Google Inc. has finally unveiled the prototype of Project Ara to developers during an event this week held in Santa Clara, Calif. Project Ara is an initiative that lets users customize their gadgets by swapping out individual parts.

Project Ara was first introduced to the developers in the last quarter of 2013 when Motorola, Google's mobility unit, announced that it has partnered with 3D Systems in developing a 3D-printed phone technology that will allow users to mix and match hardware. During the time, no details were provided yet. Three months later, Google announced that it will be hosting three conferences as an alpha release featuring the prototype of the modular smartphone.

During the developers' event, the Project Ara team demonstrated how to switch and swap parts of the phone, such as its camera, battery, and display. The innovative phone comes in three sizes -- ranging from mini to wide-screen smartphones/tablets, coined as "phablets." While the company did not reveal the specific prizes of the phones, its manufacturing will cost more or less than $50 to $500, depending on the type of phone. Google also revealed that it will be released sometime in 2015.

The phones, which will have a frame called the Endo, are expected to run on a future version of an Android mobile operating system. The Endo is the part that will hold the exchangeable parts as one through magnets. Additionally, the phones are expected to last for about five to six years. With that life span, electronic waste can be reduced, CNN reported.

Since its original source code is created unreservedly available and may be reorganized and modified, third-party modules or having your photos printed using a 3D printer will be very possible. If there are new inventions that can be used in a phone, users can freely add it up to their phones as easily as downloading apps from the Google Play Store. They can also customize the phone's hardware for highly specialized phones.