Andrew Hayward recently wrote an article entitled “What is a Blockchain Phone? A Look at 7 Current and Upcoming Crypto Handsets” for Decrypt.co. He over-viewed the most promising blockchain phones. Here is the list he compiled:
- Electroneum M1
- Samsung Galaxy S10
- HTC Exodus 1
- HTC Exodus 1S
- KlaytnPhone
- Sirin Labs Finney
- Pundi X Blok on Blok (BOB)
But just what is a blockchain phone? And how do they impact our online lives? We can answer both questions by understanding how to use cryptocurrencies. First, it is important to grasp the differences between blockchain technology and its application for cryptocurrencies. A blockchain is a distributed ledger. A true blockchain is fully distributed, in that, anyone with the hardware and knowledge can contribute to its validation. Not all projects operate in this way. Many are hybrid forms of the technology and some are private under the sole control of an administrator.
Cryptocurrencies are an application of blockchain. They represent value in some way. Take Bitcoin for example. It is the name of both the first blockchain to have ever existed, as well as, the currency that is distributed to miners who validate the system. There are an increasing number of other applications being innovated by blockchain developers. These decentralized applications (dApps) are very quickly becoming easier to develop and use.
In the Decrypt.co article mentioned before, each blockchain phone is over-viewed for their strengths and weaknesses. Because both the blockchain industry and crypto applications are still so young, it is much more important to determine how you plan to use this device as opposed to a regular smartphone. For those not well versed in crypto, essentially, a blockchain phone acts as a safe harbor for your money. Since crypto is exchanged person-to-person (P2P), you are the final authority of the keys to you digital assets.
Some blockchain educators direct new crypto users to website where they can try free transactions to get a sense of P2P dealings. Today, the technology is much more practical to use than it was a few years ago. Blockchain phones simultaneously increase security, management, and decentralized operations. However, blockchain operating systems vary on a fundamental level based on their chosen proof mechanisms. This is why it is important to align your new phone with your expected crypto activity.