Sirin Labs Crush IOTA With This Announcement
Sirin Labs, the team behind the up and coming âFinneyâ blockchain smartphone have made a recent announcement that replaces IOTA, as their chosen blockchain partners, with the unlikely pairing of Sirin and the Ethereum blockchain.
Upon the initial announcement of the Finney, it was made pretty clear that the phone would work via IOTAâs Tangle DLT (distributed ledger technology). This was clear through the Sirin Labs whitepaper.
According to Coinjournal, Sirin Labs have since made a recent announcement that confirms the project will no longer be using IOTA blockchain technology and instead, will be using the Ethereum blockchain and nodes hosted within the Sirin HQ.
Nimrod May, the Chief Marketing Officer of Sirin Labs has said:
âWe are not working with IOTA. We considered the option and decided to path ways. At launch, we are going to use the Ethereum blockchain. The Finney Phone will work through complete nodes that are hosted on Sirin Labs. Our plan since the release of our whitepaper, has always been to migrate the SRN token and Sirin Labs ecosystem to a next-generation blockchain.â
See more for yourself, here. Â
Under the IOTA guise, the Finney did achieve a stunning amount of support, allowing Sirin Labs to complete many successful rounds of fundraising, according to Coinjournal:
âSo far, more than 25,000 units have been preordered and the company aims to ship from 100,000 to a few million units this year. Sirin Labs raised a whooping US$158 million in its ICO in December 2017 to fund the development of its Finney line, in addition to US$72 million seed round raised in 2016 for the Solarin Android smartphone.â
We now wonder how a migration to the Ethereum blockchain will impact this support. Do fans of the project feel that Ethereum is a better direction? From a community point of view, looking at IOTA today, it does seem that at the very least, the IOTA community are concerned about this.
Moreover, this has had a huge impact on the value of MIOTA. At the time of writing, MIOTA is valued at $0.785, down 12.45%. The market capitalisation of IOTA is falling too, putting Ethereum Classic in range of taking tenth place off IOTA. Indeed, this is made more possible by the recent Robinhood listing for ETC and of course, the looming Coinbase listing.
This marks the start of a big of a rough patch for IOTA, both IOTA and MIOTA will recover from this and perhaps we are now likely to see the IOTA blockchain integrated into another new smartphone project. For now though, I guess IOTA are feeling a little wounded by this news.