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Binance-backed CoralApp launches new gadget for web3 users with passive income opportunities

binance-backed-coralapp-launches-new-gadget-for-web3-users-with-passive-income-opportunities
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Binance-backed CoralApp launches new gadget for web3 users with passive income opportunities

CoralApp, a Binance-backed web3 platform, has introduced its new product, the Coral Phone.

With this launch, Coral plans to tap into the vast smartphone market with an estimated 6.84 billion devices already live. The number is expected to hit 7.1 billion by the end of 2024.

According to a recent announcement, the new smartphone will feature AI in conjunction with web3 capabilities to bring decentralized finance (DeFi), GameFi, and SocialFi to the masses.

Besides 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 like managing investments, trading cryptocurrencies, and earning interest on digital assets without requiring any other devices or additional applications.

Further, the phone supports multi-chain functionalities, allowing users to interact with multiple blockchain networks.

Users also have the option to contribute to DePIN services with the Coral Phones’ built-in integration with such services.  As such, they are able to generate passive income. However, this feature can be turned off with a toggle.

Another area of focus is the inclusion of decentralized social networks and the support for web3 games within the phone’s ecosystem.

With decentralized social networks, users are able to retain control over their data while also leveraging it to generate revenue. Meanwhile, web3 games also present opportunities to generate income.

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

Furthermore, all of the user’s assets and private keys are stored on the phone’s native storage solution dubbed Coral Vault. The wallet is secured by hardware security features like AES encryption, Secure Element (SE), and Trusted Execution Environment (TEE).

On top of this, the device also features “an advanced biometric authentication system” for fingerprint scanning and facial recognition.

In terms of hardware, the device boasts a 6.55-inch AMOLED display and a 4800mAh battery and is powered by Qualcomm’s Snapdragon 8 Gen 3 chipset.

On the software end, the smartphone features the Coral OS 1.0. The operating system has been built on Google’s Android 14.

At the time of publication, the device is available for pre-registration. The first 2000 units have been priced at 1500 USDT or $1,500.

Delivery is expected to be within six months from registration.

Coral Phone will be a direct competitor to existing products like Solana Labs’ Saga smartphone and the JamboPhone from Web3 smartphone manufacturer Jambo in collaboration with the Aptos foundation.

Solana’s Saga phone saw massive demand at launch, with all the devices selling out in the United States. However, the device has also been criticized and dubbed the “failure of 2023,” by YouTuber Marques Brownlee.