The blockchain is evolving faster than expected. As a result, the world will soon witness first ever blockchain-based phone. People will be able to use Finney, a phone created by Sirin Labs to store and use digital currencies without having to pay transaction fees. Sirin Labs is a Swiss startup which is now backed by Taiwan-based electronics beast Foxconn. Foxconn who develops popular hardware devices like iPhone is going to help develop and manufacture Finney.
The startup stated that the Android-based smartphone would support and integrate all kinds of tokens. This move will eliminate the need to carry USB sticks along with digital wallet as everything will be stored on the phone. Finney will be developed with a physical switch for activating a cache of cryptocurrency-related services. The device will let users shop on sites like Expedia and Overstock without using an exchange to convert digital currencies. Confidential data will be protected via iris or fingerprint scans. However, passwords can also be used. Communications and peer-to-peer resource sharing will be encrypted. The phone will further have an option to turn the device into personal hotspot which could be then be rented for digital tokens.
The project raised $158 million in ICO (Initial Coin Offering) in December last year. The phone was launched with a price tag of $999 however Sirin is looking forward to license its technology with other manufacturers with a motive to bring down the price to as low as $200. Finney is growing popularity as 25,000 units are already preordered. While the preordered units will be shipped in October, the CEO of the company, Moshe Hogeg, expects to sell between 100,000 to a few million of units by the end of this year. The phone will also be available in eight retail stores including Vietnam and Turkey.