CoralApp, a Binance-backed web3 platform, has introduced its new product, the Coral Phone. With this launch, Coral aims to enter the vast smartphone market, which currently has an estimated 6.84 billion devices in use. This number is expected to reach 7.1 billion by the end of 2024.

The new smartphone will feature AI integrated with web3 capabilities, bringing decentralized finance (DeFi), GameFi, and SocialFi to a broader audience. The Coral Phone offers traditional smartphone features while also enabling seamless interaction with decentralized applications (dApps) and decentralized physical infrastructure networks (DePINs).

Users can access various DeFi services directly from the smartphone. These features include managing investments, trading cryptocurrencies, and earning interest on digital assets, all without needing additional devices or applications. The phone supports multi-chain functionalities, allowing users to interact with multiple blockchain networks.

The Coral Phone also enables users to contribute to DePIN services through built-in integration, providing an opportunity to generate passive income. This feature can be easily toggled on or off. Another key focus is the inclusion of decentralized social networks and support for web3 games within the phone’s ecosystem.

With decentralized social networks, users retain control over their data and can leverage it to generate revenue. Web3 games offer additional opportunities to earn income. According to CoralApp, the goal is to create a digital lifestyle that is rewarding, engaging, and empowering.

“CoralApp aims to curate a digital lifestyle that is not only rewarding but also engaging and empowering,” the firm stated in a blog post.

All user assets and private keys are stored on the phone’s native storage solution, Coral Vault. The wallet is secured by hardware security features like AES encryption, Secure Element (SE), and Trusted Execution Environment (TEE). The device also includes an advanced biometric authentication system for fingerprint scanning and facial recognition.

In terms of hardware, the Coral Phone features a 6.55-inch AMOLED display, a 4800mAh battery, and is powered by Qualcomm’s Snapdragon 8 Gen 3 chipset. On the software side, it runs Coral OS 1.0, which is built on Google’s Android 14.

The device is currently available for pre-registration, with the first 2000 units priced at 1500 USDT or $1,500. Delivery is expected within six months from registration.

Coral Phone will compete directly with existing products like the Solana Labs’ Saga smartphone and the JamboPhone from Web3 smartphone manufacturer Jambo, in collaboration with the Aptos foundation. While Solana’s Saga phone saw high demand at launch, it has also faced criticism.

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