A standalone hardware wallet, special advanced technologies for securing users' funds, and an integrated function to restore the private keys in case of losing them, are some of the prominent features the company has announced about its new phone.
October- 23, 2018 | AtoZ Markets
The giant phone-maker HTC has announced that its new phone Exodus 1 is available for pre-order, and that the product can only be bought with digital money only.
The company has priced its blockchain-focused phone for 0.15 bitcoins or 4.78 ether tokens, which make around $960.
The phone ships equipped with its own cryptocurrency wallet, named Zion, which makes the electronic unit functions as a hardware cryptocurrency wallet.
According to the Taiwanese company as well, Exodus 1 uses an advanced technology for keeping the customer’s cryptocurrency safe, which is an area on the phone’s chip, that is isolated from where the Android operating system is stored and runs.
Phil Chen, HTC's decentralized chief officer told CNBC commenting on the blockchain-focused phone, saying: "Think of it as a micro OS that runs in parallel with Android, It basically is a wallet, but the wallet, what it does is hold your private keys."
Chen explained the benefit of separating the OS area from the area where the technology for keeping the user’s wallet safe is stored, in saying: “Google's OS is fundamentally insecure with a centralized system," which exposes the user’s funds to hacking when using Android for storing cryptocurrency.
More Future Phones Will Be Blockchain-Supportive
According to the company’s description, HTC's new phone will run decentralized applications, and comes with a "Social Key Recovery" function enables the user to regain access to their funds in case of losing the private key.
In an answer to whether selling the new phone in Cryptocurrency only would restrict some of the company’s core audience to buy it, Chen rebutted such concerns, saying:
"Selling it in crypto only and being the first to do so means we are bringing this directly to the core audience and those who will want this device — the blockchain community", stressing that the company welcomes the feedback of users about its new phone.
According to him, the company has decided to integrate the blockchain technology in Exodus 1 to consolidate the security and privacy the users need for their assets.
"And the reason why you do a blockchain phone is ... for everybody just to own their own keys. Everything starts there. When you start owning your own keys, then you can start owning your own digital identity, then you can start to own data.", said Chen.
In addition to its blockchain integrated feature, the phone comes equipped with a 16-megapixel dual main camera and an 8MP dual front camera with 4K video, a six inch display with quad-HD+ resolution, a Qualcomm Snapdragon 845 processor, and Six gigabytes of RAM and 128GB of storage.
Chen sees there will be strong ties between blockchain technology and smartphones in the future.
"We believe blockchain is the new paradigm for smartphones and it will form part of HTC's wider smartphone strategy. This marks a change in HTC, with increased focus on software and IP", said Chen.
Yagub Rahimov- CEO of the 7Marketz Group, and a cryptocurrency investor, sees that one of the biggest challenges in adopting cryptocurrency platforms is the user interface a system has, stressing out that not every wallet is easy to use, and due to our constant need for using our phones, Rahimov sees there is a need that cryptos should line up with mobile PSP experience.
“At the moment, one of the biggest challenge in crypto adoption is the UI/UX.
Not every wallet is easy to handle, and are mostly computer oriented. Meanwhile, we spend more and more time with our phones. Cryptocurrencies must follow the mobile PSP experience from countries like China. Adoption will only happen once these tools are closer to everyday people.
I however, would wish to see HTC making this phone available in both Fiat and Crypto payments”, Rahimov told AtoZ Markets.