The first real smart watch is from India, and is the cheapest

More than half a dozen smart watches are already in the market--including the much hyped Pebble from a startup of the same name, and those from giant corps like Sony and Motorola--the Sony LiveView and MotorACTV.

However, all of them are just add-ons to your smartphone. None of them work independently. They just display information from the phone--incoming texts, tweets, and other notifications.

Androidly does everything itself. It is a fully featured Android smartphone that you wear on your wrist. 

In Androidly there is a phone, there is a camera, there is GPS (displayed on the tiny 2-inch screen though). You can make and receive phone calls, shoot photos with the 2-megapixel cam, and navigate routes.

There has been jeers asking if it is a 'big smartwatch' or a 'small wearable phone'? 

It’s all about optimisation and compromise.Whatever is lost in slimness is more than compensated for in functionality. Androidly runs hardware specifications found in a low-budget mini handset: 

416 MHz processor
256 MB RAM
8 GB of storage via SD card
2 megapixel camera
2-inch, 320 x 240 pixel capacitive touchscreen
GPS / aGPS, accelerometer, Bluetooth 2.0, Wi-Fi 802.11 b/g and GSM network support
And the machine runs on Android 2.2 Froyo