallet or wallets.

Hardware wallets have been found to be more secure than their software counterparts because of their ability to store and hold transaction details/keys offline, just like a USB device.

Enter: Ledger Stax

Things have gone through major upgrades in the last eight years. As threats to security and safe transactions have increased, so has the sophistication of hardware wallets.

But the Ledger Stax only asks this price because of the convenience and gimmicks it offers better than the competition, and who would know better design work for gimmicks if not Tony Fadell, the man behind the iPod's design, and the Ledger Stax design?

Having said that, this association with the iPod is not the only reason why the Ledger Stax asks you to pay a premium price.

Other than its design, the Ledger Stax offers Bluetooth connectivity. This allows traders to connect the device to their cell phones and upload NFTs or other assets via Bluetooth transfers from the Ledger’s native Ledger Live application on their phones.

Additionally, the Ledger Stax boasts the best battery life on the market. It may take you weeks or even a month to run the battery out, depending on the nature of your usage. And in case you are able to run the battery out, the Ledger Stax offers seamless Qi wireless charging as well. However, that is probably a feature most traders would trade off if it meant that the Ledger Stax could be made more affordable.

Although gimmicky, the Ledger Stax can use your favourite NFT as a lock screen. Depending on who you are and what you own, that could be an offering that catches your eye. 

But…

Despite all these pluses, the Ledger Stax does indeed come off as little more than a status maximization tool that traders can show off.

It is obvious that the utility that this device provides can suit the use cases of high-volume traders, but you can easily conclude that this product is not for everyone. In fact, it is possible to get two good-quality wallets for the price of this one, and I do not think that is going to make it easy for this wallet to sell.

Another huge downside to the Ledger Stax wallet is that the e-ink touchscreen is not a coloured screen. So, if your favourite NFT depends on colour orientation, as most NFTs do, you are out of luck. You can still put it on as your lock screen, but you would not be doing justice to your valued crypto asset.

There is one more concern. When it comes to products requiring high-security protocols, enabling a Bluetooth connection kind of defeats the purpose. The philosophy of hardware wallets is supposed to ensure that these wallets are a lot safer than the standard e-wallets. We are sure that the Ledger Stax developers have kept that in mind, but a Bluetooth connection to pair the wallet with your smartphone to enable a native application sounds like too many entry points for something malicious to enter your wallet.

However, in the context of Ledger itself, it does serve the brand well to have multiple products of varying quality serving the same market. If Ledger’s work sounds interesting to you, you might want to read about its crypto debit card.