Solana’s Initiative to Enhance Mobile Self-Custody Crypto Experiences
For over a decade, crypto users have predominantly relied on desktops for engaging in self-custody experiences. Interaction with crypto typically involved installing browser extensions and plugging in USB devices. The Solana network has seen rapid growth in active addresses and is now the largest platform for NFTs, thanks to its user-friendly approach to crypto. It hosts a global community of developers in DeFi, gaming, collectibles, and payments, who authenticate transactions using private keys. However, many users find themselves interrupted in their daily routines to return to their computers to sign key contracts for mints, trades, listings, and transfers—crucial tasks for crypto enthusiasts.
The gap this situation creates calls for companies with the resources to implement mobile self-custody features. Neither Apple nor Google have yet provided a clear path for crypto adoption. This growing challenge motivates Web3 developers to build mobile-first applications, rather than simply accommodating them. It became clear that crypto must go mobile, and Solana is leading the charge.
Saga and Solana Mobile Stack Introduction
Solana Mobile, a subsidiary of Solana Labs, is unveiling its smartphone, Saga. The phone was previously known as the Osom OV1, teased in 2020. It is an Android flagship device with special functionality, primarily designed to integrate with the Solana Blockchain. Solana Labs’ engineering team began reviewing Web3 for mobile, focusing on removing friction for self-custody. The goal is to simplify and secure Web3 transactions and manage digital assets like NFTs and tokens.
Solana blockchain co-founder Anatoly Yakovenko highlighted the potential of the Saga smartphone by referencing smartphone adoption statistics. He noted that there are over 7 billion smartphone users worldwide, with 100 million digital asset holders, and these numbers are expected to increase. Saga aims to set a new standard for Web3 on mobile devices.
Yakovenko, who is also the CEO of Solana Labs, recently introduced the Saga mobile at a New York event, drawing comparisons to Steve Jobs’ iPhone introduction. During the presentation, he stressed that the Web3 smartphone is crucial for the cryptocurrency industry. It allows users to access a decentralized application (dApp) mobile store, where they can download decentralized trading platforms and NFTs, with no associated costs. The Solana team plans to eventually have the community govern the store’s catalogue.
What Exactly Is Solana Mobile Stack?
In addition to unveiling the Saga phone, Yakovenko also introduced the Solana Mobile Stack (SMS). SMS is a Web3 layer built for the Solana network and is designed for the Saga device. Steven Laver, the mobile engineering lead at Solana Labs, mentioned that Web3 development previously felt as if it were in 2007. SMS creates an experience where community members are regarded as first-class citizens on Solana. The SMS framework enables Android developers to publish and distribute mobile dApps. It also integrates Solana Pay for QR code-based on-chain payments, a mobile wallet adapter, and a seed vault—a secure element for private key management within the phone.
At the event, FTX CEO Sam Bankman-Fried acknowledged that mobile access to crypto products is growing. However, he noted that current mobile crypto experiences are less than ideal, and the launch of Solana’s SMS represents a major leap for the industry. He emphasized the power of having a hardware wallet within a Web3-enabled mobile device.
Solana Labs will collaborate with several crypto companies, including FTX, Coral, Orca, Magic Eden, Okay Bears, StepN, Kiyomi/OpenEra, and Phantom, to power the ecosystem and help build the phone. The Solana Foundation has also committed a $10 million developer fund to encourage the development of mobile apps for SMS. Solana Labs COO Raj Gokal emphasized that high-quality developers are already onboarding and prepared for the next phase of user growth. He also mentioned that the name “Saga” was chosen because the narrative of the crypto industry is still being written.
What Will the New Solana Saga Mobile Look Like?
The Saga phone will feature a 6.67-inch OLED display, 512 GB of storage, and 12 GB of RAM. Solana Labs CEO Anatoly Yakovenko revealed that the phone will be priced at $1000, and it will be available in Q1 of 2023. It is currently available for pre-order with a $100 deposit. Although there isn’t much information on the phone’s design, Criptochipy.com has shared a small image showing the expected look of the back of the Solana mobile.
CryptoChipy evaluates that Solana’s recent launch of Saga and SMS paves the way for greater mobile adoption of crypto, offering more opportunities for understanding and engagement. This launch positions Solana alongside Big Tech and brings its ecosystem to a broader audience. It could inspire other cryptocurrency blockchains to follow suit.
