Last year, the Taiwanese electronics giant, HTC launched a blockchain phone Exodus 1 which was sold for $699. Recently, the company launched a new version, Exodus 1S, which is several times cheaper than the previous version so people can now enjoy the latest blockchain phone for $244 or the equivalent in cryptocurrency.
Apart from the price, the latest version is said to offer more features than its predecessor. According to HTC’s decentralized chief officer, Phil Chen, Exodus 1S will allow users to easily exchange, sell and buy various cryptocurrencies. The new device launched by the company supports several cryptocurrencies including bitcoin, ether, litecoin, bitcoin cash, binance coin, etc.
As per the company, Exodus 1S is quite different than all other smartphones as it is capable of running a full bitcoin node, a program that validates transactions and blocks on the bitcoin network. In general, a full bitcoin node holds substantial significance for bitcoin.
As bitcoin is a decentralized cryptocurrency with no supervisory authority, the transactions made on the bitcoin network are dependent on users running a full node. A successful transaction affecting the wallets of buyer and seller results when a full bitcoin node runs and details are further shared with other nodes on the network. Ultimately this all boils down to a fact that bitcoin network’s security is highly dependent on nodes i.e the more nodes there are, the more secure the network is.
Previously, desktops and laptops running a full bitcoin node needed 200 gigabytes (GB) of free disk space, 2 GB (RAM) and several other prerequisites. But now, HTC has ensured that people willing to contribute can do so without a laptop, through their latest phone. However, to verify transactions on the underlying bitcoin network with their phones, users would be needing a 400GB memory card.
Although offering the option to run a full node in a smartphone is a very first, it might not be a catch for many users because unlike bitcoin mining, running a full node doesn’t bring monetary gains for users. While miners are rewarded with bitcoins for their contribution, people running full nodes increase the security of bitcoin against no financial gains.
At the moment, the company is quite optimistic about the integration of crypto technology and smartphones as Chen said:
Initially considered a gimmick by some, crypto technology is the next frontier of smartphone innovation. For the smartphone category to grow again, we need more adoption of cryptophones.
Although Exodus 1S is advance in several aspects than Exodus 1, the company will not stop selling or production of Exodus 1. In this regard, Chen said:
This is a completely different device. The Exodus 1 is still available and is hitting our internal targets. We’ve been delighted with the response.
Let’s see how the latest blockchain friendly phone launched turns out to be for people in the space.