Sirin Labs will partner with Foxconn for its new blockchain smartphone, which will help cryptocurrency owners manage their digital currencies, reported Bloomberg on April 4.
A subsidiary of Foxconn will help to create and produce the “Finley” blockchain phone, which “is designed to help owners securely store and use digital coins such as Bitcoin, as well as related services,” according to Bloomberg.
Currently, cryptocurrency owners keep their tokens in hardware wallets. To access the wallets, users have to remember their private keys, which can be very long. If they don’t remember it, they won’t have access to their tokens.
Moshe Hogeg, Sirin’s Chief Executive Officer mentioned in an interview,
“There’s no chance my mom can figure out how to use Bitcoin, and my mom is smart.” With the current system “the mass market would never get it.”
In its Initial Coin Offering (ICO) in December 2017, Sirin Labs had raised $150 million with an additional $70 million they had already raised in the presale. The company is planning to sell its blockchain smartphone in eight different stores. There are already 25 000 units preordered and Sirin plans to sell a couple million devices by the end of 2018.
“I think I can take it to a mass market phone in a world where innovation in phones is saturated, it’s dead,” mentioned Hogeg.
“I want to do something that’s better than the current user experience,” he added. “In the end when you look at the Chinese wall, it started with one guy taking one small brick and putting it into place. And then another one and then another one. We can do it step by step.”
All kinds of tokens will be integrated to the smartphone and users will be able to shop on crypto-friendly platforms.
Instead of having to remember long passwords and keying on a private key, Sirin explains it will eventually use a fingerprint and an iris scan to authenticate user identities.
An analyst at Digital Asset Research, Lucas Nuzzi stated in an email,
“In order for the user base to truly grow, solutions need to be compatible with existing hardware and focus on a broad spectrum of users.”