A unique feature, and the real draw for the Finney, is for cryptocurrency holders. The Finney comes with a built-in hardware wallet so you can easily use your cryptocurrencies and digital tokens purchases or send and receive them with a QR code. The hardware wallet is attached to the smartphone. When the digital wallet is in use, the phone switches into a secure mode to keep your digital assets safe.
But, given the relatively reasonable cost and the secure features of the Sirin Finney smartphone, they are not necessarily only interesting to those who use cryptocurrency. The other major draw of the Finney phone is that it is blockchain-based, and all communications are encrypted. This makes the Finney more secure than other smartphones. See the security section for details on what makes the Finney a privacy-oriented phone.
The Finney is part of a new generation of smartphones for cryptocurrency users. The phone has a built-in cold storage wallet and cryptocurrency converter. The phone also has Sirin’s dCENTER, a dedicated DApp store. That means the users can safely store, send, and receive cryptocurrency, all with the Finney phone.
Sirin Technology has created the Finney, which is an affordable smartphone that uses blockchain security and has a built-in cold-storage digital wallet. The phone has all of the functionality of a smartphone. Unlike other phones on the market, it has created secure settings that keep all of your personal information and communications private and secure.
Sirin was founded in 2014 with the intention of creating secure mobile phones. The company, Sirin Labs, raised $157.9 million through their SRN token with the ICO (initial coin offering).
In 2016, they launched the Solarin, and in 2018 the Finney.
Despite the native token’s strong start in 2018 during the ICO funding, SRN is currently not performing very robustly on the market. The coin is presently valued at around $0.01.
The hardware wallet supports Bitcoin, Ethereum, SRN, and many other tokens. (Jump to the list of tokens here). Users that already have a crypto wallet with BIP 39 and BIP 44-compatible seed words can enter their seed phrase to access the other wallet with the Finney. There is also the option of adding an extra level of security. To do this, users can add an optional passphrase. With double-layered security, the seed phrase must be entered along with the password for the crypto wallet.
Who is the Sirin Finny Phone For?
One of the biggest draws of the Finney is its secure design and blockchain applications. For starters, the Finney uses IPS (Intrusion Prevention System). IPS uses behavioral-based and machine learning to detect and prevent intrusion. IPS monitors the user’s behavior which enables the immediate detection of suspicious behavior.
The security system also reports suspicious behavior to the administrators, in this case, Sirin Labs’ Cyber Security Center. Administrators then take preventative action, such as closing access points and configuring firewalls. These measures prevent future attacks.
All communications made using the Finney are encrypted peer-to-peer. That means that calls and emails use end-to-end encryption. So, without private keys or passwords, intruders cannot decrypt emails or intercept calls.
Lastly, when the built-in crypto wallet is being used and connected to the internet, or “hot,” Sirin OS uses a hardware firewall to protect user information.
The phone is a monochrome 2-inch PMOLED touch panel that slides up from the back. The screen has a 256-by-64 resolution.
When the attached hardware wallet is in use, the phone automatically switches into Safe Screen. This means that when the screen is in the out position, the wallet is active. Safe Screen disconnects the phone from the internet while in the out/on position. For additional security, users are encouraged to use Fingerprint mode. Additionally, users must add a backup for access, such as a password, pattern, or PIN.
Like others, the Finney crypto wallet requires a seed word. During set-up, the device will generate 24 randomly-generated seed words. These must be stored offline (written down). Seed phrases are required each time to access the cryptocurrencies stored on the hardware wallet.
The seed words can also be used to back up the information stored on the phone in the event the phone is lost or stolen.
Note: User reviews are somewhat critical of the actual design of the wallet; it is a bit tricky to slide out.
The wallet itself is highly functional and enables users to access many cryptocurrencies and ERC tokens. The conversion functionality of the wallet is very useful. Conversions functions in hardware wallets allow users to exchange between cryptocurrencies without the need for third-party exchanges. There is a transaction fee for conversions, which users select on the wallet/phone.
Users can also send crypto with a QR code or address string. This means that the phone works as a digital wallet to spend cryptocurrency, as well as send and receive cryptocurrency.
Overall, the design and functionality of the Finny are comparable with other smartphones on the market. However, it is not an iPhone or an Android, so it does not offer the same quality of photos or video viewing.
This fact is largely irrelevant if you want a blockchain secure phone to improve the privacy features, and more likely, to are buying it because of the hardware wallet.
Because the Finney uses blockchain, users also have access to dCENTER, a DApp store. DApps are decentralized applications, most of which run on the Ethereum blockchain. There is even the possibility to use dCENTER to find DApps that earn you cryptocurrency for watching ads or videos.
Note: Reviews state that the Finney does not work well for gaming and functions for basic apps only.
Sirin Labs have done a good job of creating a secure blockchain-based phone that also has a functional hardware wallet. At $1000 USD, it is in line with market competitors and offers unique features that many crypto-enthusiasts will find appealing.
The limitation with the Finney phone is that it does not replace the need for other devices required to own and use cryptocurrency. You will still need a computer and other software and hardware for trying and storing cryptocurrency. And realistically, it is not even close to the best smartphone on the market for the price point. (Keep in mind this was never the intention of the phone. Sirin Labs created a phone that is more affordable than their other smartphone models).
Nevertheless, the phone does well in terms of usability, as in all respects, it functions like other phones on the market. The security and hardware wallet means that the Finney is a solid contribution to the smartphone market. The phone is certainly filling a niche in the market -however, the market for cryptocurrency hardware wallets/smartphones is already niched.
As it stands, blockchain and cryptocurrency usability and scalability are hampered by slow adoption rates. The Finney is not a tech-heavy tool, which means that new investors will find the Finney easy to navigate and use.
Lastly, encrypted email and phone calls may make the phone appealing to others who are not particularly interested in cryptocurrency but want to reduce the accessibility of their data. The security measures of a connected smartphone are hard to beat, and blockchain secure phones likely have more mass appeal than a hardware wallet for cryptocurrency.