On June 23 in New York City, Anatoly Yakovenko, co-founder and CEO of Solana (SOL), had a Steve Jobs moment when he announced the release of Saga, an Android Web3-focused smartphone.
“This is something that I fundamentally believe the industry needs to do. As per a PRNewswire report, we didn’t see a single crypto feature at the Apple developer conference 13 years after Bitcoin was alive,” Yavolenko said.
This initiative can potentially drive Solana into the large tech majors, bringing the DeFi asset business from a purely cryptocurrency-focused world into one that includes Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT), and Android.
The focus on making more Web3 options accessible on mobile devices can boost the appeal of the Solana ecosystem to a broader audience and make other crypto blockchains adopt a similar strategy.
Solana Smartphone Released Amid Crypto Bear Market.
The release comes at a tough time for the crypto industry, which has witnessed a significant price fall.
Yakovenko seems to be conscious that the gadget does not have the most significant appeal to the public. Still, he sees it as something attractive to the most devoted cryptocurrency users:
“We’re targeting the hardcore people who know what self-custody means. You gotta start with a group that loves this product and grow from there.”
Yakovenko joked that people would pull out their computers in the middle of dates to avoid missing the opportunity to mine NFTs. Therefore, it’s time for cryptocurrencies to go mobile.
Saga wants to deploy digital asset-based products and services that enable clients to swiftly transact with their cryptocurrency on a mobile device as an alternative to utilising a web browser on a computer.
In addition to the unveiling of Saga, Yakovenko divulged the debut of the Solana Mobile Stack, or SMS, a web3 layer for Solana created on the phone.
SMS will include a seed vault, custody solution, mobile wallet adapter, Solana Pay for Android, and a decentralised application (dApp) store.
What is SMS?
1/
— Solana (@solana) June 23, 2022
Solana’s Smartphone Launch Doesn’t Ensure Success.
Historically, the debut of a cryptographic or Web3-based phone does not guarantee its commercial success.
The HTC Exodus Cryptophone, for instance, is a next-generation gadget that combines the convenience of a smartphone with the security of a crypto hardware wallet. However, it is still mostly unknown in the crypto sector.
Similarly, the Sirin Labs blockchain phone ‘The FINNEYTM’ powered by SIRIN OS features a security suite layer and an inbuilt cold storage wallet. However, it remains relatively unknown to crypto users.
Blok on Blok, created by Pundi X and dubbed ‘BOB the world’s 1st Blockchain Phone’, which allows users to restore control and ownership of their data, failed to meet its funding target of €54,636 with just 42 supporters and 46% of the goal attained.
Other smartphones, such as the Electroneum M1 phone, targeted consumers in developing countries and did not meet the expected sales.
It remains to be seen whether Solana will be different with its 21 million active monthly users.