The blockchain startup named Sirin Labs is in the latest cryptocurrency news for the official release of its long-anticipated “blockchain smartphone” named the FINNEY. Funded by nearly $158 million in initial coin offering (ICO) proceeds, the startup first unveiled the device on Thursday with a release party in Barcelona.
The party featured different presentations from several Sirin executives as well as an appearance by the football legend and Sirin Labs brand ambassador, Lionel Messi. As the event unfolded, the FINNEY showed that it is a serious contender to some of the finest smartphones out there nowadays – not to mention its crypto-related abilities.
Manufactured by a company known for the manufacture of iPhones, Foxconn International Holdings (FIH), the FINNEY crypto smartphone packs a Qualcomm Snapdragon 845 processor, 6GB Ram, a 6-inch display, two cameras (12MPx and 8MPx), and 128GB storage. On top of this, it runs an “ultra-secure and Google-certified ‘fork’ of Android” called Sirin OS that first appeared on Sirin’s first smartphone which was the ultra-secure (and expensive) SOLARIN.
The co-founder and chairman of Sirin, Kenes Rakishev, then explained that the operating system’s intrusion prevention system uses machine learning to monitor the device parameters such as network, malware and device security definitions.
In the official announcement of the phone, Rakishev said:
“In an increasingly insecure digital world, where hackers in all corners of the globe are out to steal whatever they can, consumers need a product that gives them confidence their data is safe. With no solution available until now, many crypto users took a step back to a more primitive time and were using pen and paper to record their private key code. This and other ‘cold storage’ solutions are impenetrable to hacks but are also totally impractical for modern living. FINNEY is unique and is the only phone with an embedded cold storage wallet. There is nothing else like it on the market.”
Similar to wallets such as the ones produced by Trezor and Ledger, this smartphone will allow users to create and store multiple crypto wallets on a single device. There will also be an in-app token conversion service (TCS) that will allow users to seamlessly exchange any of the crypto tokens supported by the device without entrusting them to a third-party wallet.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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