Will NEX make Ledger Nano and other hardware wallets obsolete?


(Olu ) #1

I heard someone ask if NEX will support staking on the ledger nano wallet. Thinking about it now, I doubt that such a feature is necessary because staking automatically protects your NEX tokens by locking them in a smart contract.

But let’s look at the bigger picture…

The sole purpose of ledger nano is to protect “your crypto assets”. This only works if you leave your crypto on the wallet. However, most people trade actively on exchanges, thereby exposing themselves to all sorts of risks.

What if you could trade safely on a truly decentralized exchange like NEX, would you still bother moving your crypto assets from the NEX exchange or platform?
Do you think NEX has the potential to render the ledger nano and other hardware wallets useless?


(Rory) #2

I think they are two separate things. Hardware wallets are designed for folks who want to hold their tokens as an investment strategy over long term without trading. For this, they are great.

I wouldn’t assume MOST people trade actively on exchanges as there’s a large chunk of the crypto market that doesn’t trade at all. They only buy assets to hold. This is why fiat on-ramps are such a big deal too.

So ultimately I don’t think it will make hardware wallets obsolete. I think they serve different purposes.


(MEGATRONxONE) #3

Staking contracts lock the tokens but it doesn’t mean the funds are safe. Anyone that has access to the private keys that that contract is associated with have the ability to claim the contract upon unlock. Staking is a temporary solution. Ledger Nano is a full proof solution. So no it won’t replace it.


(Ethan Fast) #4

We are thinking about eventually doing an extremely secure wallet solution for holding your assets that might compete with ledger and integrate directly with your account. But for now, ledger has more security and serves a different purpose.


(Olu ) #5

@Yevin and @MEGATRONxONE, thanks for sharing your insights.
@ethan, good thinking :+1:t5:


(Mao Mao) #6

I love how you guys share your long-term vision and goals with us.