Oneplus planned to design the ‘perfect smartphone’. The upcoming release of their Oneplus One just may do that. It offers an impressive list of specs for a very competitve $299. It starts with a Snapdragon 801 2.5GHz quad-core processor, the exact processor that powers the Samsung Galaxy S5. Onboard the Oneplus One gives you 3GB of RAM, a 5.5″ 1080p display featuring Gorilla Glass 3, 13MP rear-facing camera and 5MP front-facing camera and global 4G LTE.

CEO Peter Lau wants to be “the MUJI of the tech industry”, citing the widely popular Japanese lifestyle and household products chain. It releases this week and it’ll be interesting to see how much market share it carves out. Prices start at $299 for a 16gb white version and $349 for a 64gb black version.