The phone, reportedly dubbed ‘Exodus,’ will feature a universal wallet and built-in secure hardware that supports cryptocurrencies and decentralized applications.
Blockchain is a technology popularized alongside cryptocurrencies like Bitcoin. While the Exodus phone maintains a crypto-connection, its important to understand the basics of blockchain outside of cryptocurrencies to see how revolutionary this device could be.
At its most basic level, blockchain is a digital ledger — it’s commonly used as a record of cryptocurrencies and transactions made using that currency.
Unlike usual ledgers, however, a blockchain record is stored across millions of devices instead of one central location. It’s also decentralized, meaning that it’s accessible by anyone and not corruptible by hackers.
How is that possible? Well, everyone has a copy of the information. If one copy is corrupted, the other copies can verify that there’s something wrong.
One popular analogy compares blockchain to something like collaborating on a Google Doc. With traditional word processors, users have to save individual documents and send them to other people to revise.
With a Google Doc, however, all users can have simultaneous access to the file and can track the changes that are being made.
How will it work in phones?
While there are a number of potential uses for blockchain technology, HTC is sticking to the tried-and-true cryptocurrency application with Exodus.
HTC reportedly is hoping to build a native blockchain network with all Exodus phones acting as nodes to ease crypto-trading among phone users.
In addition to cryptocurrency manipulation, blockchain is touted for its ability to offer both better security and user experience by incorporating cold wallet storage — offline cryptocurrency storage — directly into the phone. However, these features are available on most phones using apps and other software anyway.
While HTC’s phone isn’t available yet, it’s rumoured that the company may sell the phone in exchange for cryptocurrency.
It will be interesting to see how these devices play out. With the current crypto-craze, the phones may sell well, regardless if they offer actual functionality beyond what users can get on their devices right now.
Source: The Next Web