Blockchain phone will soon be a reality as a subsidiary of Foxconn, world’s largest electronics manufacturer, has partnered with Sirin Labs to develop and produce the startup’s upcoming blockchain phone.
Foxconn is responsible for creating some amazing electronic products for different companies including iPhones, Kindles, Playstations etc. The company will now produce Finney, the blockchain phone which will help the users to securely store and use different cryptocurrencies like Bitcoin and help them in performing related services.
When developed, the new phone will bring the power of cryptocurrency to the market as nowadays though millions of people own Bitcoins, they don’t use them for daily transactions.
The owners have to keep the coins on a memory stick from the fear of theft and have to remember their username and a difficult password to get through to their cryptocurrency. With the development of new phone, the company believes that people will not need to continue with complex passwords rather iris scan, fingerprint or a simple password will do the job.
According to company’s officials, they seek to integrate all kinds of tokens in their device and will also allow the users to shop from sites like Overstock.com and Expedia to convert cash into specialized tokens if needed.
Sirin labs raised $158 million in December last year for its blockchain phone project through an initial coin offering where previously it also managed to raise $70 million raised for its project.
Release and Availability
Finney is slated to release in October this year and initially, the company will sell the devices through its eight new stores in places with more active cryptocurrency communities.
People have already ordered 25,000 units whereas the company plans to ship from 100,000 to a few million units this year.
Pricing and Specs
The target price of the device is $999 and the specs mentioned by the Sirin Labs include:
- 5.5 inches display
- 64GB internal storage
- 6GB RAM
- 12MP Rear Camera
- 13MP Selfie Camera
Mind you that these specs are subject to change as the devices still need to be manufactured. Sirin Labs produces luxury smartphone for users and its Sirin Solarin phone is one of the most expensive smartphones in the world.