SIRIN LABS Token
What Is SIRIN LABS Token?
SIRIN LABS Token is a token developed by an eponymous blockchain company. It is a utility token whose purpose is to be used as the cornerstone of the all-in-one ecosystem. A peculiarity of the SIRIN LABS platform is that every product on it is connected and tied back to the same blockchain. SIRIN LABS developers promote the use of digital currencies and decentralization through SRN tokens.
Sirin Labs token can generally be used in 3 cases: purchasing a smartphone, headphones, chargers, or PC from Sirin Labs at a discount, repair of devices in SL service centers, and payment for services in a DApp, a decentralized application store built on the principle of AppStore and Play Market. The SRN token can be bought and stored on the device itself, so no additional wallets are required. The cryptocurrency also has no mining, and its algorithm is SHA-256. If you don't have a Finney phone, SRN can be safely stored in any ERC-20 compatible wallet.
Pros and Cons of SIRIN LABS Token
Advantages of SIRIN LABS Token
SIRIN LABS as a project has unique offers like the first blockchain smartphone and it makes sense to develop the coin as well. The token currently occupies a place among the top-700 cryptocurrencies. The website is available in multiple languages so it attracts more of an audience that is diverse and heterogeneous. New devices and planned partnerships with creators of decentralized applications will also positively affect the course and stability of the Sirin Labs Token cryptocurrency.
Disadvantages of SIRIN LABS Token
There’s not much information about the token on the website. It seems like the token is not a means to an end but just a means of payment. It’s not clear why to use it at all if not for the website. It seems like the efforts of the developers are put elsewhere and not into the crypto. As a result, SRN also has low ROI, according to CoinMarketCap. Despite being represented on major exchanges like Huobi Global and Bittrex, GSC still needs more exchanges to be traded on.
The company is further notoriously known for multiple conflicts with their employees and numerous legal lawsuits. These lawsuits have significantly tarnished the team's reputation. Since the token is very tied to the platform, it relies on it heavily. The prospects for the SRN token depend on the questions of how many use cases for the token there are and if it’s necessary at all. If few phones are sold, then the ecosystem does not develop and there is no acceptance of tokens.