In a surprising move, Sirin Labs, the Swiss-based technology company, has announced that it will be dropping the IOTA cryptocurrency from its highly anticipated Finney blockchain smartphone. Instead, the company has decided to integrate the Ethereum network into its innovative device. This decision has sent shockwaves through the crypto community, as many were eagerly awaiting the Finney smartphone as a potential gateway to the IOTA ecosystem.
The Finney smartphone, named after the late Bitcoin pioneer Hal Finney, has been generating a great deal of buzz for its promise of enhanced security and user-friendly blockchain functionality. The device was initially set to feature IOTA as its native cryptocurrency, but Sirin Labs has now chosen to switch gears and align itself with the Ethereum blockchain.
The decision to shift from IOTA to Ethereum is a strategic one for Sirin Labs. The company believes that by integrating the Ethereum network, they can tap into a more established and vibrant ecosystem with a broader range of applications and developer support. Ethereum’s robust smart contract functionality and its large community of developers were likely key factors in Sirin Labs’ decision-making process.
However, the shift away from IOTA has raised concerns among some crypto enthusiasts who had high hopes for the Finney smartphone and its potential to drive adoption of IOTA. IOTA is known for its unique Tangle technology, which offers a scalable and feeless transaction environment. The integration of IOTA would have provided Finney users with seamless access to the burgeoning Internet of Things (IoT) industry.
Nonetheless, Sirin Labs remains confident in its decision. Moshe Hogeg, the CEO of Sirin Labs, emphasized that the integration of Ethereum would allow the Finney smartphone to support a wide range of decentralized applications (dApps) and enable developers to build on a more established and versatile blockchain platform. This strategic move, according to Hogeg, will position the Finney smartphone as a hub for the future of blockchain technology.
The Finney smartphone itself boasts impressive specifications, including a built-in cold storage wallet, a secure enclave for key management, and a dedicated token conversion service. With the integration of Ethereum, users will be able to securely store and manage their Ether (ETH) and ERC-20 tokens directly on the device, providing a streamlined and user-friendly experience.
Sirin Labs’ decision to drop IOTA for Ethereum has sparked a debate within the crypto community about the importance of choosing the right blockchain platform for a specific use case. While IOTA’s Tangle technology offers unique advantages for IoT applications, Ethereum’s versatility and robust ecosystem present a compelling alternative.
Only time will tell whether Sirin Labs’ decision will pay off. The Finney smartphone is scheduled to launch in late 2017, and the integration of Ethereum is expected to provide users with a powerful and secure blockchain experience. As the blockchain industry continues to evolve, it will be fascinating to see how the Finney smartphone and its chosen blockchain platform shape the future of decentralized applications and mobile blockchain devices.