CoralApp, a Binance-backed web3 platform, has introduced its new product, the Coral Phone.
With this launch, Coral plans to tap into the massive smartphone market, where an estimated 6.84 billion devices are already in use. This number is expected to reach 7.1 billion by the end of 2024.
According to a recent announcement, the new smartphone will feature AI coupled with web3 capabilities to bring decentralized finance (DeFi), GameFi, and SocialFi to the masses.
In addition to offering features available on traditional smartphones, the Coral phone is designed to work seamlessly with decentralized applications (dApps) and decentralized physical infrastructure networks (DePINs).
Users can access various DeFi services directly from the smartphone, including features such as managing investments, trading cryptocurrencies and earning interest on digital assets, without the need for other devices or additional applications.
Furthermore, the phone supports multi-chain functionalities, allowing users to communicate with multiple blockchain networks.
Users also have the option to contribute to DePIN services thanks to Coral Phones’ built-in integration with such services. As such, they are able to generate passive income. However, this feature can be disabled with a switch.
Another area of focus is the inclusion of decentralized social networking and support for Web3 games within the phone’s ecosystem.
Decentralized social networks allow users to maintain control over their data and also use it to generate revenue. Meanwhile, web3 games also offer monetization opportunities.
“CoralApp strives to create a digital lifestyle that is not only rewarding, but also engaging and empowering,” the company wrote in a Medium blog.
Additionally, all the user’s assets and private keys are stored on the phone’s native storage solution called Coral Vault. The wallet is secured with hardware security features such as AES encryption, Secure Element (SE) and Trusted Execution Environment (TEE).
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Moreover, the device also features “an advanced biometric authentication system” for fingerprint scanning and facial recognition.
In terms of hardware, the device features a 6.55-inch AMOLED display and a 4800mAh battery and is powered by Qualcomm’s Snapdragon 8 Gen 3 chipset.
On the software side, the smartphone is equipped with Coral OS 1.0. The operating system is built on Google’s Android 14.
At the time of publication, the device is available for pre-registration. The first 2000 units are priced at 1500 USDT or $1,500.
Delivery is expected to take place within six months of registration.
Coral Phone will be a direct competitor to existing products such as the Saga smartphone from Solana Labs and the JamboPhone from Web3 smartphone manufacturer Jambo in collaboration with the Aptos foundation.
Solana’s Saga phone saw huge demand at launch, with all devices sold out in the United States. However, the device has also been criticized and dubbed the “failure of 2023” by YouTuber Marques Brownlee.
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