Cryptocurrency: Blockchain-Powered Smartphone Introduced By Sirin Labs
Sirin Labs’ token is surging. The SRN token jumped up as the highest-performing cryptocurrency on Monday, backed by the promise of a blockchain smartphone designed with security in mind. The company’s upcoming Finney phone, which uses the token as its default currency, will come with features like a crypto wallet and secure exchange access.
“Blockchain technologies, decentralized economy, and peer-to-peer resource sharing are restoring power back into the hands of the people,” futurist and television personality Jason Silva said in a promotional video for Sirin Labs. “But because of expanding cyber crime and fraud, a stronger security shield is needed.”
The token behind this security shield is gaining momentum in the marketplace. Ranked as the 80th largest token with a market cap of $341 million, the SRN cryptocurrency jumped in value by nearly 60 percent on Monday over a 24-hour period, reaching an all-time high of $3.77 at 6:30 a.m. Eastern time.
Sirin Labs, which also launched the ultra-secure Solarin phone in 2016, hopes the Finney range it announced in September 2017 will leverage the blockchain for a range of new applications. First is the $999 Finney smartphone, which runs the “Sirin OS” that contains the functionality of Android. It has a 5.2-inch 2,560 by 1,440-pixel display, 256GB of storage, 8GB of RAM and a 16-megapixel rear camera. The second is the $799 Finney all-in-one PC, also running the “Sirin OS,” which has a 24-inch 2,048 by 1,080-pixel display, as well as 256GB of memory and 8GB of storage.
“Standing at the heart of this ecosystem is the SRN token, Finney’s network default currency,” Silva said.
The devices offer a decentralized app store to enable a number of SRN-powered features. For example, a user can pay for servies through a zero-fee transaction system, or sell their device’s idle processor power and put it to good use. The company has partnered with IOTA in SRN’s development.
On top of these features, both devices offer a “cold storage” crypto wallet. Through a physical switch, Finney devices can immediately disable all unencrypted communications, offering protection against attackers.
Expectations are running high, and Sirin Labs will have to work hard to wow. The Solarin phone, which came with an eye-watering price tage of $14,000, reportedly led to just $10 million in sales and layoffs of a third of the company’s staff. However, the company’s frequently asked questions section claims the phone “was and still is a success,” leading the charts in sales at luxury store Harrods.