Solana Labs announces smartphone focused on Web 3.0 and cryptocurrencies

Developers at Solana Labs, the tech firm behind the Solana (SOL) community, are constructing a blockchain-powered Android telephone referred to as Saga.

The new machine, an OSOM telephone (developed by the identical firm) modified with particular cryptocurrency pockets features and the “Solana Mobile Stack (SMS)” software program growth package for Web 3.0 purposes, was introduced at an occasion on Thursday (23). New york. It will value about $1,000 and may very well be delivered as early as 2023, Solana Labs CEO Anatoly Yakovenko mentioned.

The telephone represents Solana’s largest wager within the cell machine market. The machine could have a Web 3.0 decentralized software retailer (dApps), a cell pockets adapter and a “seed vault” for passwords, built-in with “Solana Pay” to facilitate QR-code-based on-line funds) that retailer private information. keys.

“Everything is changing into cell. In many international locations, nearly all of entry is through cell phones,” mentioned Sam Bankman-Fried, CEO of cryptocurrency change FTX and one in all Solana’s important backers. “But ‘cell crypto’ is late,” he mentioned, noting how tough it’s to entry dApps on cell gadgets.

“The greatest resolution to that is to put in an precise pockets on your telephone,” Bankman-Fried mentioned.

Solana Labs mentioned it’s going to work with different firms to leverage the ecosystem to construct the telephone, together with Magic Eden, a number one marketplace for non-trivable tokens (NFTs), Phantom, the biggest supplier of blockchain wallets, and Orca, a non-leader. The fungible token (NFT) market is a decentralized finance (DeFi) platform. Leaders from all three teams attended the occasion to debate the upcoming cell expertise.

Executives in contrast Solana’s telephone app retailer to Google and Apple’s marketplaces, which take a share of gross sales. “There can be no extraction charges,” Yakovenko mentioned of the shop, which runs on the Solana Mobile Stack (SMS).

The Solana Foundation has pledged $10 million to encourage the event of cell purposes in SMS.

“We reside our lives on cell gadgets – aside from Web 3.0, as a result of there hasn’t been a mobile-centric strategy to personal key administration,” Solana co-founder Yakovenko mentioned in a press launch. “The Solana Mobile Stack represents a brand new manner for Solana to be open supply, safe, Web 3.0 optimized and straightforward to make use of.”

This is not the primary Web 3.0 smartphone wager. Sirin Labs tried to convey a home blockchain telephone to market in 2018, however was fired and confronted lawsuits after the product failed to achieve traction.

When requested in regards to the pitfalls of efforts to convey crypto-compatible telephones to market, Yakovenko, a former Qualcomm engineer, mentioned Solana’s telephone is healthier positioned for achievement than in 2018 as a result of there are extra cryptocurrency builders.

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