Sirin Labs Presents FINNEY Blockchain Smartphone

The company turns to crypto technology after the fiasco of its traditional phone

by Marin Marinov
11 May • 2 min
In Tech

Software firm Sirin Labs unveiled on Wednesday its blockchain-based smartphone, FINNEY, saying it will be available to buy before the end of the year. The company has hired Foxconn, one of Apple's contractors, to manufacture the first of its kind Distributed Ledger Technology (DLT) device.

“Our team has been working vigorously to make sure that the first blockchain smartphone is cutting edge in all technical aspects. Our collaboration with FIH ensures that we will be offering state-of-the-art design with device architecture that will enable true security and user-friendly blockchain experience,” Sirin Labs announced in a press release.

The new, Android-based smartphone aims to provide secure transactions with digital coins like Bitcoin (BTC) and Ethereum (ETH), including crypto exchange trading and other activities.

Privacy-oriented

Sirin Labs describes FINNEY as a privacy-oriented mobile device with an ultra-secure cold storage crypto wallet. 'Cold storage' means that cryptocurrency will be stored in a device without internet connection that should guarantee high security and protection from hacks. However, Sirin does not explain how the wallet will be excluded from FINNEY internet connection.

Sirin Labs raised more than USD 158 million from the sale of its SRN tokens in an Initial Coin Offering (ICO) in December last year with the goal of developing blockchain devices, including the FINNEY smartphone and an ‘all-in-one’ PC .


one person with a smartphone

Two other companies, Zippie and BitVault, have also declared an intention to develop blockchain-based smartphones. Zippie raised USD 30 million in an ICO in February.

 

Sirin and traditional smarphones

Sirin is the company behind Solarin, the traditional smartphone released in 2016 with endorsements from celebrities like Leonardo DiCaprio and Tom Hardy. The luxury phone worth USD 14 000 was promoted as highly secure and privacy protective but experienced market fiasco after selling less than 800 devices for one year. Sirin had raised USD 72 million before the release of Solarin.

Sirin's partner Foxconn is the company that illegally used student labor while producing Apple's smartphones. “Foxconn plants in China were found to be in breach of numerous health and safety regulations, exceeding working hours – including some employees working for more than 11 days straight - and being over-reliant on student labour,” the Guardian has reported.

Blockchain, the technology behind cryptocurrencies, is regarded as highly secure because it tracks all activities and the data cannot be changed. Several blockchain and cryptocurrency-based companies pretend to be the most private but academic researches have put some questions on the table.