First Blockchain Phone Review | Sirin Labs FINNEY
Day November 29, 2018, for the world of Blockchain will be significant. The world's first blockchain smartphone FINNEY by Sirin Labs will be released, using the blockchain architecture as the base, and not as an add-on in the form of software applications or shells.
Nowadays, we are witnessing the lateral trend of the development of the cryptographic market. Have a look at the chart of any popular cryptocurrency, and first of all, Bitcoin. Mining cryptocurrency today is stagnating. Crypto farms are at the break-even point between profitability and loss. Is the world of Blockchain on the verge of stagnation? In fact, the new industry is emerging now. And it’s the World of Things that will use Blockchain architecture as the base. Let’s call it Blockchain of Things. Tomorrow, the Blockchain technology will be available to a wide range of people far from the Blockchain's ideas, but sharing our common values, such as confidentiality, anonymity, and security.
The Significant Day
Things that use the Blockchain architecture will appear in various areas of our business. Financial technologies, including banking and exchange transactions and services. Data transmission systems between clients of various information structures. Only one question remains - when. Surprisingly, it is much closer than it might seem to us. Day November 29, 2018, for the world of Blockchain will be significant. On this day, the world's first blockchain smartphone will be released, using the blockchain architecture as the base, and not as an add-on in the form of software applications or shells. As stated by its developers, this smartphone, thanks to its innovative operating system, is built on the blockchain architecture, secure enough for storing and using cryptocurrency in a mobile environment. Provide users with an automatic exchange between supported tokens and coins, eliminating the need to visit external exchanges. The first in the World blockchain phone will be called FINNEY. Its development is engaged in an innovative company Sirin Labs.
Sirin Labs company, unlike other smartphone makers, uses cryptocurrencies as finance foundation. The company uses its own operating system Sirin OS. And it’s the main feature of the device compared to other similar devices, such as Exodus 1 from HTC, which works on the Android operating system. After all, it does not matter how many high-quality and secure applications and shells you install on a smartphone with all the known disadvantages and weaknesses of the Android operating system. Such a phone would still not be true and secure. Devices and programs for hacking iOS from Apple, today also abound, but I must admit they are much more expensive. If the system from Sirin Labs is comparable in reliability to iOS, then perhaps software products for hacking Sirin OS will never be released due to the high cost of development and limited application. Along with this, the manufacturer claims that Sirin OS will be as convenient as Android OS, apparently it was not possible to agree with Apple. All applications from the Android Market will be available to Sirin Labs customers. It is very cool because a few people want to spend big money developing applications for a specific operating system. As for the smartphone FINNEY characteristics, they are quite modern and adequate for today's needs of smartphone users. This is a topic for a separate article that will be released later. Let's take a closer look at Sirin Labs.
Sirin Labs was founded in 2014. Founder and CEO are Moshe Hogeg, an Israeli entrepreneur with extensive experience in promoting blockchain products. He participated in several successful projects such as Invest.com Group, Alignment Blockchain Hub, Stox. The company is headquartered in London. Six offices in other countries have been opened by now. The company collaborates with big players in technology, such as IOTA, Bancor, Status, Alignment, and Google.
FINNEY and competitors
The significant fact is that the FINNEY smartphone is not the first creation of the company. Earlier, in May 2016, the company had already released a smartphone called Solarin, the main disadvantage of its price starting at $14,000. Solarin carries out round-the-clock client cyber defence. It provides modern software and hardware security technology and a private area for encrypted calls and messaging. Also, Solarin chip has a unique design and of course, its exclusivity. So the company is already able to produce high-tech smartphones. This time, Sirin Labs decided to defeat a mass market. The declared FINNEY's price on-site is $999, and with the discount on pre-order $899. This is much less than the prices of current flagships. For example, Apple's smartphones - iPhone Xs 256Gb and Huawei - Matte 20 Pro cost about $1,149. A smartphone from the company Oppo Find X, which also has a sliding part in the phone, costs about $1059, and its Lamborghini version is all $1,700. The new flagship from Samsung, the Galaxy S10, is also likely to be more expensive than $1,000, the trend towards increasing the cost of smartphones continues. This is primarily due to problems in producing components for the new generation of smartphones, such as OLED Display and 7nm chips for processors. By the way, there is still no information about the processor that will be used for Fynney, perhaps for this very reason. But in our opinion, chasing the chip size and small savings in power consumption is not worth it. Thus, the price of the device from Sirin Labs will be very competitive.
Sirin Labs Token
In December 2017, for 14 days, the company conducted a successful ICO of its cryptocurrency Sirin Labs Token, abbreviated SRN. Total turnover was released about 230 million SRN. During this ICO, about $157 million was raised. The token's average price was $0.68; the spread was from $0.5 / SRN to $0.86 / SRN. That is, the company had enough money to develop FINNEY and Sirin OS. The best goal of the company was to collect about $100 mln. So the company can afford to attract really talented people for product development. Although the design is a purely subjective thing, and one should not think that FINNEY's design will appeal to everyone. Sirin Labs states that SRN Token will be a cornerstone in the company's business. It will be used for the implementation of cryptocurrency transfers between smartphones. Clients can even convert SRN to Sirin Labs shares when released so that you can call them Sirin Labs electronic shares. When they were ready to give $20,000 for Bitcoin, SRN cost $4.34 per token at the peak of its popularity. After that, Bitcoin fell in price three times, and Sirin Labs Token, in the absence of any news at 60, to $0.07 for the SRN. The token is traded on fairly popular sites, reliable and modern. The major turnover on SRN has been on Criptopia and Huobi exchanges.
After the blockchain phone announcement on October 28, 2018, the SRN trades noticeably revived. During the time this article was being written, the price had risen from $ 0.08 to $ 0.12 per token, which, of course, is a minimal price for such a promising coin. Given the high rate of change in the token price, you can find out the current price here.
To date, Sirin Labs token is one of the most liquid of the existing altcoins. Trading volumes are growing day by day. Given that Sirin Labs still has enough tokens in-store, it is extremely interested in increasing its value. To get a coupon for a pre-order discount, you have to transfer 50 SRN to a special wallet. Considering the coupon discount of 10% oт the phone price ($100), the company estimates the fair value of the SRN at $2 per token, and it seems that it will strive for this price. Today the capitalization of Sirin Labs is about $25 million. While HTC’s market capitalization is about $33.8 billion, Nokia - $32.8 billion, even though they don’t have smartphones and the market leader’s capitalization, Apple has recently exceeded $1 trillion. So tech companies today are in trend. The same fate awaits Sirin Labs. And if at least, every tenth follower of Sirin Labs Twitter wants to buy at least one phone, the company's capitalization can grow tenfold, returning the price of the Sirin Labs e-share to its peak values.
You can buy SRN for Bitcoins or Ethereum. If you still don’t have them, you can buy Bitcoin at Paxful or LocalBitcoins.
There is no doubt that the phone will be released. For Sirin Labs, it’s not the first experience. And even if the new phone does not enter the top leaders of smartphone sales, its appearance will be huge in the Blockchain of Things. A professional team, their own significant capital, and a growing interest in Blockchain technologies will do their work, as a result, by having increased the capitalization of Sirin Labs in several times.