Xiaomi Technology announced that they would launch a new iteration of their MiOne (MI) Smartphone. This announcement of the new rival to iPhone was made on August 9. According to reports the new iteration of their MiOne is way better than the iPhone on paper, and yet it comes for less half price of the Phone 4S. Xiaomi was founded two years ago and already worth more than RIM, developer of BlackBerry phones. The company has become so popular that it managed to sell out a few minutes after it went on sale online. In a July interview Lei Jun, CEO and founder of Xiaomi, said that the company’s revenue reached up to $1billion as it managed to move more than 3 million units.