IOTA [MIOTA] loses Sirin Labs: joins hands with Ethereum [ETH]

On the 7th August, Sirin Labs made an announcement which stated that they would no longer be working with IOTA and have partnered with Ethereum.

As per their initial announcement, they stated that they would use the Tangle DLT for their blockchain phone ‘Finney’. However, they will now be using Ethereum’s blockchain.

According to Moshe Hogeg, the CEO of Sirin Labs, their new phone ‘Finney’ will work using nodes provided by Sirin labs.

The Chief Marketing Officer of Sirin Labs, Nimrod May confirmed with the CEO saying that at the launching stage, they would be using the Ethereum blockchain. They will use a private chain and not the main chain.

He further added that:

“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.”

According to Nimrod, Sirin Labs considered both IOTA as well as Cardano but none matched the needs of a distributed ledger that it seeks.

The new project ‘Finney’ includes a smartphone and a computer that will function on an open operating system called Sirin OS. The operating system was designed in such a way that it holds all applications of blockchain including wallets, secure exchange access, encrypted communications and a user-to-user ecosystem for purchasing and applications backed by the Sirin Labs’ SRN token.

Currently, there is no official statement of the exact date when ‘Finney’ will be released. However, Hogeg stated that it would launch later in November and will be available to purchase immediately after that.

IOTA [MIOTA] price | Source: CoinMarketCap

IOTA [MIOTA] price | Source: CoinMarketCap

Although on 3rd August, the prices of IOTA hiked from $0.78 to $0.96 within a few hours, IOTA [MIOTA] saw a significant drop in its prices from $0.81 to $0.74, post the announcement.

At the time of writing, according to CoinMarketCap, MIOTA is trading at $0.79 with a market cap of $2.22 billion and has seen a fall of 7.90% in the past 24 hours.

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