Foxconn will make the world’s first blockchain smartphone

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Blockchain is all the rage right now, and you’ll soon see the world’s first blockchain-based phone soon.

Finney, created by Sirin Labs, will be a phone that lets users store and use digital currencies without having to pay transaction fees, reports Bloomberg. This means you don’t need to carry around USB sticks with your digital wallet — instead it will all be stored on the phone.

The Finney will be capable of working without using an exchange to convert digital currencies, and will let users shop on sites such as Expedia easily. Another cool feature allows users to turn their phones into personal hotspots that can be rented out for digital tokens. Security will be protected via iris or fingerprint scans, though a password can also be used.

There are already 25,000 units preordered, with shipping slated in October. It will be sold in places such as Vietnam and Turkey. Sirin Labs previously raised $158 million through an initial coin offering (ICO) for the project in December, and hopes to ship a few million units this year.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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