Onyx Boox always uses old chipsets tied to old Android versions in order to cut costs. I suspect the security of your data is at far greater risk from installing a malicious application than it is from an outdated Android version. Boox tablets are primarily intended for reading and writing, as many applications will not work with an e-paper screen at all. As such, compatibility is not really a factor, as most applications won't work properly, anyway.
It isn't a substitute for a normal Android tablet; it fills a specific niche for people who want a more pleasant reading and writing experience with the added fllexibility that Android offers (to a point, due to the limited screen).
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