Why HTC is Only Accepting Bitcoin and Ethereum for its First Blockchain Phone

Why HTC is Only Accepting Bitcoin and Ethereum for its First Blockchain Phone

Taiwanese consumer electronics giant HTC has officially launched its first blockchain phone, which will be sold exclusively in crypto.

Called Exodus 1, the blockchain mobile phone of HTC is available to consumers at a fixed price of 0.15 Bitcoin (ETC) and 4.78 Ethereum (ETH), nearing the price of the new iPhone XS that has a starting price of $999.

The Exodus 1 is sold at around $975 based on the current price of Bitcoin at $6,500. However, as the price of BTC rises, the price of the phone will also increase substantially. BTC was valued at $10,000 less than four months ago, and if BTC reaches the $10,000 resistance level in the months to come, the value of the Exodus 1 could surge to $1,500.

Why Pegged to BTC and ETH?

The primary feature of the Exodus 1 is its security. It has been developed to operate as a hardware cryptocurrency wallet, allowing users to safely store digital assets in the local wallet of the phone.

In July, Samsung, the largest electronics manufacturer in Asia, revealed that mobile phones are significantly more secure in processing cryptocurrency payments than alternative devices and platforms such as desktop and the web because of the existence of a trusted ecosystem called the Trusted Execution Environment (TEE).

With TEE in place, which operates as a separate execution environment with its own memory and storage, it is not possible for hackers to breach into protected information stored within the TEE ecosystem in the event of a hacking attack or a security breach.

This is why smartphones have an edge over laptops and desktops for cryptocurrency wallets: without the benefits of the hardware-based TEE, the keys are more vulnerable. There is a significant caveat: a na?ve wallet developer might choose to simply store the keys on the normal internal storage of the phone, in which case theres little additional protection from using the smartphone platform, Joel Snyder, a senior IT consultant at Samsung Insights, explained.

Exodus 1 of HTC leverages this ecosystem along with several other security features in a mobile phone to create a secure environment for cryptocurrency users.

In regards to the decision of the company to sell the device exclusively in crypto with price pegged to BTC and ETH, Phil Chen, head of HTCs blockchain initiative, told Hong Kong-based mainstream publication SCMP said that the company only intends to sell the device to the core audience that is the global blockchain community.

Price Change

In the months to come, if the price of BTC and ETH rise or decline by a large margin, HTC is expected to adjust the price of its mobile phone to maintain a realistic price tag which its consumer base can afford.

Images from HTC Exodus

23.10.2018 / 20:00 17
HTC Wont Accept Your Fiat, Only Bitcoin and Ethereum for the Exodus 1 HTC Wont Accept Your Fiat, Only
Top phone manufacturer, HTC, announced that the company would only accept Bitcoin and Ethereum from intending buyers. This announcement comes on the
HTCs New Blockchain Phone Can Only Be Bought with Crypto HTCs New Blockchain Phone Can Only Be
HTC, a Taiwan-based smartphone creator has just announced that its new smartphone, Exodus 1, is available for purchase. At the moment, the phone can
HTC Launches Blockchain Smartphone Exodus with Flagship Specs HTC Launches Blockchain Smartphone
A decade on from the launch of the first ever Android phone, Taiwanese consumer electronics giant HTC has taken the wraps off its blockchain-powered
HTCs Blockchain Phone Exodus Will Launch Next Week: Report HTCs Blockchain Phone Exodus Will
Taiwanese smartphone manufacturer HTC will finally launch its blockchain powered smartphone Exodus in a week. The company shared details of the
HTC Announces Exodus, New Smartphone for Decentralized Applications with Bitcoin and Ethereum HTC Announces Exodus, New Smartphone
Taiwanese consumer electronics HTC Corporation has announced its plans for the worlds first ever native blockchain smartphone dedicated to providing
HTC Exodus to Be Worlds First Native Blockchain Phone HTC Exodus to Be Worlds First Native
Smartphone manufacturer HTC is taking a major leap into the cryptocurrency ecosystem and wider blockchain industry. The Taiwanese firm on Tuesday
Comments (0)
Add a comment
Comment on