Crypto Maverick and Litecoin founder Charlie Lee have added another feather to his cap as he now finds his place as an advisor for HTC Exodus Smartphones, distributed ledger smartphone, intended to be launched in fall 2018. HTC also announced that its phones will support LTC and Lightning Network on Litecoin natively.
Litecoin closer to providing a real-world use case to its coins
HTC had announced in May that it would be launching the first ever blockchain-powered mobile phone dedicated to decentralized applications and security. On July 10th, the Exodus developers announced that the company would also launch a smartphone with a built-in cryptocurrency wallet and allow users to play the popular CryptoKitties game on its mobile devices.
HTC representatives said that having acquired a huge experience in the production of smartphones, the company now wants to try and reform the global web and bring the dream of decentralization of millions of people on earth to life.
The Taiwan-based electronics giant has reportedly manufactured over 100 million smartphone devices and now aims to “reshape the internet” by “making decentralization a reality.” This HTC plans to do with its new blockchain-based Exodus smartphone, which is scheduled for release sometime later this year.
Moreover, HTC plans to offer support for Bitcoin (BTC) and Ethereum (ETH), in addition to Litecoin (LTC), through its smartphone’s own blockchain network. According to the multinational electronics company, its Exodus smartphone will facilitate cryptocurrency trading between users of its devices.
Charlie Lee, creator of Litecoin announced Litecoin support by HTC Exodus by tweeting:
Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption.
P.S. No, they will not remove BTC. https://t.co/WQcygPVst0
— Charlie Lee [LTC⚡] (@SatoshiLite) July 30, 2018
Lee’s experience with decentralized products definitely helps HTC phone garner a good go to market strategy. His name as an advisor would also help the project gain a lot of credibility and goodwill.
This news was well appreciated by Phil Chen, Decentralized Chief Officer (DCO) at HTC and Exodus as he tweeted
“Privileged for the Exodus Phone to be working with @SatoshiLite and @starkness. Excited to be on this journey with you. @edithyeung @dominic_w”
— Phil Chen (@philchen913) July 30, 2018
Exodus- Decentralised smartphones could be a fortune turner for HTC
If one follows the smartphone trends and keeps a track of the smartphone markets, it’s quite evident that HTC has not been doing so well in recent years despite creating some great devices. It is constantly nagged by the competition that is provided by Apple, Samsung and Chinese counterparts OnePlus, Oppo and Vivo. With the way things are shaping up, what looks like is that the company is betting on a cryptophone to give itself an edge over its current competitors as it can have a first mover advantage in attracting crypto supporting and privacy-minded young people.
However, things are not going to be the same in this space as well, as a few new sets of competitors are arising as a few companies are exploring this field as well. Sirin Finney is also working on a similar phone and has already released the technical specification for an ultra-secure mobile device promising to keep the user’s cryptocurrency transactions private. The phone will feature an embedded cold storage wallet and will be built by the same company that builds the iPhone, Foxconn. If media reports are to be believed, over 25,000 devices have been pre-ordered already.
Another competitor to HTC, Chinese phone manufacturer Huawei was also rumored to be in serious talks with Sirin Labs to bring its handset under the blockchain.
Charlie Lee’s appointment and the addition of LTC and Lighting Network into the smartphone is definitely a great strategy for HTC to take a lead. Now it’s something to watch how does the company roll out its phone. If everything’s on schedule it could definitely change fortunes for HTC
Will HTC be able to take a lead in the Blockchain and crypto-based phones or will it lose ground to Sirin Labs and others who are currently testing similar smartphones? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.