HTC’s announcement that its planned smartphone, the HTC Exodus 1s, will be able to act as a full node for the Bitcoin network has been hailed as a highly significant development for blockchain technology.

Announced at the Magical Crypto Conference on Saturday, the Exodus 1s will allow customers to store all data from the Bitcoin blockchain on their devices. This will allow users to verify the data themselves and maintain their own private keys.

“We think that’s foundational to the whole decentralized internet and just the whole fundamental premise,” said HTC DCO Phil Chen, during the announcement.

“If you don’t own your keys, you don’t own your Bitcoin, you don’t own your crypto.”

HTC Bitcoin node phone “leading the way”

While the announcement may be perceived as gimmicky by some, for others it is an early example of an approach to cryptocurrency that will become increasingly common in the future.

“What HTC are doing with their Exodus device is actually one of the major developments seen in the crypto industry, probably for the last 18 months, simply due to what it’s putting into the hands of everyday users,” said Richard Dennis, founder and senior cryptography advisor at temtum, a peer-to-peer cryptocurrency focusing on decentralisation.

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“What’s most interesting is the integration of enabling the phone to run as a full Bitcoin node, which will at the end of the day be the most effective way of next-generation blockchain technologies scaling to suitable depth for increased security and speed.”

For Dennis, this kind of technology will ultimately help to advance the speed and security of blockchain networks.

“Running as a Bitcoin node, although novel and technically advanced, it will be the integration of the latest highly scalable cryptocurrencies into mainstream devices that will see unprecedented speeds and security of those networks, benefiting users in ways existing currencies like Bitcoin are unable to achieve,” he said.

“It’s great to see HTC leading the way for usability of digital assets, while also accounting for scaling network nodes.”

Read more: Louis Vuitton blockchain project “beginning of a new era” for luxury brands