You have come for a new smartphone. There are all the usual suspects; Huawei, Samsung, Apple and so on. But a new trend caught my eye: the blockchain smartphone.
What is a blockchain smartphone? Should you buy it? And how does it compare to a regular smartphone?
Here is what you need to know about blockchain smartphones:
What is a blockchain smartphone?
The sudden interest in blockchain smartphones is not the work of dark crypto forces. Major smartphone manufacturers are integrating blockchain and cryptocurrency features directly into their hardware. Integration varies between manufacturers, as you would expect. The phrase “blockchain phone” is already quite widespread.
For example, the Samsung Galaxy S10 includes a secure storage system for cryptocurrency private keys. Does that make it a "blockchain smartphone"? Compared to Pundi X's Blok on Blok, no, because the latter has the core functionality that uses blockchain, whereas Samsung simply supports cryptocurrency users.
This is the complexity of defining a smartphone blockchain. These are different things for different people.
What are the benefits of a blockchain smartphone?
The base layer for a blockchain-enabled smartphone is a built-in cryptocurrency wallet and related security. Turning a smartphone into a secure hardware wallet is a key step towards the universal adoption of cryptocurrency. Most non-crypto users don't want to bother buying a separate secure hardware wallet such as Trezor or Ledger... These are additional costs and extra carrying equipment, no matter how small.
Blockchain smartphones, in theory, should be easier to interact with DApps. There are already several ways to interact with DApps from a smartphone, for example Metamask or mobile cryptocurrencies with DApp support. With tighter integration between common mobile operating systems such as Android and iOS and blockchain technologies, increased security, better sharing capabilities should emerge, and owners of conventional "non-crypto" smartphones are starting to use DApps or blockchain utilities.
In the long term, blockchain smartphones will use exclusive apps that only other blockchain smartphones can use. A prime example of this is Pundi X Blok on Blok, which, when switched to blockchain mode, can share files and download files from other blocks on Blok devices, creating a miniature private blockchain network on the Internet.
Blockchain Smartphone Examples
There are already several blockchain smartphones on the market. Their commitment to blockchain differs from vendor to vendor, which means there are many implementations on the market. Here are some of the blockchain smartphones currently available.
1. HTC Exodus 1
HTC Exodus 1 hit the headlines when HTC announced that the smartphone would include private cryptocurrency key storage, as well as integration for DApps.
The security and privacy of HTC Exodus is ensured by the HTC Zion Universal Wallet. Zion is a combined exchange, marketplace, payment processor, DApp portal and crypto collection wallet.
"All this in one application?" Well, yes, and Zion is an indicator of how major smartphone manufacturers are contemplating the use and adoption of cryptocurrency.
HTC Exodus and Zion Wallet will also use distributed social key recovery. Zion breaks and encrypts your recovery phrase and then sends it to your trusted contacts. If you lose your phone or otherwise, your contacts can help you restore your Zion wallet. In addition, HTC Exodus uses the Trusted Execution Environment (TEE) to securely protect your keys and stop any malicious code from executing.
2. Samsung Galaxy S10
Samsung Galaxy S10 is a standard smartphone with some cryptocurrency and blockchain integration.
Each Galaxy S10 automatically generates a cryptocurrency wallet that supports up to 33 tokens, including Bitcoin, Ethereum, and Binance Coin. The first generation Galaxy S10 launched in March 2019 with support for Ethereum storage and transaction processing. The second generation Galaxy S10 launched in August 2019, supporting the world's largest cryptocurrency.
The main component of Samsung's cryptographic integration is the Samsung Blockchain Keystore. Keystore "allows consumers to control their data" using an isolated Trusted Execution Environment (TEE). TEE ensures that your private keys remain isolated on the device. Even the Android operating system cannot access private keys without explicit permission.
In addition to TEE, the integrated Samsung Galaxy S10 wallet provides access to several DApps, including Pundi X's X Wallet, My Crypto Heroes cryptographic game, and the Berry Pick social media platform DApp.
3. Sirin Labs Finney
From two smartphones integrating cryptocurrency and blockchain to one taking a step forward. Smartphone Sirin labs finney (named after blockchain pioneer Hal Finney) comes with built-in cold storage.
Finney extends the functionality of the base Android operating system to Sirin OS. Sirin Labs Sirin OS comes with extensive security enhancements such as Cyber Security Center and dCENTER. Cyber Security Center includes app whitelisting, individual app blocking, TrustCall (encrypted peer-to-peer calls), Proton Mail and many other security and privacy-focused apps.
The Cold Storage Safe Screen is a separate 2-inch PMOLED screen that stays offline as long as the secondary screen remains closed. Once you slide it up, you can use your cryptocurrency wallet. However, other reviewers point out that the small screen
Sirin Labs Finney is also getting attention. You access cold storage through a retractable screen, the overall design is sleek and the screen has a higher pixel density than the 6,1-inch iPhone XR.
Are Blockchain Smartphones a Trick?
I don't think the blockchain smartphone is a gimmick. Like many things blockchain and cryptocurrency, blockchain smartphones are on the cusp of their development. You only need to take a look at how Pundi X is already pushing the meaning of the word "blockchain smartphone" with their Blok on Blok modular device.
The main thing to be learned from the sudden avalanche of blockchain smartphones is that big manufacturers are taking blockchain and cryptocurrencies seriously. And as these big brands take it seriously, the rest of the world will follow suit.