Wondering what a blockchain smartphone is? We discuss what they are and why anyone would want one.
As you may or may not already know, a blockchain is a decentralized ledger system that keeps track of transactions across many different networks simultaneously to ensure continual accuracy. In a sense, the record-keeping for the ledger is kept in an open-source environment, thereby preventing corruption by validating and confirming all transactions and details across the network.
A blockchain is the same form of revolutionary ledger keeping that serves as the basis for Bitcoin and other major cryptocurrencies. Recently, some companies have begun manufacturing “blockchain smartphones,” which have built-in functionality that allows them to process blockchain transactions with ease. In this guide, we’ll discuss what a blockchain smartphone is and why you should keep a lookout for these in the coming months:
What is a blockchain smartphone?
Simply put, a blockchain smartphone is a phone that comes equipped with the pre-installed apps and processing power needed to facilitate convenient and secure blockchain actions on-the-go. While it is already possible to use blockchain-based cryptocurrencies on a mobile phone, this new wave of smartphones will allow you to do so without jumping through any hoops, and with a much more responsive and user-friendly experience.
With a blockchain smartphone, you can quickly and easily do things like check the prices on a live crypto tracker, send and receive Bitcoin, Ether, and other cryptocurrencies, and manage your account. Traditionally, in order to use certain cryptocurrency services, you might have to jump through hoops like changing your browser’s user agent or logging into another machine through remote access apps.
Blockchain smartphones come with apps that give you full control over your usage of blockchain-based currencies, while also equipping you with near flagship-performance specs. On the surface, it appears this type of smartphone might be the start of a new trend of devices that come with pre-installed apps and technologies which are ideal specific use cases.
HTC leading the way with blockchain smartphones
HTC was the first smartphone manufacturer to delve into making phones that were specifically designed to simplify and streamline blockchain transactions and cryptocurrency account management. They released their first-generation blockchain phone called “Exodus” in 2018 and have recently announced plans to release the second generation of their blockchain-centric phones in 2019.
Sales performance for the first generation of Exodus phones went well, with the rising interest in cryptocurrencies like Bitcoin and Ether driving demand for the phone up over the last few months. The next generation Exodus will be extending its blockchain-friendly functionality beyond the integrated app and into additional areas like messaging, social media, and web browsing.
HTC’s chief officer of decentralized technology, Phil Chen, is currently leading a $50 million blockchain-oriented venture capital fund called Proof of Capital.
Proof of Capital will invest in early-stage blockchain companies that are pushing the industry to worldwide mass adoption.
This fund is partnered with HTC in the goal of helping portfolio companies develop products and services specifically for Exodus and other upcoming blockchain-centric devices that will be released by HTC in the next few years.
How will blockchain smartphones affect the future of cryptocurrency?
Technological innovation is one of the main factors that influence the growth of any industry, so it makes sense that any time there is a device that is either created or optimized for a specific use, the popularity of that kind of usage will increase. In other words, as more people continue to find out about HTC’s initiative to create blockchain-friendly devices, it is likely that the top cryptocurrencies will see an increase in popularity with the general public.
While Bitcoin’s 2009 origin means that it is old enough to be past the early adoption phase in most industries, since cryptocurrencies could eventually become the primary form of currency for future generations, this first decade has really only been its infancy. Cryptocurrency awareness and usage are likely to see substantial gains as additional manufacturers begin to create phones that will compete with the HTC Exodus series.
Will HTC be able to keep the lead in the blockchain smartphone niche?
The HTC Exodus 1 certainly isn’t a weak or slow smartphone. With an impressive 6GB of RAM and a Qualcomm 845 Snapdragon processor, it can compete with many low-end laptops in terms of overall performance and responsiveness.
It is certainly interesting looking, with a transparent rear cover that allows you to see the inner components of the phone like the motherboard. However, some reviewers have questioned whether those components are powerful enough to keep the Exodus series on top of the niche as other big brands like Apple and Samsung inevitably begin to compete in the space.
Still, HTC did a decent job of positioning themselves well as the industry leader and spearheading a concept that most other companies haven’t even thought of yet. By creating this unique lane, the company has also taken on the responsibility of making sure they’re at the forefront of advancements related to the usage of blockchain on smartphones.