Sirin Lab founded by Moshe Hogeg which is famous for ridiculously priced Solarin smartphone has started the development of a model that runs on an open source blockchain.According to Sirin Lab Finney would be the first smartphone which is fully protected and intact enough to hold crypto coins. On Tuesday Sirin Lab announced its plan to raise around £74 million for the development of smartphone and PC that run completely on a blockchain. Unlike the Solarin the flagship phone in the Finney (Named in honor of computer scientist Hal Finney) Series would have cost in the range of 1000$.

Features of Finney series

Phones in Finney series would be expected to come with a 256GB internal memory, a 16-megapixel camera and a massive collection of security measures like A behavioral-based intrusion prevention system and physical security switch.

The Finney series is expected to provide more features like secured Communication(VoIP, text, email) and Three-factored authentication: Biometric, Lock-pattern and behavioral. As per company website, Finney users can connect while traveling abroad, using P2P data connection sharing over its network. One of the other areas of improvement came in battery life, by trading the power over the blockchain network.

How secure will be this smartphone

According to Sirin Lab, all phone would form a complete blockchain which is powered by IOTA’s tangle technology. IOTA is already recognized by innovation press by its innovative new distributed ledger technology. IOTA is a related descent of the blockchain technology with more advancement and security.Traditional Blockchains rely on miners, The people who do the distributed computational review process on each block of data in a blockchain.

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IOTA has a lot of differences from traditional blockchain where it has no mining, no blocks and hence no difficulty. As powered by IOTA Finney can reduce the complexity of blockchain and would be a great milestone in the blockchain revolution.

Finney devices are made for a niche market consist of people who are into the blockchain, cryptocurrency like Bitcoin, and require high security to store and transfer their Bitcoin. Though this Finney series of the phone would be like an unnecessary gadget for the “Instagram generation” company is confident that future would be cryptocurrency based and believes in a large market opportunity right behind them.