What’s Going On?
Why Does It Matter?
Blockchain is entering the consumer electronics market.
“The current generation of smart devices compromises on user security,” says Sirin in its project white paper. “The focus is overwhelmingly on user experience, at a high cost to fraud and cybercrime.” Sirin said it can balance security with a more accessible cryptocurrency user experience with its new phone, the Finney. Both the Finney architecture and underlying Sirin OS will be released under open source licences, said the company.
Sirin Has The Market to Itself Then?
In an interview with Bloomberg, Sirin Chief Executive Officer Moshe Hogeg said the company
has plans to sell the new phone in eight new stores in countries that have been quick to adopt cryptocurrencies
and blockchain technology, such as Vietnam and Turkey. But Hogeg added he hopes it will eventually be sold
through traditional carriers as well. Sirin’s sales aims for this year are reported to be anything from 100,000 to a million plus. Potential price points for the model due to be released in October range from $1,000 to $2000, depending on software and retail deals that might be agreed between now and the launch.
Bloomberg reported at the weekend that Sirin is keen to get its product out to a mass market before competitors
like Zippie and BitVault beat them to it. Zippie raised $30 million in an ICO in February, while BitVault has shipped a number of units in Asia for military evaluation and is said to be considering a consumer version.