Search ForexCrunch
  • The smartphones are priced at $515 can also be bought using Huobi Token.
  • The app contains built-in cryptocurrency wallets and provides optional plug-in cold wallets.

Huobi, a popular crypto exchange firm, is backing a blockchain project that will manufacture blockchain smartphones. It will be issued by blockchain project Whole Network, which is partly funded by Huobi’s venture capital arm Huobi Capital. The company also stated that the network’s native token, dubbed ‘NODE’, will also be listed on Huobi Prime. The smartphones are priced at $515 and can be bought using Huobi Token.

10 billion NODE tokens will apparently be circulated to encourage adoption of the smartphones. NODE will be rewarded to individuals who will be indulging in activities such as – downloading mobile apps, watching advertisements, inviting new users, sharing and distributing content. The remaining tokens will be distributed to private investors, the developer team, and others. According to the Whole Network white paper, the goal of this distribution mechanism is to encourage users to produce behavioral data that will help form marketing campaigns and mobile app design.  

Livio Weng, CEO of Huobi, states that the accelerating use of mobile devices to handle cryptocurrencies and the deployment of the 5G network in China has led to the push for blockchain smartphones. China Telecom, among other major telecommunications providers, has planned to test the 5G network in a few cities this year. Weng said:

“As the industry develops and as innovations like 5G become increasingly integrated into our telecommunications systems, we believe more and more crypto communities will want to trade and transact from mobile devices. Given this, the need for devices optimized for blockchain seems clear. This move is our first step to meet those users’ needs.”