Sirin-Labs-Drops-IOTA-Relation-for-its-FINNEY-Blockchain-Now-Turns-to-Ethereum

Sometime last month, Sirin Labs announced that it will be releasing a blockchain-powered mobile device, which was dubbed, “FINNEY”. The smartphone was supposed to launch November 2018, with IOTA being its foundation, but it turns out that the Sirin Labs’ team has dropped the thought altogether and prefer to take a “different route” on the matter at hand.

As BCFocus’ report, CEO of Sirin Labs, Moshe Hogeg spoke to ETHNews on the current progress made to FINNEY, to which the former said that, “We’re not with iota, we looked into it and decided to go a different route”.

Upon the first announcement that a blockchain-based phone will soon be launched, the Chief Marketing Officer of Sirin Labs, Nimrod May shared that during the launch, the Ethereum blockchain will be used. Further claims have been made such that the firm will be using a private Ethereum blockchain as opposed to its “main chain”.

This is not to say that FINNEY will rely on Ethereum altogether, as May shared that Sirin Labs has plans to “migrate the SRN token and Sirin Labs ecosystem to a next-generation blockchain.”

IOTA wasn’t only the one under consideration, as the firm assessed the potential behind Cardano as well, however, according to May, the key to choosing the right distributed ledger rests in the needs that it can satisfy.

As for the specs of FINNEY, it will supposedly encourage micropayments and reduce transaction fees. It will also support purchasing via the smartphone. The Co-Founder and CEO of Sirin Labs, Zvika Landau sees this opportunity as one that can lure in more consumers into the blockchain industry in a comfortable and confident manner – one that is free of any skepticism. In particular, it was shared that:

“The user experience we want is one that is so simple, you won’t need to understand how blockchain technology works, you won’t need to understand how to sign a transaction or what happens in the background at the time.”

For the time being nothing more than “November 2018” and its supposed list of features have been revealed, hence the wait will have to linger!

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