Android Blockchain Phone Finney Arrives
Finney is a custom built blockchain phone made by Sirin Labs for quick virtual currency transactions. It will run on an Android Operating System. The first unit is ready for shipping by November this year and is priced at an expensive rate of $999. The phone has it is own crypto token called SRN Coin.
Finney for Hal Finney
The unique smartphone is named after pioneering coinist Hal Finney, and the design of the phone focuses on a major cryptocurrency function – holding or storage of crypto assets. It is questionable if, compact physical devices such as Finney, are safe for storing coins. While this can be answered only in the long term, the foremost usage of these phones in current circumstances is for quick transactions. The coins or currencies can then be moved to more robust and safe cold storage facilities.
The device resembles any of the smartphone branded devices and from the outside undistinguishable from a routine high specifications smartphone on the Android OS. The cryptocurrency avatar of this smartphone closely resembles the iPhone X design but include a notch. It has a display screen of 18:9 and a processor by Qualcomm Snapdragon, configuration 845. In terms of memory space, it has 6GB RAM.
One aspect which does set Finney apart from other smartphone is the secondary screen or the Safe Screen. This alternate screen operates much like the Oppo Find X camera screen by sliding up. Hence, only crypto transactions can be conducted on Finney secondary, Safe Screen. This screen runs on the separate firmware. The cold wallet is activated when the slider is moved, and the screen is activated.
What makes Finney unique, other than a dedicated Crypto screen is a feature to borrow power from Finney phone users.
This smartphone is different from another smartphone with respect to one other key feature. The Safe Screen also runs an algorithm which allows the generation of a new token in cryptocurrency called – SRN coin. The phone’s feature includes a service for token conversion (Token Conversion Service, TCS) allowing owners of the phone to exchange SRN coins for any other virtual coin.
According to Sirin Lab’s Chief of Research and Development, Amit Krelman, “the idea to use the blockchain-focused algorithm, is similar to that of Uber. “
Krelman explains that TCS will pre-manage the whole process such as hiring a taxi with purchased tokens. Despite the automatic features and advanced algorithms, there is no specific clarification on longer time spent during transactions and the processing fees. The latter is a big challenge on most coin platforms and is brewing big trouble even for established coins like Bitcoin.
Finney and its ascendancy have two parallel connotations. On the one side, it is progress in crypto and fintech technologies that a smartphone for explicit trading in virtual and blockchain technologies has finally arrived. On the other hand, it also starts off a debate on the cost of such specialized or customized services. Can Finney’s expensive price tag buy safety and security for cold storage of coins?