OnePlus officially announced the OnePlus One early Wednesday morning, the highly anticipated Android smartphone that runs a custom build of CyanogenMod. As expected, the device offers some of the best hardware on the market but without the super expensive price that unlocked flagship smartphones usually command.

The OnePlus One is powered by a Snapdragon 801 processor clocked at 2.5GHz and runs CyanogenMod 11S, custom software that is built on top of Android 4.4 KitKat. It has a 5.5-inch display with a 1920 x 1080p resolution, a 13 megapixel Sony Exmor IMX 214 camera sensor with six individual lenses, a 5-megapixel wide-angle front-facing camera, 3GB of RAM and a large 3,100mAh battery.

Initial launch markets include Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Italy, Netherlands, Portugal, Spain, Sweden, Taiwan, United Kingdom,and the United States. A 16GB white option will launch for $299, though you’ll also be able to grab a OnePlus One in black with 64GB of storage for $349. The phones also have exchangeable back covers.

OnePlus is running a comical promotion starting April 25 that allows 100 people to apply to smash their current smartphone for a chance to buy a OnePlus One for just $1. Otherwise, most folks will have to wait until sometime after that.

If OnePlus can manage to drum up enough marketing, it may have a pretty big hit on its hands. The company seems to be offering one of the best smartphones on the market right now now much above what it costs to build such a device. Phones like the HTC One (M8) and Galaxy S5, which cost $199 on contract, still cost upwards of $600 unlocked and without a contract.

Source OnePlus