Google's modular phone Project Ara, which will let users customize the components of their smartphones, seems poised for a 2015 release.

So far, we know about which processor Project Ara will employ and that it will have different module sizes. Now, Project Ara head Paul Eremenko has spilled the beans in a keynote address.

By December, the Google Advanced Technologies and Products (ATAP) team is all set to take the wraps off the first Ara prototype smartphone, which will be fully functional. What's more, the ATAP team will also release a new Module Developers Kit (MDK) at the second developer conference for Ara.

Earlier in April, the MDK suggested that users would be able to hot swap or replace the phone's battery without turning off the device. Now, Eremenko has said that the devices will run on a modified version of Google's yet-to-be-released Android L OS and users will be able to swap plenty of other modules as well.

Barring the display and processor, this tweaked version will enable pretty much all the hardware modules to be "hot swappable." Users will be able to do this even when they are in the middle of a call or texting. The benefit of this functionality is that users will be able to swap or change part of their device without even switching off their phone.

Eremenko also disclosed that the modules will be sold online via a retail store comparable to Google's Play Store.

In July, Google took on board the modular phone's first beta testers or Ara Scouts.

"As promised, the 100 most active Ara scouts will be among the first to receive a phone -- gratis. We couldn't have done it without you!" revealed Google at the time.

With the first fully functional prototype Project Ara smartphone scheduled to be unveiled in December, it will be interesting to see what reaction it elicits from experts and consumers alike. The launch will likely take place in early 2015 and the modular smartphone will cost $50.

The coming months are crucial for Project Ara and with partners like Toshiba and Foxconn Quanta, expectations are riding high. Whether the prototype will be able to live up to them will be revealed at Ara's second Developer Conference in December.

To learn more about Project Ara, click here.

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