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- Honor, a Chinese smartphone manufacturer, has produced the first Snapdragon-powered device that supports the digital yuan, marking a significant step forward in the People’s Bank of China’s effort to build hardware for the digital currency
- The PBoC has pushed for additional hardware uses of the digital yuan, including ATMs and a hardware wallet on a walking cane
- The market share battle is projected to be more severe in the market segment of 2,000 yuan-4,000 yuan (300 US dollars-600 US dollars) and above, and the general competitive landscape will be reshuffled again in the second half of 2021
Honor, a Chinese smartphone manufacturer, has produced the first Snapdragon-powered device that supports the digital yuan, marking a significant step forward in the People’s Bank of China’s effort to build hardware for the digital currency. Honor CEO George Zhao revealed during the launch ceremony yesterday that the Magic 3 will enable a digital yuan hardware wallet and will be powered by Qualcomm’s newest Snapdragon processor, the 888. The central bank stated in its most recent white paper that, unlike so-called soft wallets such as applications, hardware wallets offer hardware-level security.
The PBoC has pushed for additional hardware uses of the digital yuan, including ATMs and a hardware wallet on a walking cane. Huawei’s cheap smartphone brand, Honor, existed until November 2020, when the Shenzhen company sold it to avoid US penalties. The live broadcast of the press conference given by the Honor Mobile account on the Weibo platform was seen 46.8 million times. The Magic3 is the first high-end mobile phone that has been officially released. Honor Magic 3 series flagship mobile phones were formally released on the evening of August 12. The Magic3 series, Honor’s first high-end flagship phone, features an 89° super curved screen on the front, a 6.76-inch flexible OLED screen, and a 120Hz screen refresh rate. Bright black, glazed white, Chenhui gold, and morning blue are the four colors offered for the Honor Magic3 series.
The Honor Magic3 series uses a Qualcomm Snapdragon 888 Plus (upgraded version) 5G SoC as its processor. Honor Magic3 is the first smartphone on the Snapdragon platform to offer a digital RMB hard wallet, according to Honor CEO Zhao Ming, enabling financial payment-level security protection. In the domestic market, according to Zhao Ming, Honor 50 took the first position in the 2,000-4,000 yuan price bracket in July, and its weekly market share increased to 14.6 percent. The Magic series will be one of Honor’s goods that will be updated every year in the future. Zhao Ming stated that the Honor Magic 3 Pro outperforms the Apple iPhone 12 Pro in terms of gaming and photography. Honor’s future development idea, according to Zhao Ming, is to build goods that are equivalent to and even better than Apple’s.
Honor’s present performance, according to Counterpoint Research, may be ascribed in significant part to its long-term accumulation of brand potential and R&D strength. Honor has an R&D team of over 4,000 employees who transferred from Huawei’s integrated system, which has helped Honor cement its technologically sound brand image. Honor, like OPPO, Vivo, and Xiaomi, is aggressively investigating the high-end mobile phone market to expand its development area, according to a study issued on August 6 by Counterpoint Research, a market research firm. The market share battle is projected to be more severe in the market segment of 2,000 yuan-4,000 yuan (300 US dollars-600 US dollars) and above, and the general competitive landscape will be reshuffled again in the second half of 2021.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
