The LG G5 is the newest Android smartphone to be released by LG on February 21 in Barcelona, just a day before the Mobile World Congress 2016.

The latest smartphone by LG is said to be a "major departure from the G4 and its predecessors." The LG G5 is equipped with Android 6.0 Marshmallow. Other specifications of the said phone include a 5.6-inch IPS LCD, Corning Gorilla Glass 4 protection, 4GB RAM and 64GB Internal memory storage, 64bit Qualcomm Snapdragon 820 SoC processor, and a 20 MP primary camera, among others.

This specific phone will also have fast internet connectivity as it has a 4G LTE CAT9 data transfer speed (450 MB/Sec). The phone will also have an iris eye recognition technology, which will be provided by IRIENCE, a South Korean company. This technology will enable the smartphone to "detect your Retina up to 50-centimeter distance."

Last year, the G4 was introduced and was followed by V10, which is equipped with a steel frame, impressive manual video controls, hi-fi audio, and other new features. 

The LG G5 is considered to be the company's boldest attempt in making a smartphone that will become a hit.

There is even more than just this LG G5. It is believed that the company will be revealing two flagships for this year. The second one will be tentatively revealed in the second quarter of the year. It is the LG G5 Pro.

"The smartphone marketplace is expected to be increasingly competitive in 2016 due to anticipated premium models from competitors and further price competition within the mass tier space. "The introduction of two new flagship models and a more cost-competitive value chain is expected to improve profitability in 2016," a company statement said.

LG has already sent out 'save the date' notices for a MWC 2016 press conference. The invitation reads: "Come meet new friends on the playground." The invite has three characters: a robot, biplane and a wizard goldfish.

Meanwhile, other smartphone companies are also expected to reveal new phones within the year.