The cryptocurrency world is changing. Along with the bearish attitude some are adopting against the market as they watch Bitcoin fall to new lows, new tech is being introduced to an exclusively crypto end. The HTC crypto phone demoed at the Slush 2018 is one piece of such tech, dedicated solely to the purpose of keeping your tokens safe.
On December 5th Phile Chen, a top executive of tech giant HTC, revealed a new development from their firm – the Exodus 1. This phone is one of the first steps of the tech world adapting to the use of cryptocurrencies in the daily lives of their clients, introducing a new way of keeping your tokens safe within the phone itself. Slush 2018 took place in Helsinki, where Chen spoke about the nature of blockchain and how it has been misused in the modern world to produce unfavorable privacy violations for all of the users. He believes that this technology could potentially be saving us from such privacy violations and believed that one such way was to give the technology back to the people.
The Exodus 1, unlike the recently released FINNEY, does not have a cold storage wallet but instead allows the users to store their private keys and information in a private enclave referred to as the “Zion”. This matrix referencing private enclave isolates the private keys, keeping them safe and separate from the rest of prying eyes. While featuring some incredible specs and qualities, the phones are also rather innovative because of the user’s ability to purchase them with a number of different electronic currencies.
Why its important
This move by HTC is part of a larger movement by the world to accept and utilize the cryptocurrencies on a more regular basis. With more and more governments seeing crypto as taxable, utilizable and a valid currency, the larger corporations are seeing the legitimate value of crypto.
The world is a dangerous place, whether we like it or not. Whether we are speaking about large corporations going through your information, government surveillance or hackers trying to get a hold of what you have, information protection has never been in more demand than it is now. The HTC phone, combined with the FINNEY mentioned before, are both very exciting developments in terms of safety, providing us with a way to keep our information and our cryptocurrencies as ours.
The technologies used in these phones allow their users to store their information in a way that is more secure as compared to traditional techniques. This makes it harder for anyone looking to use your data or simply take what is yours to do so without authorization. A welcoming development, especially in the world of crypto.
Tech optimism about the future of crypto
One of the most important things we could hope for today is the world investing more hope into the currently bearish cryptocurrency market. As such, the pioneering move by HTC is an important one in understanding what the tech world expects will happen to the market.
Technology giants do not develop tech that would not be used in the modern world. It is simply unwise to work with a potential negative price point. The development of technology exclusively for crypto purposes shows us that HTC believes there is a need for this tech. A need caused by a reliable presence of electronic currencies in the world. If HTC believes so, other major tech or non-tech companies might believe so as well. Which means crypto has a long way to go still.
Developments such as these are more than welcome in the current crypto market climate. They increase the much-needed trust of the world in the crypto market. Combined with the world governments’ efforts to legitimize electronic currencies, this might be just what we might have been waiting for. While the short-term market might be bearish, the world remains more than hopeful for the longterm developments in the cryptocurrency industry. This means the trust we are putting in cryptocurrency brokers is not misplaced. We just need to be a little patient.