Sirin Labs is Raising Funds for a $999 Blockchain Smartphone
The tech world is brimming with chatter about Blockchain phones. Needless to say, this raises questions on what exactly is a Blockchain phone and how different is it from the current crop of smartphones.
The Blockchain technology has been a byproduct of Bitcoin and is apparently the most secure platform. Blockchain system is designed to use nodes which are in agreement with each other for order transactions. Every node or blockchain is etched with permanent data that is passed on to the next node. The clever bit though is that every node has its own set of data and for a transaction to happen the authentication is carried over on all the nodes using mathematical functions and codes.
Sirin Labs, a company that came up with a $16,000 luxury Solarin phone, is now raising $100 million in order to develop a smartphone and a PC that will run on the blockchain. The company has announced that the new range of devices is called “Finney” and it will be “secure open source consumer electronics for the blockchain era.”
All the Finney devices will be powered by IOTA’s Tangle technology and will operate independently of centralized backbones. The device will, however, use the SRN token as its default currency and is specifically designed to support blockchain applications like crypto wallets and exchange access.
The founder and CEO of Sirin Labs, Moshe Hogeg says that the device will be able to share data, battery power and computing power with the other devices. This reminds me of the HBO Series, Silicon Valley wherein the protagonists try to build a server independent peer to peer internet. Also interesting is the way in which Sirin Labs wants to raise money, they want to issue a new cryptocurrency and want to sell some of it to investors in exchange for legal tender or other cryptocurrencies like the Bitcoin. The founder outlines his plan and says that they need around $50 million to build the phone while building the computer would cost $25 million more.
That’s not all, Sirin is also working on its own operating system called Shield OS, and it is for this that it will need an extra $25 million. Furthermore, the company is also ready to partner with OEMs, and the paradigm shift from luxury electronics to mass electronics seem to be an interesting one. All said and done the Blockchain is often hailed as the future of computing, but the future seems to be a little distant. Rolling out a new operating system, technology stack and pushing people to use the cryptocurrency is an uphill task.