News of known mobile phone producers hit the blockchain enthusiast and the onlookers of where the technology is headed. We woke up to the news of HTC, Sirin Labs and SAMSUNG who announced to its customers and the entire world that they will be producing Blockchain based phones, this means if you bought one of these products you will automatically own a Blockchain/Cryptocurrency wallet on your phone without downloading. We wish to seek and focus on the features of the productions to see what value it will add to the blockchain industry.
HTC’S EXODUS ONE
The HTC exodus one phone will run on an Android OS, with a separate secured blockchain environment to facilitate transactions and the storage of cryptocurrencies stored on the device. The device will operate with the ZION wallet, this same wallet also serves as a hardware wallet, and the wallet has features which can store both Coins and Tokens. It can only store BTC, LTC, ETH, ERC20, and ERC721.
Advantage;
The phone has the private keys stored on the phone directly. This makes it become a hardware wallet which you can always carry with you with no hustle.
Disadvantage;
Once your phone is lost, broken or damaged, you stand the chance to lose all your crypto assets. Unless you stored your private keys elsewhere.
SIRIN LABS FINNEY
Finney is the first ever blockchain phone produced and is on sale as of the time the article is written. The device operates on its own OS called the Sirin OS. The phone has its own hardware wallet features but gives you access to only 2 Blockchains currently, BTC and ETH. Aside the two the company has its own cryptocurrency the Sirin Labs Token also listed.
Advantages;
The phone comes with an encrypted communication system, P2P data sharing and a decentralized app store with Dapps such as CryptoKitties. The sirin token can also be used in the phone’s ecosystem, with the instances of making purchases in the Dapp Store with the token.
Disadvantage;
Just like that of the HTC phone, once your phone is lost, broken or damaged, you stand the chance to lose all your crypto assets. Unless you stored your private keys elsewhere.
SAMSUNG S10
Samsung in recent news announced that it will be releasing a blockchain based Galaxy S10 phone, the features will come with an inbuilt Samsung cryptocurrency wallet. The phone will only support ETH and ERC20 tokens only, and it does not support the BITCOIN blockchain. When launched the phone will have four decentralized applications listed on the phone together with the crypto gaming platform Enjin and Cosmee.
Advantage;
This product for the blockchain community pushes for mass adoption and the wallet provides the total opportunity for the blockchain world to shoot for that much-needed adoption.
Disadvantage;
Operating with only one blockchain will make it difficult to be patronized as many will have to download an external wallet to the support of other currencies. It is also not known whether the phone will ever support the bitcoin blockchain.
The main issues with blockchain phones
The idea of blockchain mobile phones sounds like the ultimate fantasy of a cryptocurrency geek, but as it stands today, the reality is not living up to the fantasy. The price of these devices are hefty and not everyone is ready to spend $700 to $1000 for a new mobile phone.
The phones have limited implementation of blockchain technologies, except Finney with the decentralized app store and encrypted P2P data sharing. Currently, each device looks like a mobile phone with pre-installed cryptocurrency storage. What is more important, the wallets support a very limited number of coins, so you can forget about a diverse and balanced cryptocurrency portfolio.
All of them have built-in private key storages, basically making them glorified hardware wallets. Instead of keeping your hardware wallet in a secure place, you will carry all your crypto assets around with the distinct possibility of losing them by damaging or losing your device.
Make your mobile phone crypto-friendly
Today everyone can transform their mobile phone into a vehicle of cryptocurrency storage for hundreds of coins with access anytime and anyplace. With over 2000 cryptocurrencies circulating currently, they are wallets which supports more or not less than a 100 of the most popular cryptocurrencies and tokens including BTC, ETH, XRP, LTC and others in one secure app. You can manage your vast portfolio on any mobile phone with Android or iOS operating systems and even on your desktop via our website.
The wallets secure your private keys on an offline storage system, this is one of the major advantages of such wallets as they keep your funds protected from hackers and you are assured of a perfect restoration of your wallets using other devices.
Thanks to that, your money is protected from hackers and can be easily restored from any device even if you lose or damage your phone.
If you are new here feel free to sign up and check our service out.
A few of these wallets are Blockchain wallet, Coinbase, Coinpayments, Coinomi, Freewallet. And some few which are under construction and information will be shared about them in near future article.
Yes, we are set for mass adoption and the cryptoworld is on its way to hit that target.