Why Are Crypto Phones Becoming Popular?

12 September, 2022 Business

Why Are Crypto Phones Becoming Popular?

 

From DeFi to online crypto casinos, the growing number of blockchain smartphones seems as if it's the next big thing in store for the Blockchain tech industry. A new wave of smartphones has been recently hitting the shelves, although their main features aren't visible instantly.

 

These are called crypto phones, specifically designed to store tokens and cryptocurrencies. But on top of that, they are also made to alleviate crypto payments and facilitate the regulation of virtual assets. Their main characteristic is that they heavily operate on blockchains to promote decentralization, but what does this mean for the mobile industry?

 

What are crypto phones?

The launch of the first crypto smartphone in December 2018 is a pivotal moment for both the Blockchain and mobile industries. HTC's release of its Exodus S1 crypto phone offered a tempting phone for crypto enthusiasts to consider. Though it's not the first of its kind in the market, this has only prompted the blockchain phone niche to expand further.

 

A blockchain phone is basically a device that differs in terms of capabilities and technology. It's essentially designed to focus more on crypto, Blockchain, and decentralized applications compared to your typical mobile Android or iPhone handset. Its most typical feature is improved security to protect your private keys and digital assets, while other phone models let you mine crypto from your device or even run an entire bitcoin node.

 

Blockchain or crypto phones are available at a vast range of prices, but like anything else, you get what you pay for with these phones. This means that even as all-around devices, the significantly cheaper handsets will be nowhere near as capable as more expensive phones are.

 

What does this mean for the mobile industry?

Crypto phones are becoming popular for a number of reasons, and it's mainly due to the growing popularity and credibility of Blockchain. Crypto phones serve as a new technological innovation set to revolutionize and shake up the smartphone landscape considering the features it has to offer.

 

For instance, the blockchain phone HTC exodus is claimed to serve as a "node" in a new blockchain network that's currently being developed by HTC. This means that owners of the Exodus will now be able to trade crypto on the network without any additional charges. On top of that, the smartphone will also function as a universal wallet for storing cryptocurrencies, allowing owners to keep their data secure in their personal devices as opposed to a centralized cloud. Essentially, the launch of the HTC Exodus blockchain phone opens up a new path to true decentralization by tripling the number of nodes on Bitcoin and Ethereum.

 

Crypto phones will ultimately be dedicated to security and decentralized applications, further expanding the blockchain ecosystem. Most blockchain supporters believe that the emergence of crypto phones will eventually pave the way for the creation of a decentralized web or Web 3.0. But beyond that, the anti-theft and security abilities that come with a portable device are impressive, as it allows phone owners to access their data conveniently and use techniques like social recovery to retrieve this data should they lose their devices.

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