If you’re followers of ICOs, you would have noticed one company that has stood out for the past three or four months in terms of the uniqueness of their offering; that company is Sirin Lab, the Swiss-Israeli phone maker. An experienced ICO follower wouldn’t need prompting to have realized that that was a company that seemed to know what they were doing in terms of the being solution providers to a peculiar problem.
Sirin Labs are planning the manufacture of encrypted phones that are based on the blockchain technology. Their ICO, which was launched a few days ago, garnered a whopping $110 million in 24 hours, having already surpassed the $75 million target of the ICO.
You need to have been following ICOs to realize that that is no mean feat at a time the venture seems to have slowed down, due primarily to investor disappointment that many companies actually couldn’t accomplish post ICO objectives. That most of the crowdsale will fail is not also in doubt as reports show that as few as 10 percent of ICOs succeed. These are the effects of an unregulated market in which unprepared, incompetent or even outrightly fraudulent teams had been free to come and go at will for months. The investors obviously got wearied by poor performances.
A few ICOs have however proven that there still is an immense market for crowdsale just that investor outlook has changed. Investors are no longer people with money in hand, willing to buy anything that presents itself as an I-C-O. The time that happened has gone past.
Sirin Labs seems to tow the path of instant successes such as Bancor and Tezos. Though we must give credit to the fact that Sirin Lab, unlike many companies that recently launched ICOs is not really a startup in the sense of being a newly founded business. The company has an already established product that has been in the phone market since 2016. They are now working on manufacturing a blockchain powered phone, Finney which they said would be more affordable at $999, a price far less than their Android powered version, Solarin that sold for $16000.
Finney is going to debut next year and will have features that enable users to make ‘secure transactions without fees’ and share battery power with users of same phone brand on the blockchain, making the loss of battery power a thing of the past. Aside from the Finney, Sirin Labs intends to produce a blockchain based computer.
Mr. Moshe Hogeg, the Sirin founder said that the SRN token sale was indicative that their investors would likely be the first buyers of the phone. The ICO, which partnered with Google, will enable investors in the token access the company’s products.