Taiwanese electronics company, HTC, has revealed recently that it will be releasing a new smartphone – The EXODUS 1s – that will include advanced blockchain capabilities. In addition to built-in key storage and wallets, the new smartphone will include a full Bitcoin node, allowing users to directly interact with the largest blockchain network just by using their phones.
Following this news, HTC marks the biggest step yet seeking to integrate mobile technology with blockchain technology and cryptocurrency.
According to the press release, Phil Chen – HTC’s first Decentralized Chief Officer – has explained that the full node capabilities integrated within the new phone will allow app developers new opportunities to connect directly to decentralized networks, which are more resistant to censorship and capable of giving users more control and privacy over their money and their identity.
Chen has stated that the new phone had been designed with the goal “empower the user.” Respectively, the EXODUS 1s will be the first smartphone to ever to have full node capabilities. He further noted:
“We gave users the ability to own their own keys, and now we’ve gone one step further to allow users to run their own full node. We are democratizing access to the technology for a free world. Full nodes are the most important ingredient in the resilience of the Bitcoin network and we have lowered the barrier to entry for any person to run a node.”
Running a full node is the only way Bitcoin (BTC) can be used in a trustless way. This way one can know for sure that all the rules of BTC are being followed; for instance, that no BTC are spent not belonging to the owner, that no coins were spent twice etc. Full nodes are currently the most private way to use BTC as well as the most secure as they do not suffer from many attacks that affect lightweight wallets.
At the moment, there are only about 9,000 active bitcoin full nodes verifying blockchain transactions. According to Chen, each node includes the entire bitcoin history going back to the first transaction and requires as much as 200 gigabytes of storage, increasing at a rate of about 60 gigabytes a year. The new device will support a lighter version of the full node that requires just 10 gigabytes of storage, however each phone will be equipped with an extra SD card designed to support complete full-node services. Notably, the full nodes do not enable bitcoin mining, however the company said it may happen in the future.
Similarly to the Exodus 1, the new phone comes with a built-in hardware wallet, known as the Zion Vault, which stores cryptocurrency keys in a trusted execution environment, thereby allowing users to easily own and spend cryptocurrencies without exposing them to malicious content.
In contrast to the original Exodus, the new version of the phone will enable developers to build a wide range of decentralized applications on top of Zion, which supports Bitcoin, Ether and Litecoin, using the newly open-sourced developer kit.
In addition to that, the 1s will include Qwant – an internet search engine that doesn’t track searches or filter results, and like its predecessor, it will offer a social key-recovery system that doesn’t rely on a bank or other central authority.
The new device is expected to launch by third quarter, and whilst it has yet to be confirmed, the price will range between $250- $300. Customers can purchase the phone with Bitcoin, Ether, Litecoin or other supported currencies.