Google's Project Ara will come out sometime in January 2015 and it costs $50.

Aside from the release date and its cost, the updated report regarding this smartphone is that Google will create a hardware store for Project Ara.

PC World reported that One of the biggest companies today, Google, will create a hardware store. This hardware store is place where users can buy and sell Lego-like hardware modules for the customizable Project Ara smartphone.

The selling point of this smartphone is, it is customizable, meaning, it allows users to mix and match features like swapping out screens, cameras, antennas and CPUs. According to Agam Shah, writer of PC World, this feature could be a good option if a user wants a cheaper way to replace parts or if he just wants to get some parts, rather than buying new smartphones.

The developer of Project Ara, Paul Eremenko, said during a lecture series:

"By following the Android model, we are creating a free and open platform... The Ara MDK is free and open and available to everybody, so everybody could create a module per the specifications of the developer's kit and put it in the Ara module marketplace, which is analogous to the Google Play store, and sell directly to consumers."

Watch the video to see the full discussion about Project Ara: