Huawei in talks to develop handset for cryptocurrencies that will run Blockchain applications?

Huawei is reportedly looking to work out a deal with Sirin Labs to license its SIRIN OS for use in a new phone that would focus on cryptocurrencies. According to two sources cited by Bloomberg, the phone will be able to run Blockchain-based applications. Blockchain is a digital ledger used to record cryptocurrency transactions chronologically. The Blockchain is not stored in one specific location, making it nearly impossible for hackers to corrupt. It was first created for Bitcoin, the most well known cryptocurrency at the moment.

According to reports, Huawei's phone would also run Android in addition to the secure SIRIN OS. Since the phone would feature a cryptocurrency wallet, security would be "job one," as they say at Ford. Ironically, Huawei's handsets and networking equipment have been publicly denounced by the U.S. government for possibly sending consumer data to servers in China via a back door. As a result, the Huawei Mate 10 Pro will not be available from Verizon and AT&T as expected. Additionally, Best Buy said that it will not replenish stocks of the handset and will no longer sell Huawei branded phones.

Sirin Labs plans to launch its own Blockchain based handset in the second half of this year. With a target price of $999, the Finney will include a crypto wallet with the capability of storing cryptocurrencies offline. It will also offer a system to convert legal currency into the digital tokens needed to run Blockchain based applications. Sirin Labs says that it has pre-orders for 25,000 units so far. And if you click on the video at the top of the screen, you'll see that Finney features an edge-to-edge display (5.5-inches) and a notch. It will also be equipped with 64GB of native storage, 6GB of RAM, and a camera combo that from back to front weighs in at 12MP and 13MP, respectively. The phone offers a secure method for receiving and sending payments. The video mentions the "computational power" of the device, hinting that it might be helpful in mining cryptocurrencies.

The cryptocurrency market is currently valued at $350 billion after growing in size by a factor of 15 over the last year. Each Bitcoin is presently worth approximately $8,900 after hitting an all-time high near $19,800 last December.

source: Bloomberg, SirinLabs