Pras Michel’s, famously known as a co-founder of the fugees. Has recently switched the music industry for the technology industry with new blockchain startup known as Blacture. Blacture is a blockchain company who are said to be producing the worlds first blockchain phone.
Pras Michel’s appeared on a recent interview with CNBC recently to discuss the new phone which is said to be released in the summer of 2018. However there have been a number of question marks over the interview between CNBC and Pras Michel.
First of all here is the interview.
Pras begins the interview by announcing “I heard about blockchain, 11 years ago”… that would make it some time in 2007 that Pras heard of blockchain technology… somewhere between 1.5-2.5 years before Satoshi Nakamoto released Bitcoin. Now we understand that this claim could be true as the concept of blockchain technology did exist before Bitcoin was created. A lot of the blockchain technology roots can be traced back to the work of Stuart Haber and his college W. Scott Stornetta in 1991, however there was an incredibly small number of people on the planet whom were aware, or even are to this day aware of this work.
Could Pras Michel be Satoshi Nakamoto?
Pras then goes onto explain that “a friend of mine introduce bitcoin to me when it was at 11 cents”. According to charts made by Bitcoin.com, Bitcoin has only ever trade at 11 cents once: 21st November, 2010… It did however trade at 11 cents for a few months before this according to charts which go back slightly further than this. Nevertheless we know he was supposedly introduced to Bitcoin back in 2010. If he had in fact heard of blockchain technology some 3 years before this, then why would he only become aware of Bitcoin 3 years later even though he was one of the first people in the world to be aware of blockchain technology.
He then goes to give an incredibly brief overview of what the blockchain phone will actually do. He describes how the blockchain phone “allows users to get paid” and you can “convert it into cash”. When questioned if this is an app or underlying software he answers yes to both of these questions.
When asked where the phone will be sold he replies, “The U.S.” before expanding this to “carriers, the four top carriers”. Which at the time of writing based on 2018 Q1 subscribers are:
- Verizon – 151.5 million
- AT&T Mobility – 143.8 million
- T-Mobile US – 74 million
- Sprint Corporation – 53.6 million
He then ignores the question of how this will make money and just explains the blockchain will allow users to get rewards. Which doesn’t really make any sense, he compares this to airline miles. Although we know that airline miles encourage users to us a particular credit card or airline supplier and that is how those business models work. A blockchain does not simply provide users with rewards certainly not ones that convert to cash.
Finally this phone is claimed to be the first blockchain phone in the U.S. Which may well be correct as there are couple of alternatives. However, they are both yet to be produced: The Finney by Sirin labs and the HTC Exodus.
The Blacture phone itself does actually look very sleek, and we do hope that while the interview was bad, the company is able to produce the technology to compensate for this. It may well be Pras is simply representing the company and does not simply have a complete understanding of the technology, or that he doesn’t want to give too much away.
One thing is for sure if they do manage to win the race in producing the first blockchain phone, it could well be a huge market to delve into. We wish them the best of luck on the project