Last year, Samsung gave us a sneak peek at its upcoming foldable phone and everyone has been excited about the future of smartphones. 

We've already heard LG and Huawei working on similar technology and now Xiaomi is joining the battle as well.

The company's president, Lin Bin, has now confirmed that the company is indeed working on a "double folding smartphone", and has shared a video showing it in action. Both sides of the phone can be folded back to transform it from a tablet into a more compact phone. We're confident the video shows a prototype in action since creases are easily visible.

Considering the new form factor transformation, the device will be running an optimized version of MIUI that will instantly convert the UI for a seamless experience. The video shows the device can quickly change into a compact phone and sports glossy finish.

Xiaomi's president revealed that they have employed a four-wheel drive foldable shaft technology and a foldable display to achieve the form factor. This may make this device the first one to sport a double folding mechanism.

© Xiaomi

The prototype visible in the video demonstrates only the folding functionality of the device and all other specifications remain unknown. In fact, there are no cameras or sensors visible on the prototype. The power button is located on the top, for now.

The most important part of the video is how quickly the UI transforms to accommodate a new form factor. If any brand wants success with this concept, a seamless transition in the UI has to be a top priority.

© YouTube / Samsung's Prototype

One question continues to remain unanswered though, when will we see these prototypes production ready? Recent reports have indicated Samsung will be releasing a foldable phone by the end of this year. We expect Xiaomi too have a similar roadmap as well, considering they want to directly take on the South Korean giant.

As far as prices are concerned, we've also heard that these devices are going to be extremely costly in the beginning. MWC 2019 is just a month away now and we look forward to seeing more of this in action there.