What is the Finney Phone and What Does it Mean for Crypto?

What is the Finney Phone and What Does it Mean for Crypto?

Finney, the first blockchain focused smartphone, is expected to begin shipping in late December. Created by Sirin Labs, the phone’s operating system is SirinOS, which is a fork of Android made with the intention of implementing blockchain technology at its core. The Finney will allow users to securely and reliably use blockchain products and services.

The phone will include a decentralized marketplace (dCENTER), a built-in cold storage wallet, token conversion services, encrypted communication, peer to peer resource sharing, and incentivized educational apps. It will also include a 12 megapixel camera and 128GB of memory.

The default cryptocurrency used to purchase apps and use their services will be Sirin’s own SRN token. Just to purchase the Finney, which is priced at $1,000, requires the use of SRN.

In preparation to satisfy clients and meet demand, Sirin Labs has partnered with Foxconn, the same manufacturer Apple uses for their iPhones. In an interview with CNN, Sirin’s CMO Nimrod May said:

“By choosing Foxconn to build the FINNEY, we’re demonstrating the public’s desire to have a mass-market smartphone that is able to safely and securely operate within blockchain and cryptocurrencies.”

Sirin Labs raised over $157,000,000 by issuing SRN tokens through an ICO. They used the capital to fund the development and marketing efforts of the Finney. While the future success of the phone is uncertain, the community is excited to see a finished product delivered.

What Does This Mean for Crypto?

The Finney phone is one step in the right direction toward mainstream adoption. There are inherent limitations with blockchain technology that hurts the user experience.

For example, most cryptocurrencies require their own wallet to be downloaded due to compatibility issues. This means that if a user wants to hold Bitcoin and Monero, they will need to download two different wallets, one for each currency. This can become cumbersome when dealing with lots of different cryptocurrencies and tokens.

Additionally, finding, using and downloading decentralized applications is not a smooth process. We expect that Finney’s decentralized marketplace, coupled with token conversion services and a built-in cold storage wallet will allow virtually anyone to explore the decentralized world at their fingertips, relieving many of the pain points users experience today.

Until the phone is released, we cannot know for certain the extent to which blockchain technology is integrated, but at the very least we view the Finney as a foundation for a robust, blockchain-focused OS.

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