Swiss startup Sirin Labs has revealed that they will work with Foxconn Technology Group to develop their blockchain-integrated smartphone FINNEY, according to a report by Bloomberg. Foxconn is a Taiwanese multinational electronics manufacturing company whose oeuvre includes several Apple products, video game consoles, the Kindle and Nokia devices. The company is the largest manufacturer of consumer electronic groups globally.
SIRIN LABS is incredibly excited to announce that it has chosen FIH Mobile (Foxconn International Holding) to Manufacture the FINNEY smartphone. With this development, we are taking a huge leap forward to bring the Go Crypto revolution to the mainstream. https://t.co/YvZ1oX4xD4
— SIRIN LABS (@SIRINLABS) April 4, 2018
Sirin Labs was established in 2014. The company’s mission has been to deliver high-security, high-performing hardware devices that provide consumers with greater security through an inherent integration of blockchain related services, such as wallets, browsers and encrypted communication. Sirin Labs received funding for this project through their crowdsale, organized in December 2017. They raised $100 million in just 24 hours, with the total funding amounting to $158 million.
FINNEY is a smartphone for the imminent blockchain era and has been designed with the intention of giving consumers a secure and stable device that can interact with blockchain services out-of-the-box. This is an answer to a common worry about popular smartphones, which is that they possess security vulnerabilities.
User experience is also a pain point in the industry. FINNEY will be Sirin Lab’s attempt to marry strong security and the convenience of mobile phones into something that can become a comfortable point of interaction for blockchain services. Regarding this, Sirin’s CEO, Moshe Hogeg, states:
Blockchain technology won’t cross over to the mainstream until the user experience is fixed. Our successful crowd-funding provides us the resources to solve such issues and bring to market a safer and simpler experience for mass market adoption.
The FINNEY Smartphone
Running on the open-source Sirin OS, FINNEY will include several cybersecurity technologies to ensure safe access to distributed ledgers. Cold storage is built into the device.
The cybersecurity suite that secures the device features a behavioral-based intrusion detection system, physical security switches, encrypted communications of all media, and three-factor authentication including biometrics, lock patterns and behavioural analysis.
This device will be part of a blockchain with its very own token called SRN. Sirin has stated that the phones will “enjoy the functionality of Android OS”, though what exactly that entails hasn’t yet been revealed.
The Sirin OS is at the heart of the phone, being the base upon which wallets, exchanges, encrypted communications and dapps will be run.
The SRN token will provide additional benefits that are outside the capability of traditional phones. It will permit international network connectivity through P2P data connections, monetization capabilities through the offering of idle computer power, and battery power trading with other FINNEY devices. Of course, users will also be able to make transactions using FINNEY’s feeless transaction network.
While the technical specifications of the FINNEY are yet to be finalized, Sirin has tentatively stated that it will feature a 5.5” display, 64GB of internal storage, 6GB of RAM, a 12 MP rear camera and a 13MP front camera.
The price is expected to be $999, putting it up against premium smartphone products. Initial markets for the phone’s launch seem to be Turkey and Vietnam, where active crypto communities exist, and it will first ship to eight stores at launch time. in the early months. 25,000 units have been pre-ordered and Sirin hopes to sell between 100,000 to a million units this year.
An Upstart in the Predictable Smartphone Market?
If blockchain technology crosses the Rubicon later this year or the next, it puts Sirin in a prime position to influence the market through their secure and convenient phones. It is not the only startup working on this kind of project, as Zippie and BitVault are doing the same. Zippie does not manufacture hardware, but is building an Ethereum OS that offers integrated blockchain services. BitVault has released its phone, though it is currently out of stock.
The company is also considering licensing their technology to other phone manufacturers which, if public reception is good, would be a hefty source of income. By doing so, there is also the opportunity to bring the price of the high-end phone down to $200, a price affordable to most consumers. This would widen the doors to mass market adoption of such devices and greatly increase distribution via the various phone manufacturers that make up the global market.
In addition to the FINNEY smartphone, Sirin Labs is also developing a PC, the FINNEY PC, priced at $799. Sirin Labs has also partnered with Status and Bancor. Lionel Messi, football star and one of the most recognizable names in the sporting world, will serve as the brand’s ambassador.
Finney is expected to be released in October 2018.