Sirin Labs has announced its plans to develop world's first smartphone that will run on blockchain technology. The company plans to support the phone's development by launching a "crowdsale event" by October this year. The phone is aimed to target a niche audience that is interested in crypto-currencies.
The company has named the device as FINNEY to honour Hal Finney, one of the first bitcoin users. Sirin added that all-FINNEY devices will form an independent blockchain network powered by IOTA's Tangle technology. FINNEY network will use SRN token, the official crypto-currency of Finney. SRN tokens will go on sale sometime in October and the company will also accept popular cryptocurrencies like Bitcoin and Etherium according to a report by TheNextWeb. However, to purchase the device potential customers need to be SRN token holders.
FINNEY will run Sirin's operating system, also known as Shield OS along with Android. The company made the Shield OS while keeping in mind the blockchain applications, encrypted communications, and secure exchange access. The company has priced the FINNEY device at $999. The smartphone will sport a 5.2-inch QHD display, 256 GB of storage along with 8 GB RAM, a 16 MP camera module on the back and a 12 MP camera sensor on the front. The front camera will be placed alongside a number of security systems. These security systems include Behavioral-based Intrusion Prevention System, secured communication using VoIP, three-factor authorization which includes Biometric, Lock Pattern, and Behavioral.
This is not the first time when Sirin Labs has launched a smartphone. The company has already released the Solarin smartphone priced at a whopping $16,000 with claims that it is the most secure smartphone.