Web3 and blockchain technology represent the next version of the internet that allows affordable and secure value transfers between networks.
- A crypto phone is a blockchain-centric gadget that combines regular smartphone capabilities with crypto, the metaverse, and decentralized applications (DApps) compatibility.
- The finest crypto phones bring Web3 and blockchain technology apps to consumers’ attention.
- Compared to regular smartphones, crypto phones provide crypto and blockchain functionalities in addition to their standard functions.
Most people are nearly inseparable from their smartphones and carry them everywhere. Having a pocket-sized computer with the capacity to remain online has become commonplace. Crypto phones provide an exciting route to Web3 and blockchain technology as crypto fans seek methods to mainstream cryptocurrency. Web3 and blockchain technology represent the next version of the internet that allows affordable and secure value transfers between networks.
What is a crypto phone
A crypto phone is a blockchain-centric gadget that combines regular smartphone capabilities with crypto, the metaverse, and decentralized applications (DApps) compatibility. A crypto phone, for instance, can enable users to store secret keys securely, mine cryptocurrency, take part in the metaverse, and manage blockchain network nodes.
Crypto phones provide several features that let customers easily store and utilize their crypto. This idea aims to bridge the gap between web3 and the general public.
The first crypto phone, the Exodus 1, was released in October 2018 by Taiwanese smartphone maker HTC, ushering in this new age. Among other things, this genesis model had a crypto hardware wallet and the ability to host a complete Bitcoin node.
READ MORE: Decentralized finance faces numerous hurdles to widespread adoption
Finney, the first open-source, ultra-secure blockchain smartphone, was released by Israeli Sirin Labs in December of the same year. The potential of the convergence of mobile and blockchain technologies was shown to the tech world by these next-generation devices.
Since then, other smartphone manufacturers have entered this new industry with their variants of these cutting-edge devices, each with its own features and pricing points.
The unique features of crypto phones
Compared to regular smartphones, crypto phones provide crypto and blockchain functionalities in addition to their standard functions. For crypto enthusiasts, crypto phones offer an easy entry point to the decentralized web, often known as Web3. The Web3 ecosystem comprises blockchain-based applications that resemble traditional mobile apps but are not controlled or owned by centralized technology firms.
Crypto phones producers believe that the prevalence of smartphones and customer reliance on them will provide an excellent foundation for Web3 adoption.
The built-in security measures of crypto phones offer a significant advantage. Most crypto phones have hardware wallets (or cold storage), the most secure method to store digital assets. Users can access their crypto on the go without worrying about security threats. Encryption makes it difficult for hackers to get access to user data.
While conventional smartphones allow users to download DApps, crypto phones have them built-in. The native access to DApps makes it easier for people to explore them. Consequently, transacting between a crypto phone’s built-in wallet and DApps is easy and secure.
DApps are not only for crypto enthusiasts; there is a lot of opportunity for businesses to adopt them. The issue with centralized platforms like app stores is that they take a percentage of every transaction. For instance, if a company sells $100 in items, the platform gets 10 per cent of that amount. Furthermore, developers wishing to distribute their products must pay a fee to the platform. DApps solve this problem while being less expensive and efficient.
Furthermore, crypto phones hardware wallets allow users to safely store their currencies, while DApps will enable them to utilize their cryptocurrency fast and effortlessly. Crypto phones also offer capabilities that protect users’ data. This may involve encrypted messages and the ability to hide one’s location.
Crypto phones in 2022
Crypto phones have not taken off as planned since their launch in 2018. The developers of crypto phones thought that by using blockchain technology, these phones would usher in the next age of mobile portability and connectivity.
Their popularity has varied, with phones manufactured by major established phone companies generally having more staying power. New projects like Polygon’s Nothing have rekindled interest in crypto phones. A few new crypto phone entrants are establishing a name in the industry in 2022.
The Solana Saga is the device that has reignited the crypto phone and blockchain technology frenzy. The crypto phone, developed by Solana Labs in collaboration with OSOM, has features that make it unique from regular smartphones.
The gadget has a “seed vault” for storing private keys, QR code payment for Solana Pay, a mobile wallet adaptor, and a DApp store.
The Saga also comes with the Solana Mobile Stack (SMS), a Web3 software development kit. The SMS will let developers provide new capabilities to the Web3 experience for Saga users.
Solana Saga’s Web3 capability will be mainly reliant on the Solana Blockchain. The phone’s creators hope that the Saga will use the phone’s popularity to increase blockchain and crypto adoption. The Solana Saga crypto phone will be available for purchase in the first quarter of 2023 for about $1,000.
Nothing Phone (1)
The Polygon network debuts its crypto phone with the wonderfully designed mid-range Nothing Phone (1). The Ethereum scaling solution intends to introduce Web3 to a broader smartphone market by partnering with phone manufacturer Nothing.
Nothing Phone (1) has features that make it easier for users to access games and DApps on the Polygon network. It also has crypto-safe storage and payment capabilities and the Polygon ID, a revolutionary blockchain-based identifying system that employs zero-knowledge encryption. The Polygon ID is a decentralized and self-owned identification system that enables individuals to authenticate their identity without entrusting their data to large technology organizations, where third parties might access it.
To honour its investor audience, The Nothing Phone (1) will airdrop non-fungible tokens (NFTs) dubbed “Black Dot.” NFT owners will get privileges such as early product access and event entry.
Despite its eye-catching iPhone-like appearance, good specifications, and Polygon-powered Web3 connectivity, the Nothing Phone (1)has a reasonable price of $479.
READ MORE: Solana: Fastest-growing cryptocurrency shakes the crypto space with its hybrid consensus mechanism
HTC Desire 22 Pro
HTC is back with another crypto smartphone after kicking off the crypto phone era with the release of the Exodus 1 model in 2018. Through its Viverse Ecosystem, the new gadget intends to provide an immersive metaverse experience this time.
The HTC Desire 22 Pro is an Android-powered mid-range crypto phone that intends to entice customers with its low price and VR capabilities. Users may connect to the VIVERSE network, a metaverse based on AI, VR, and blockchain technology, by streaming content straight to the VIVE Flow headset.
In addition to a comprehensive metaverse experience, the HTC Desire 22 Pro has safe Vive wallets for storing digital assets like NFTs and cryptocurrencies and the Vive market, where users can use their cryptocurrency. The phone became available on August 1, 2022, for about $400.
Buying crypto phones
Considering how often mobile phones are used, buying a crypto phone is essential. The main factors to examine are the phone’s functionality, affordability, and crypto features. Standard phone capabilities are unlikely to outperform those of modern smartphones on the market. Security, built-in cryptocurrency wallets, and mining capabilities are major crypto support elements that may tip the scales.
Purchasing a crypto phone may help users safeguard their cryptocurrency, make it accessible, and even gain crypto on the move. According to industry projections, blockchain technology might contribute up to $1 billion to telecommunications over the next five years. Given the widespread interest in blockchain technology, this is not surprising. The advent of the crypto phone may contribute to broad acceptance and enable crypto wallet ownership to become more widespread.
Decentralization represents a significant benefit of crypto phones. Therefore, it is not surprising that mainstream smartphone users get drawn to crypto phones due to their strong emphasis on privacy and security. The finest crypto phones bring Web3 and blockchain technology apps to consumers’ attention. Thus, this may be one method for crypto initiatives to reach a larger, more mainstream audience.
As crypto and blockchain continue flourishing, more crypto phones will hit the market. As they strive to suit the requirements of an increasingly digital environment, these phones will likely have even more complex features and capabilities.