This device is going to get at best around 2 years of proper security updates due to using an SoC launched in late 2020 with 3 years of support. They're claiming they'll be providing something they won't really be providing without doing the work for it.
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On what basis do you claim that they need vendor support for the SoC to provide support for the phone using it?
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They're shipping the firmware, drivers, libraries and other device support code provided by Qualcomm including proprietary and shared source code that they're not able to continue supporting themselves.
They've demonstrated they don't provide any proper extended support already.
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So it's less a matter of not being possible, and more a matter of them not being up to the task of doing it.
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Qualcomm's proprietary device support code is largely shared source rather than closed source so vendors could actually maintain most of it long afterwards but they choose not to do it. Qualcomm would also probably happily support it longer if they got paid by many OEMs for that.
It's entirely possible to developer / use separate device support code but companies like Fairphone aren't playing any role in doing it.
Samsung and Google are in a position where they can easily provide 5+ years of support because of having their own SoC. Way harder for others.
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Samsung is likely still only providing 4 years of support even for their flagship phones because they don't want the US models to be supported for 1-2 fewer years than most of the international variants. They have a complicated mess of a product line. Exynos-only would help them.
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