OnePlus announced the One, a low-cost smartphone that goes toe-to-toe with the world's best devices. The OnePlus One runs CyanogenMod, which is based on Android 4.4 KitKat but includes stronger security and some features not found in stock Android, such as Voice Wakeup and custom on-screen gestures. The OnePlus One is one of the first mass-market devices to ship with CyanogenMod on board. The phone includes a 5.5-inch full HD display protected by Corning Gorilla Glass 3 and has exchangeable rear covers that come in a variety of difference materials, such as cashew and bamboo. The One is powered by a 2.5GHz quad-core Snapdragon 801 processor with 3GB of RAM. It packs a 13-megapixel Exmor camera sensor from Sony, with an f/2.0 aperture and six lens elements.

 It can record 4K video as well as slow motion in 720p HD. The One also has a 5-megapixel user-facing camera. The device offers worldwide HSPA/LTE support and includes Bluetooth 4.1, dual-band Wi-Fi, GPS/GLONASS, and a range of sensors. The One has a 3,100mAh battery, USB 3.0 with QuickCharge 2.0, but does not support microSD cards.

OnePlus said the One will go on sale in select markets, including the U.S., during the second quarter. It is priced at $299 for a 16GB model and $349 for the 64GB model (similar price points to the LG-made Google Nexus 5). OnePlus is offering the One for $1 to those who (literally) smash their old device, but the company requires in invite in order to purchase the One.