14 DAY TRIAL // iPhone manufacturing company Foxconn has signed an agreement with Sirin Labs to build the world’s first blockchain smartphone, with the very first units to hit the shelves in October.
Called Finney, the phone is supposed to make it easier for customers to store and use cryptocurrency like Bitcoin, thus trying to make digital coins a more widely-used payment method for daily transactions.
The blockchain-powered phone was announced last September, and since then, Sirin Labs says it received no less than 25,000 pre-orders for the device. It expects to sell at least 100,000 units after launch, with more optimistic voices within the company hoping to reach shipments of a few million units.
Sirin Labs, based in Switzerland, says the device would go on sale in eight different markets at first, as it tries to make it available in countries where cryptocurrency is widely adopted.
Huawei looking into possible partnership
More customers, however, could benefit from its technology if its hardware licensing plans come to fruition as expected, as Sirin hopes that other manufacturers would get it. At least two phone makers are said to be interested in the project, and one of them is Huawei, Bloomberg reports. Licensing deals could make the device substantially more affordable, and OEMs could get it for as low as $200.
Finney would come with several advanced security features, including the typical password, fingerprint and iris scanners, but would also incorporate a physical switch to enable all crypto activities. Without this switch, no coin-related services would work, which means that users’ digital wallets are completely protected all the time.
The company has developed its very own Android-based operating system called Sirin, and plans to implement features like support for multiple types of tokens.
Finney will come with a 5.5-inch display and boast 64GB storage, 6GB RAM, and a 12-megapixel camera. A 13-megapixel selfie unit will also be offered. Pricing will begin at $999.