Ever heard of those cryptocurrencies blowing up – Bitcoin or Ethereum? Have you wondered how the underlying technology behind cryptocurrencies worked? Well, for the most part, Bitcoin and all the thousands of cryptocurrencies work on the basic principle of a blockchain.
What this means is that this currency is completely decentralized, meaning that no government or any national body has any sort of claim on them. Blockchain gives these currencies the highest level of security and in that sense, this makes Blockchain a very desirable option for keeping your data safe.
The actual method in which blockchain works is a bit more complex to explain, but a company called Foxconn is going to use it to make the world’s most secure smartphone ever.
Sirin, which is actually a subsidiary of Foxconn, is in the process of making a phone called Finney that lets people store and use digital currencies without having to pay transaction fees. What this means for you is that there will be no need for you to carry USB sticks packed in with your digital wallet.
Sirin has plans of selling this device only to exclusive places. These include Vietnam and Turkey. The company managed to rake in about $158 million through what is called as an initial coin offering, which is basically just an IPO using cryptocurrencies, for the project in December. It hopes to ship a few million units this year.
All of the sensitive data will, instead, be stored on the phone. The rage for this product has reached such a height that there are already 25,000 units preordered, and they will be shipped somewhere in October.
But if you are living somewhere in the US or other countries where Sirin isn’t shipping the device, then there is good news for you. Motif is touted to be the first blockchain-based smartphone intended for the U.S. market.
The phone like Finney will not be running on the insecure Android OS. Instead, the phone will have a more secure encrypted blockchain based protection OS called as Zippie.
As of right now, it is not clear when this phone is expected to hit the US markets. But we can be sure now that the world has dove deep inside the digital world, digital privacy has become one of the most important things that we can hope for in a smartphone and it would seem that the companies are striving towards providing the exact same thing.
But will these new Blockchain based smartphones be able to compete with the Samsung Galaxies and the Apple iPhones? Only time will tell. Even though Android and iOS are the most popular OS in the mobile world, the time may have come for the duopoly to change. In case you’re jumping ship, remember to sell your current phone on Cashify to make it a better deal!