Friday July 13, 2018

You and Your Upcoming Blockchain Phone

We have talked about blockchain smartphones in the past a bit. And today HTC is announcing its first blockchain phone, the EXODUS, this year. HTC says, "Our vision is to expand the blockchain ecosystem by creating the world’s first phone dedicated to decentralized applications and security. With the release of the HTC Exodus we can now make this a reality." Computer World has a write-up talks about a few blockchain phones and their abilities that is an interesting read.

News Image

The Finney devices are designed to support inherent Blockchain applications such as a crypto wallet, secure exchange access, encrypted communications and a P2P resource sharing ecosystem for payment and apps, supported by Sirin's own SRN token. "This enables fast payments between the network peers without the need for mining (fee-less)," Sirin said in its marketing material.

So before you go out stuffing all your cryptocurrency into your new blockchain phone, you might want to give this Motherboard article a read that breaks down the responsibilities and exposure you might create for yourself with one of these devices.

The upcoming Finney phone by Sirin Labs and the HTC Exodus let users keep their cryptocurrency in cold storage; but is being your own bank really such a good idea? Cold storage is a high-security method for storing private keys that control the majority of one’s digital funds. You could use cold storage for small purchases and daily use, but it’s more cumbersome than using a hot wallet and exposes it to the open internet more often than is necessary—better to treat it as a mini Fort Knox for your virtual wealth that is rarely touched. Security-conscious cryptocurrency owners often use a hot wallet for purchases and put the majority of their funds in cold storage.