Solana’s Bet on Mobile Being Imperative to the Future of Crypto
Solana Labs, the company behind the Solana blockchain, has announced that its crypto-forward smartphone, Saga, will be available for public sale starting May 8. Pre-ordered devices are already shipping out to customers.
According to employees at Solana-focused companies who spoke with CoinDesk, the Saga smartphone is a risky investment that hinges on the crucial role of mobile devices in the future of cryptocurrency. It has been nearly a year since Solana first hinted at the innovative potential of a smartphone that could serve as both a dedicated hardware wallet for crypto and a catalyst for growth in the broader ecosystem.
A Unique and Secure Crypto Smartphone
The Saga smartphone, built on hardware from Bay Area smartphone company OSOM, costs $1,000 and has 512 GB of storage, two versatile back camera lenses, a 6.67-inch OLED display, and a fingerprint scanner. The smartphone operates on the most recent version of the Android operating system.
The distinguishing feature of the Saga smartphone is the “Solana Mobile Stack” (SMS), which is a suite of personalized add-ons that incorporate crypto functionality into both the hardware and software of the phone. SMS has integrated security measures that enable users to send, receive, trade, and store crypto on the device.
Solana has customized Saga’s secure element, which is the hack-resistant area of the smartphone where confidential information resides, with a “seed vault” that securely stores a user’s private keys related to cryptocurrencies. By keeping the keys separate from the remaining data on the phone, Solana claims that the keys are more secure.
Custom Dapp Store with No Extractive Fees
The Saga smartphone offers a unique “dapp” store that exclusively features crypto-related applications. Presently, users can download more than a dozen applications that encompass various areas such as crypto trading, inter-wallet communications, music, and digital collectibles, among others. The store is expected to offer additional applications over time.
Solana has made it clear that it won’t impose “extractive fees” on dapp store apps, taking a dig at the 30% tax that Apple and Google charge on their respective storefronts. The Saga’s dapp store is separate from Android’s “Google Play,” which is also available on the device.
A Risky Endeavor
The Saga smartphone by Solana is targeted towards a specific crypto ecosystem, but it is not immune to obstacles encountered by other phone manufacturers, such as HTC and Sirin Labs, who have had unsuccessful attempts at similar endeavors.
Conclusion
In conclusion, the launch of Solana Labs’ Saga smartphone marks a significant milestone in the integration of crypto into everyday life. The device, built on hardware from OSOM, offers unique features such as the “Solana Mobile Stack” and a custom dapp store with no extractive fees. While the previous failures of other phone makers in the crypto space may set an ominous precedent, the Saga’s dedicated focus on the Solana ecosystem and robust security features make it a promising contender. As the adoption of cryptocurrency continues to grow, it will be interesting to see how the Saga smartphone fares in the market and whether it will help propel crypto into the mainstream.
