Posted 8 months ago | by Ben Armstrong
Blockchain Phones - How Far Are They Going in The Market?
The advent of blockchain technology has received attention from various areas – from finance and economics to the automobile industry, science and technology. The telecommunications is also working with blockchain technology – and there are some interesting smartphone projects out there.
Telecommunications has participated and directly benefited from this technological revolution. It’s the perfect time to look back and see how far blockchain use has been traveling in the market.
Blockchain Smartphones - From Concept To Reality
We live in the smartphone era. Statista’s study released in 2019 pointed out that approximately 40% of the global population reported using smartphones which means over 3 billion people possess smartphones.
Samsung, Huawei and Apple's iPhone are giants that dominate the market, and their sleek smartphones are mixed with new technology.
We can find almost everything in a smartphone, including the use of blockchain and cryptocurrency. Unsurprisingly, major manufacturers started to work on their blockchain smartphones.
Samsung, HTC And More
Samsung probably knows how to keep their unique position with the Galaxy S10, although the product itself is not "blockchain-powered" but blockchain driven. The S10 gets attention for his cryptocurrency storage program, called Samsung Knox, and for the Blockchain Keystore, a cryptocurrency integrated wallet.
The Galaxy S10 embraced over 30 separate cryptocurrencies in its wallet during 2019. By the end of the year, Samsung rolled out a new Note 10 variant "KlaytnPhone," which spotlighted a cryptocurrency wallet and Knox app.
Users were also rewarded with 2000 Klay tokens, a Klaytn blockchain native currency. The team worked on building these crypto and blockchain features and featured them in their Galaxy S20's new smartphone.
New Ideas From HTC
Taiwanese e-company HTC also operates its own blockchain-powered smartphone - the Exodus. The product was initially released in March 2019 only for pre-commercial use of cryptocurrencies but was also available through fiat.
The Exodus comes with an application for wallets that gives users the ability to store private keys of their own. The Opera software provides access to a wide range of open applications. As summed up in Wired’s product evaluation, HTC’s device provides secure applications to blockchain users.
The new HTC blockchain smartphone is the Exodus 1S, claiming to be the first device to run a full Bitcoin node. Ethereum co-founder Vitalik Buterin praised the social key-recovery function of the system, which allows users to send some of their private keys to reliable contacts for the recovery process.
As reported widely at the time, Sirin Labs was the first company to introduce a blockchain smartphone in November 2018 with "Finney," a regular device featuring an integrated cold storage wallet, a token transfer and a DAPP ecosystem powered by its own Sirin operating system.
Keeping Tokens Safe
Cold storage is physically detached from anything else. Users can easily execute P2P transactions without a centralized exchange. The product can only be found on Sirin Labs website, and other online shopping markets.
According to Pundi X, the network which offers decentralized offline cryptocurrency services, a blockchain smartphone project was already undertaken by the company – dubbed “Blok on Blok,” or BOB, this blockchain smartphone will feature its Function X blockchain.
As reported by Pundi X, the product will give users the ability to switch between a blockchain mode and a conventional Android mode. With the blockchain mode, users are able to fully control their. Backed by a crowdfunding initiative, the project is planned to offer only 5,000 devices in the first manufacturing run.
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