World’s First Blockchain Phone to be Manufacture By Foxconn Group
Sirin Labs has hired Chinese phone manufacturer Foxconn to produce the world’s first blockchain phone for the mass market, which will appear in stores in October 2018.
World’s First Blockchain Phone
Foxconn Technology Group, the world’s biggest electronics manufacturer for hire. It has iPhones, Kindle, and PlayStation, in its portfolio, has agreed to develop a blockchain phone from Sirin Labs. Finney is a device for the cryptocurrency era. Created to help owners securely store and use their coins without having to pay transaction fees. Additionally, the phone integrates all kinds of tokens, allows converting cash into specialized tokens, and serves as a payments tool.
Against digital wallets and USBs in a way, Finney wants to bring the cryptocurrency world to the average Joe. Moshe Hogeg, Chief Executive Officer of Sirin Labs, told Bloomberg how the current user experience is inaccessible to most.
“The mass market would never get it. There’s no chance my mom can figure out how to use Bitcoin, and my mom is smart. I think I can take it to a mass market phone in a world where innovation in phones is saturated.”
Security will be protected via an iris or fingerprint scans or the traditional password. Security seems to be unable to prevent thieves from kidnapping Finney owners in order to access the digital wallets. Making it easier to identify targets and allowing iris and fingerprint scans instead of complex keys and addresses could pose an unexpected risk to Finney users.
The startup has raised $158 million in an initial coin offering in December as well as $70 million. The company estimates it will be able to ship up to a few million units in 2018 and eventually partner with mobile carriers.
The Swiss-based startup is pricing the phone at $1,100, but aims to push the price down to $210 amid the licensing of its technology to other phone suppliers, including a potential deal with Huawei Technologies. The mass market is up for grabs and other two competitors are in the race. Zippie, a 14-person team with experience at Nokia and mobile OS firm Jolla, has raised $31 million in February to license its software to hardware manufacturers. BitVault, another competitor, intends to expand its blockchain phone from the military market to the masses.