Blockchain phones are becoming more popular with the release of every blockchain phone. Thus far we have the Exodus 1, Finney, and the Electroneum.
Samsung will also be releasing a blockchain phone very soon. You’re probably wondering what is a blockchain phone?
What Is A Blockchain Phone?
A blockchain is a shared and encrypted database that is spread across multiple devices and this database does not have a master copy.
This means that everyone who has access to the database can modify it without having to wait for someone else to finish editing.
To ensure that everything runs smoothly there are algorithms designed to prevent duplicate entries. These algorithms work by keeping track of the times in which the entry was created or modified.
The way this works is, whenever the database is updated everyone who has access to the database will receive the changes so everyone is always in sync.
A blockchain is considered to be extremely secure not only because the database is encrypted. But also because there is no master copy.
Regardless of where the blockchain is accessed from, the same data will be available to everyone who accesses it.
Every 10 minutes the software reconciles all entries. This makes a blockchain the ideal way to host decentralized data for cryptocurrency.
Anyone will be able to access the blockchain and use software such as a currency wallet to spend and manage their digital currency.
As I stated earlier, all edits to the data are accounted for, however, all duplicate entries are separated and sorted by the time of the transaction.
The changes to the transactions are called blocks. The data is hosted on a group of computers which are called nodes and they form the chain.
That’s how the term “blockchain” was coined. Any changes to the data such as a BitCoin transaction will happen through a validation system which will allow apps such as coin wallet to interact with it.
Each node in the chain must validate each transaction to make sure that it’s valid. This is what makes blockchain technology ideal for cryptocurrency.
This system is decentralized and it cannot be manipulated by any person or group. And each node acts as an administrator so no individual parts of the chain can become corrupted and mess things up.
Blockchain technology can be used for any type of database which has individual records that have to be assigned to an individual identity.
Blockchain uses private/public encryption key pairing so each transaction is extremely secure and easy to identify.
Blockchain Phones Will Be Used For Cryptocurrency:
Blockchain phones will be used to access the decentralized web or Web 3.0. This is a future version on the internet in which blockchains will support decentralized applications “dapps.”
The dapps will look and function similar to the apps that we have today. However, they will run on public peer-to-peer networks instead of private servers.
For a long time, many tech experts believed that implementation of cryptocurrency and dapps will be far too complex for people who are not tech-savvy.
However, the cryptographic key management system may change that by providing a better user experience. But this will not be an easy task because the security of the key is very important.
So if you lose your keys, that means that you lose your assets as well.
Thus the reason why the creator of Ethereum, Vitalik Buterin was excited about a certain feature of the HTC Exodus 1 which is called social key recovery.
This feature enables users to choose a small group of contacts and give them parts of their keys. So if they ever lost their keys, they will be able to recover them piece by piece from their contacts.
Buterin, who is a bit of an innovator, is thinking about using this feature in the future to allow people to use blockchains to secure their digital identities and personal data.
Buterin tweeted that social key recovery is “arguably an early step toward formalized non-state-backed identity”.
For blockchain phones to become more commercial and appeal to the masses it will have to do much more than just keeping your keys safe.
Recently, HTC and Samsung have been working hard trying to garner more public interest. Samsung has revealed partnerships with several blockchain projects.
These projects include beauty services dapp Cosmee and Enjin a blockchain gaming platform.
HTC has announced that it has partnered with Opera the browser maker to make crypto more user-friendly.
Opera’s head of crypto, Charles Hamel made the following statement about the company’s partnership with HTC “We are at the dawn of a new generation of the web, one where new decentralized services will challenge the status quo”.
The Electroneum is a low-budget blockchain phone. However, the other phones that I mentioned in this blog post are a bit more premium, these phones are not cheap.
If you’re familiar with cryptocurrency or if you would like to dabble in it and you can afford one of these phones. This will be a great way to learn more about this emerging technology.
Now you know what are blockchain phones and why they were invented.