You and Your Upcoming Blockchain Phone

[FrgMstr]

We have talked about blockchain smartphones in the past a bit. And today HTC is announcing its first blockchain phone, the EXODUS, this year. HTC says, "Our vision is to expand the blockchain ecosystem by creating the world’s first phone dedicated to decentralized applications and security. With the release of the HTC Exodus we can now make this a reality." Computer World has a write-up talks about a few blockchain phones and their abilities that is an interesting read.


The Finney devices are designed to support inherent Blockchain applications such as a crypto wallet, secure exchange access, encrypted communications and a P2P resource sharing ecosystem for payment and apps, supported by Sirin's own SRN token. "This enables fast payments between the network peers without the need for mining (fee-less)," Sirin said in its marketing material.

So before you go out stuffing all your cryptocurrency into your new blockchain phone, you might want to give this Motherboard article a read that breaks down the responsibilities and exposure you might create for yourself with one of these devices.

The upcoming Finney phone by Sirin Labs and the HTC Exodus let users keep their cryptocurrency in cold storage; but is being your own bank really such a good idea? Cold storage is a high-security method for storing private keys that control the majority of one’s digital funds. You could use cold storage for small purchases and daily use, but it’s more cumbersome than using a hot wallet and exposes it to the open internet more often than is necessary—better to treat it as a mini Fort Knox for your virtual wealth that is rarely touched. Security-conscious cryptocurrency owners often use a hot wallet for purchases and put the majority of their funds in cold storage.

 

[Retronym]

If its on a connected device it isn't cold storage.

This is really stupid.

 

[Ehren8879]

Blockchain, a solution looking for a problem.

 

[PenGunn]

My wallet is not going on a phone. No! Its scary enough on a solid wallet in a rare and unusual OS, not known for being hacked.

Not that there's much in mine.

 

[dgz]

Interesting read. I am not into crypto so it would be pointless to guess who exactly is the sponsor of this endeavor. Sure looks like a testing ground for what might be the future in a decade or so. Digital banks are still sort of like banks, no?

 

[Retronym]

Imagine looking at a product that is completely free to use and available on all user agents and backed by the world's leading hashing network and then making hardware to sell you to run a special user agent and undisclosed (and therefore woefully inadequate) hashing network with an immediately vulnerable and inferior storage scheme.

It's like creating blockbuster video in 2018 after discovering streaming from the cloud. Except you can only watch the tapes in the store.

 

[defaultluser]

HTC knows that the whole Blockchain investing rush was driven by idiots who have way more money than common sense, right?

The folks driving the actual mining market are a much smaller market than the train of idiot investors. Their favorite unlocked phone is only a firmware update away from being customized to their heart's content,. so I don't now the attraction of this shit.

 

[doublejack]

Blockchain, a solution looking for a problem.

Exactly the same thing could have been said about electricity back when it was newly discovered.

 

[clockdogg]

Misleading title. Expected this was a smartphone powered by the network. Low battery? Get more juice from your hot wallet in Iceland.

 

[IcePickFreak]

Exactly the same thing could have been said about electricity back when it was newly discovered.

 

[haz_mat]

Exactly the same thing could have been said about electricity back when it was newly discovered.

I get what you mean, and I agree with the sentiment, but it was certainly a struggle getting to where its at now and has far evolved from its conception. It took decades for people to not only accept that electricity had uses, but to also trust it. A decentralized and inherently secure ledger system has some uses, but it's not going to revolutionize anything overnight in its current form.

 

[doublejack]

I get what you mean, and I agree with the sentiment, but it was certainly a struggle getting to where its at now and has far evolved from its conception. It took decades for people to not only accept that electricity had uses, but to also trust it. A decentralized and inherently secure ledger system has some uses, but it's not going to revolutionize anything overnight in its current form.

I concur. Blockchain is not going to be an immediately disruptive invention, and it is going to take years and some evolution before we see widespread adoption for appropriate use cases. Kind of like the internet and the web.

My intent was just to counter the sentiment that blockchain is some useless bit of technology, searching for a reason to exist. I view it as a technological breakthrough that will, someday, change the world.