Company That Made $16,000 Smartphone Plans To Make $999 Blockchain Phone

Sirin Labs is the company that took the crazy step of offering an Android phone that costs $16,000. Not done with its antics, the company is now planning to offer a $999 smartphone that runs on the Blockchain network. To this end, Sirin is raising $100 million to develop the device, along with a PC that will also do the same thing.

In the company’s announcement of its plans, Sirin revealed that the new devices will fall under a new line called Finney. The name is derived from Hall Finney, who is a scientist and the first person to conduct a Bitcoin transaction, Futurism reports. The resulting devices will supposedly offer an ultra-secure and open-source way of conducting transactions on the Blockchain network.

Preliminary paper data indicates that the phone is going to come with 265Gb of internal memory and a 16MP camera. What’s more, it will reportedly sport IOTA’s Tangle technology and will come with superb security. In the official press release, Sirin explains why the Finney line of devices is necessary and why the current generation of smartphones is not good enough for Blockchain users.

“The current generation of smart devices compromise user security, increasing their risk for fraud and exposure to cybercrime. SIRIN LABS is ready to utilize the core technology of SOLARIN and re-engineer it to the crypto crowd, by offering the only smartphone in the world that’s fully secure and safe enough to hold cryptographic coins,” the press release reads.

Sirin CEO Moshe Hogeg also spoke to Business Insider and explained that all the devices under the Finney lineup will be able to share data and battery power. On that note, it would seem that these resources will only be available to users who are willing to use the company’s SRN cryptocurrency, so that’s worth keeping in mind.