After issuing a $158 million ICO last December, Sirin Labs has selected a developer to create its blockchain smartphone, “Finney.” Finney will combine the functionality of a mobile phone and a cryptocurrency wallet. The first batch will go on sale in Turkey, Vietnam and some other countries in October 2018.
According to a Bloomberg report, 25,000 Finney phones have already been pre-ordered.
The developer will be FIH Ltd., a subsidiary of Foxconn Technology Group, one of the largest international manufacturers of contract electronics. Foxconn's clients include Apple, Google, Huawei, Cisco and Amazon.
Finney will make storing and transacting cryptocurrencies more accessible to the average user. Most “serious” crypto users store their funds in WIF wallets or more traditional hardware walletsthat protect long, meaningless strings of characters called “private keys.”
Moshe Hogeg, CEO of Sirin, believes that the esoteric nature of cryptocurrencies has become a serious obstacle to the growth of the industry: “the mass market will never understand existing methods of storing cryptocurrency. My mom will never understand how to use Bitcoin, and I have a very smart mom.”
Finney users will not need to enter private keys to access funds. Instead, Sirin plans to give users access to funds using retinal scans, fingerprints or even simple passwords.
In addition to offering storage capabilities, Finney will simplify the process of paying with cryptocurrency for goods on sites that accept digital coins, and even allow users to convert fiat into special cryptocurrency tokens, if necessary.
Sirin hopes that its product will appear on store shelves before competitors' products appear there. Companies Zippie and BitVault are also developing blockchain smartphones.
According to https://www.financemagnates.com
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