Sirin Labs Abandons IOTA To Use Ethereum In The Finney Phone

Aug 6, 2018 at 04:30 Update Date :Aug 6, 2018 at 04:30 UTC

Sirin Labs, the firm that had once again broken into the news a couple of months back for developing the first ever blockchain phone, the Finney Phone, has now announced that it might abandon IOTA altogether to shift attention towards Ethereum for the production of the device. Sirin Labs originally stated that they would structure the phone around the IOTA blockchain technology. This was expected, considering IOTA has been one of the networks that had been looking forward to its integration in IOT devices.

This new announcement has only served to make the IOTA community more alert towards new updates regarding the collaboration. How, the latest reports indeed suggest that IOTA will no longer be part of Sirin Labs’ project. Moshe Hogeg, CEO of Sirin Labs, has said: “We are not working with IOTA. We considered the option and decided to pathways.”

Departing from IOTA, the firm is now looking to develop their phone based around the private Ethereum blockchain network. Hogeg explained, “At launch, we are going to use the Ethereum blockchain. The Finney Phone will work through complete nodes that are hosted on Sirin Labs.”

This new situation has indeed come as a shock to the IOTA community, and to everyone else as well who have been closely following the project development. While Sirin Labs hasn’t yet provided any concrete explanation behind their decision, speculations suggest that this move was made because the IOTA project isn’t quite mature yet.

However, there might be another important reason behind the move. Hogeg himself had published information that the Finney Phone would be released in November 2018. Therefore, to ensure the success of the project, it is essential that they have a solid, tried, and tested blockchain network around it.

The development team in Sirin Labs has maintained that the shift to Ethereum is simply a temporary solution. Their long-term goal is to use a new “third-generation” network on which their token can be reliably and securely attached, as well as provide quick and traceable transactions. In order to achieve this, the team had considered several options, including Cardamom and IOTA. However, the firm seems to hint at developing its own native blockchain as the final solution.

The Finney Phone is going to cost around $1,000, and can be pre-ordered through the official website. With a Qualcomm® Snapdragon™ 845 processor, 128 GB of expandable storage, and  6 GB of RAM. The phone is definitely going to be an important high-end competition.

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