What You Need to Know About the HTC Exodus 1, the “blockchain Smartphone”
Nothing signaled that we finally entered the cyber future more than the rise of blockchain networks and cryptocurrency. And that makes HTC’s upcoming blockchain smartphone, the HTC Exodus 1, one of the most cyberpunk (and bizarre) devices out there today.
As with most things related to blockchain and cryptocurrency, it can be difficult to understand what Exodus 1 really is and how it differs from all other smartphones you can buy. So, we’ve put together this guide to learn more about Exodus 1, including why you want (or don’t want) it and how to get it.
What is HTC Exodus 1?
HTC Exodus 1 is a blockchain smartphone that also serves as a digital cryptocurrency wallet and secure data storage. It was conceived and developed by Phil Chen, HTC’s Decentralized CEO. Chen was also part of the design team behind the HTC Vive VR headset.
On paper, the HTC Exodus 1 looks like flagship phones from other manufacturers. Its general characteristics are:
- Display: 6-inch LCD IPS, resolution 1440 × 3120 pixels
- Durability: IP68 waterproof and dustproof
- Chipset: Qualcomm Snapdragon 845
- OS: Android 8.1
- Storage and memory: 6 GB RAM, 128 GB internal storage (not expandable)
- Battery: 3500mAh battery, USB Type-C charging, support fast charging
- Camera: 16MP & 12MP main camera, 8MP dual selfie camera
- Connectivity: 4G LTE, Bluetooth 5.0, Wi-Fi 802.11 a / b / g / n / ac, dual band, Wi-Fi Direct, hotspot
- Headphone jack: Yes
Generally speaking, these are, as a rule, characteristics worthy of a flagship. Of course, the real advantage of Exodus 1 is its blockchain integration and the fact that it serves as a hardware wallet for your digital cryptocurrencies.
Each Exodus 1 is a node on HTC’s own blockchain network, and the smartphone runs open source blockchain-based applications known as dApps (pronounced “di-applications”) to process transactions. Each user on the network will be able to exchange cryptocurrency with each other, and their devices act as a wallet for their digital currencies. This, of course, raises some security questions.
How does HTC Exodus 1 protect my cryptocurrency?
To keep your cryptocurrency safe, HTC has implemented TrustZone “Secure Enclave” in Exodus 1, which you won’t find on a regular Android phone. TrustZone is essentially a mini hardware OS that acts as a digital bank vault, helping you manage your cryptoassets and processes while running in parallel with the phone’s Android 8.1 OS. Any data protected by TrustZone is isolated from everything else on the phone, including the Android OS and everything running on it, and unreadable for them.
Exodus 1 users manage their cryptocurrencies through the Zion crypto wallet, which securely stores Bitcoin and Ethereum on a decentralized network. The wallet can even be used to make payments in apps with Zion integration ( HTC has released the Zion SDK and Key Management API for developers who want to integrate Zion payment support into their apps).
This security method differs from so-called “cold storage”, a method of offline cryptocurrency storage in which keys are stored directly on the device, like the new Finney Blockchain phone from Sirin Lab. While cold storage is ultimately safer for hackers, it does come with certain risks as losing or damaging your phone would mean losing access to your cryptographic keys forever.
On the other hand, if you lose your Exodus phone, you can restore access to your Zion wallet using Social Key Recovery or code sharding. This works in a similar way to the recently implemented Facebook account recovery system: you select up to five contacts to whom a piece (or “shard”) of code is sent, which you can use to re-enter the locked account. But be careful. The contacts you choose will have to download the app, and if they lose access to their device or their piece of code, you won’t be able to regain access to their wallet.
HTC aims for a decentralized future
The name Exodus 1 is apt as the device is part of a broader blockchain project to decentralize digital information and data in general, giving people control over their data and providing transparency to various financial systems and markets. As this quote from Exodus Design Principles 1 explains : “We believe we can together rebuild the Internet by empowering people to own their own identity, personal data and assets.”
It has even been suggested that decentralized accounting and open source blockchain computing could be used for everything from voting and medical records to more demanding computer processes like graphics rendering.
After Exodus 1, Chen hopes to provide a more affordable crypto phone targeted at unbanked and unbanked people around the world. These are people who have little or no access to safe and affordable banking services, whether because of their place of residence, economic status, or other factors. About 19 percent of Americans are unbanked, while 6.5 percent are unbanked, while globally, it is estimated that about 20 percent of the world’s population is unbanked. Because of this, even the UN expressed interest in Chen’s project.
Before that happens, cryptocurrencies must overcome many obstacles, including their niche status; unacceptable long transaction time; high requirements for computing power; and dramatically changing values, sometimes fluctuating hundreds of dollars or more over a period of several minutes.
In addition, while Bitcoin, Ethereum, and a few other cryptocurrencies may be legal, there is an endless supply of junk currencies and outright scams seeking to exploit the interest in get-rich-quick technology. Apple has banned cryptocurrency mining apps in the iOS App Store, while Google is banning mining extensions in Google Chrome to restrict developers from integrating background mining into their software.
However, Exodus 1 and its contemporaries argue that cryptocurrencies could gain wider acceptance as more devices like them are released, eventually launching the decentralization revolution that Chen and others are advocating.
How to buy HTC Exodus 1
You can order Exodus 1 if you live in the United States, United Kingdom, Hong Kong, Singapore, or one of the 30 other countries HTC supports through its Early Access Program , although the availability is limited. The phone is expected to officially launch (and early access orders will start shipping) sometime this month.
In terms of price, the HTC Exodus 1 will cost 0.15 BTC (Bitcoin) or 4.78 ETH (Ethereum) (roughly $ 1,000). But, as discussed above, the value of the cryptocurrency fluctuates a lot – Bitcoin 0.15 converts to about $ 575.71 based on the current value at the time of this writing, and who knows what it might be in a week.
So, should you buy it?
Despite its seductive premise and cool radical cyberpunk spirit, Exodus 1 is still a “beta” – a fact that even Chen has openly stated. Achieving the decentralized future that HTC dreams of will take time, iteration, and collaboration with developers and users. As such, Exodus 1 is sold directly to cryptocurrency fans. If you fit that description and haven’t lost your fortune in the hectic cryptocurrency markets yet, the Exodus 1 might be worth a try.
However, if you just want to know how Bitcoin and Etherium cryptocurrencies are, or you want to start mining, we suggest refraining from Exodus 1. There are ways to start researching and investing in cryptocurrencies right away that do not require buying a specialized smartphone. And if you’re looking for a new phone, there are many others with the same or better specs as the HTC-1 that you can buy without first asking for $ 1,000 of crypto in your name.