LG has stunned the world when it finally unveiled the long-anticipated LG G4. For those who may not know, the Lollipop-supported device is thought to house the best camera in a smartphone yet, sparking interest among photography junkies.

Today, speculations over the handset's successor have generously hit the web. Following convention, the device is naturally dubbed the LG G5, and it looks to hold the promise of most smartphones born after their predecessors: Upgrades.

While most could be expecting the LG G5's arrival in 2016, Focus Taiwan reported that LG is planning to release a second flagship smartphone "later this year" -- in line with its "dual-flagship" strategy.

This strategy kicked off in Taiwan last year, thanks to the arrival of the 5.9-inch LG G Pro 2 in March and the 5.5-inch LG G3 in June, the outlet said.

While the recent report did not specify a device, Trusted Reviews saw candidates in the LG G5, LG G Pro 3 or "some new spin-off we've not yet heard of."

Cho Jun-ho, LG's mobile business lead, said in March, "We are planning to release a product that stands above the G series. It will be launched during the second half of this year."

That being said, we could be looking at another LG launch the earliest in July.

So what do rumor mills have in store for the LG G5? Let's take a look at three of the most interesting features said so far:

1. Iris Recognition Technology

According to Whowired, recent local reports claimed that the LG G5 is bound to pack an iris scanner. The technology is reportedly developed by IRIENCE, a Korea-based firm specializing in biometrics. This feature, quite obviously, gives us a peek of the future of mobile security.

Currently, IRIENCE is believed to be upgrading its algorithm process, which includes increasing the recognition range from around 30 cm to 50 cm. This development is expected to wrap in two to three months, Whowired noted.

2. Waterproofing

As told by ValueWalk, Apple is "apparently intending" to make the iPhone 7 significantly waterproof. Followers would know that Samsung cut this feature off the Galaxy S6 and S6 Edge, so it only makes sense if LG tries to make its new flagship a powerful amphibian.

For the LG G5, ValueWalk said a dust-resistant feature will also be welcomed.

3. 4K Display

Previously, Android Origin listed a number of speculated specs of the LG G5, one of which includes having a 5.5-inch, 3840 x 2160 pixel POLED display. This resolution is equivalent to 4K, and if the LG G5 indeed comes out soon, it could be the first-ever smartphone to sport the stunning screen.

As earlier noted, the LG G5 is also pegged to own a 30 MP main camera, 10 MP front snapper, 5G connectivity support, bendable architecture and a whopping 4,000 mAh battery. A price tag set between $1,000 and $1,200 has also been estimated for the device.