The world of cryptocurrencies is preparing for the future. New technologies are announced nearly daily to prepare us for the onset of a time when digital money will be the norm. Private companies are also in the fray and they offer to introduce all sorts of devices. Huawei just revealed its ambitions to participate in the crypto mania and field a blockchain-based smartphone to cater to crypto owners and fans alike.
Huawei will not go it alone. Instead, the platform will now collaborate with Sirin Labs, which will provide the software entitled Sirin OS. In addition, the phone will be compatible with Android to reach out to more users.
The agreement between the two companies has not yet been put in ink. Still, Huawei seems committed to the development of its phone and will as a result spearhead the development of hardware that is designed to serve crypto owners without providing graphic chips to maintain power-hungry mining operations.
What makes blockchain so useful? The technology is quite the relief for anyone who fears that their financial transactions may be endangered. With this in mind, it is worth noting that blockchain will provide all the means necessary to support the money of the future.
A decentralized unit that can handle all transaction while concealing the identity of the owner has always been a libertarian dream. Now, with the emergence of leaders, such as Huawei in the crypto market, it is possible that crypto technologies will get more love.
Sirin Labs has long been engaging in all sorts of blockchain-based operations. From creating, an OS to crafting specific apps to cater specific needs. The company has also pioneered its own smartphone dedicated to blockchain. The Finney phone will go on sale later this year and it will come with an integrated crypto wallet to make navigating the world of cryptocurrencies even simpler.
The latest announcement that the two companies will engage in such a collaboration is a confirmation of two months of rumours that have been swirling around. Bloomberg has been one of the first media outlets to pick up the news:
‘Amazing meeting just concluded between Sirin Labs and Huawei. Among other things discussed was the possibility of cooperating together to bring blockchain technology to the masses in a secure way.’
The fact that major manufacturers of hardware are now planning to move in on the segment of cryptocurrencies is indicative enough that they are expecting future growth. Even if digital money, such as crypto tokens pan out to do badly, you will be pleased with the results such as they are in future.
Blockchain for example is here to stay and there will be no power that will dislodge it. More, manufacturers of hardware have realized that it is a lucrative market. With banks readily endorsing them, you will be quite pleased to know that the future of digital money is somewhat guaranteed – although no one knows in what form specifically.
Central banks have endorsed start-ups who are promising to bring blockchain to everyday banking activities and thus make the whole industry more accustomed to the changes that are about to transpire.
Even more, retail and business banking will become largely automated and costs that banks have incurred will no longer be necessary. A simple example of the efficient use of blockchain is money transfers. With money transfers, banks charge solid costs because they have to trade the money through many points in order to make sure they arrive securely. Oftentimes, this takes days between countries in the same economic union and probably weeks over greater distances.
In order to avoid this, blockchain will promise to transfer money in the matter of minutes and no additional costs will be needed. Banks for example keep additional costs in order to be able to cover potential losses in lost money. However, these costs completely disappear with the introduction of a platform that will actually make all transactions n-times quicker and countless more times more secure.
Naturally, a common bugbear is the occasion where someone’s crypto wallet is compromised at which point it would be quite simple for ill-meaning third parties to break into it. With this in mind, it would be rather impossible to worry about anything more that follows. We invite everyone to look at Huawei’s new smartphone, which guarantees to be unhackable. As long as users take the necessary precautions, it is unlikely that the smartphone will actually be cracked open and with this in mind, blockchain remains the leading technology.