The newly Google-acquired Motorola wants to be among the first to equip the entire world with some of the most up-to-date smartphone technology, even for those with a lower income.

The new Moto G smartphone starts at just $179 in the U.S. without a contract requirement. Compared to other smartphones, which typically run close to $600 or more that most smartphone makers like Samsung, Apple and HTC offer without getting a two-year contract from a cell service provider.

Motorola, owned by Google Inc. announced Wednesday that it will target an estimated 500 million people worldwide who can't afford smartphones that cost more than $200. In the past, those customers were limited to phones with technology that was typically about a year or so out of date and thus, unable to run many of the latest apps and services. The Moto G is aimed at targeting more than just emerging markets but it's for the budget-conscious yet tech savvy U.S. customers.

According to the Courier Journal, the device sports a 4.5-inch display screen capable of high-definition video but only at 720p. The screens resolution runs at 329 pixels per inch, comparable to the 326 pixels in the latest 4-inch iPhones but still short of the 5-inch display found on the Samsung Galaxy S4. It comes with a Qualcomm processor and runs a more recent version of the Google Android 4.3 operating system known as Jelly Bean, which is only one version out of date from the Android 4.4 KitKat. However, a model with the 4.4 KitKat os will be available sometime in January according to the company.

While the specs are good, they become even better once the low-cost $179 price tag is factored in. The $179 will get customers an 8GB version, a 16GB version will be available for $199 as well.