NEW! Bitcoin Smartphone Coming Soon

Image for post
Image for post

The start-up Sirin and the electronics giant Foxconn are planning a smartphone with a built-in digital wallet. This should be much easier — but the mobile phone will not be cheap.

Virtual money like Bitcoin and the smartphone — this is not a real love, on the contrary. Recently, there have been increasing warnings that cybercriminals are not only attacking PCs to illegally dig cryptocurrencies, but also mobile phones. Now a start-up and a large contract manufacturer want to make it clear to the consumer that the combination of Bitcoin and smartphone can also have their good and safe sides.

The Swiss-Israel company Sirin Labs and the Taiwanese electronics giant Foxconn, which among other things manufactures iPhones for Apple, are planning the first smartphone with blockchain technology. So with the technology that forms the basis of all virtual currencies. Thus, the crypto will finally mass market suitable, says Sirin founder and co-CEO Moshe Hogeg. The device, jointly developed by Sirin and Foxconn called Finney is said to facilitate transactions with digital money and provide protection against hacker attacks.

Use physical switches to access the wallet

The two companies are counting on the fact that there are currently millions of Bitcoin owners, but only a few use Bitcoin for day-to-day business. The complicated technology makes this unattractive. To prevent theft, Bitcoin payers must keep their assets on special memory sticks until needed. Then remember to remember complicated usernames and passwords that can be many characters long. An uncomfortable thing that gets in the way of a really big spread. “No chance my mother will find out how to use Bitcoin. And my mother is smart, “says Sirin boss Hogeg.

MORE ON THE SUBJECT

With a smartphone that basically everyone can carry in their pocket, everything should be much easier. With the Blockchain mobile phone, for example, users should be able to shop on crypto-friendly websites. This promises a high level of security. Finney devices — under this brand, smartphones and PCs are planned — are the first to rely on the applicable as uncrackable Blockchain Technik. They run under the widespread mobile operating system Android, in conjunction with special cybersecurity technologies. With the help of its own physical switch, the owners should be able to cut off online access to the built-in digital purse (“wallet”) and thus hinder hacker attacks. This so-called “cold wallet” is considered safer than a “hot wallet” that can be accessed anytime via the internet.

Competitors are also involved

Sirin has already raised hundreds of millions of dollars in project development from investors: 158 million USD in December, and another 70 million USD recently. The Bitcoin smartphone is expected to hit the market in October 2018. First, it wants to market it through its own stores, later on via telecommunications companies. The device is not cheap. Initially, 999 USD are targeted; Later, license agreements with other cell phone producers should push this price down to 200 USD. Among other things, Sirin is in talks with Huawei.

Meanwhile, others have discovered the charm of a blockchain phone — competitors like Zippie and Bitvault. Nevertheless, analysts rate the prospects of success quite ambiguous. On the one hand, the use of Bitcoin is still very limited, on the other hand, there is a danger of constantly carrying its virtual money with it. Criminals could kidnap Finney owners and forcibly gain access to the virtual wallets, so the fear.

Author: Marko Vidrih

Written by

Most writers waste tremendous words to say nothing. I’m not one of them.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store