Israeli-based Sirin Labs decided to change its plans for the use of Internet of Things blockchain platform IOTA. Now Sirin Labs' future blockchain smartphone will be launched on Ethereum.

Sirin Labs, which is developing blockchain smartphone called Finney, will not use IOTA's blockchain to launch its product. Instead of this, Finney will be based on Ethereum, told Moshe Hogeg, CEO of Sirin Labs. Finney is scheduled to go on sale in November 2018.

"We're not with IOTA, we looked into it and decided to go a different route," said Hogeg.

Earlier it was reported that Sirin Labs will work closely with IOTA to create Finney and use its network. Hogeg did not give details on exact reasons for refusing to use IOTA's blockchain, but the community supposes that the decision was made due to the immaturity of IOTA.

It is expected that Sirin Labs will now focus on the development of a private network based on Ethereum.

"At launch, we will be using the Ethereum blockchain... Finney will process transactions through a series of complete nodes hosted at Sirin Labs," Nimrod May, the Sirin Labs chief marketing officer, clarified.

The Sirin Labs team emphasizes that the use of the Ethereum network is a temporary solution. The medium-term and long-term vision is to implement a third-generation blockchain system that will allow to launch project's own token, that is considered to be an optimal solution in terms of scalability, speed and security.

Finney will cost about $1000 and can be pre-ordered through the official website of Sirin Labs.