Sirin Labs Drops IOTA For FINNEY Blockchain Smartphone, Looks To Ethereum

New information has come to light regarding the FINNEY “independent blockchain network” and Sirin Labs’ quest for a permanent blockchain solution.

  • In an earlier article, ETHNews reported that FINNEY was cooperating with IOTA to create a Sirin Labs native blockchain.

    But Moshe Hogeg, CEO of Sirin Labs, recently told ETHNews:

    “We’re not with iota, we looked into it and decided to go a different route.”

    Nimrod May, the Sirin Labs chief marketing officer, clarified this statement, saying, “At launch, we will be using the Ethereum blockchain.” However, it seems that the company will be using a private Ethereum blockchain rather than the main chain. He said that, at least in the beginning, “the FINNEY will process transactions through a series of complete nodes hosted at Sirin Labs.”

    Sirin Labs will not call Ethereum home forever, though. As May put it, “Our plan since the release of our white paper, has always been to migrate the SRN token and Sirin Labs ecosystem to a next-generation blockchain.” The benefit of moving to a FINNEY-specific blockchain is that it would allow low enough transaction costs to enable micropayments for FINNEY users to make on-phone purchases.

    However, a Sirin Labs native blockchain might be a long time coming. According to May, Sirin Labs has looked into both IOTA and Cardano, but it is still seeking a distributed ledger that suits its needs. The company is also considering the development of its own long-term blockchain solution.

    But there might be something up Sirin Labs’ proverbial sleeve. On the same day that Hogeg told ETHNews Sirin Labs is not partnering with IOTA, he posted a vague tweet.

    At this time, there is no official FINNEY release date. Though, for what it’s worth, Hogeg used his Twitter to link to a Digital Trends article stating, “It will launch in November and be available to buy almost immediately afterwards.”

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