If you launch Cydia on your device running iOS 5.0.1, you will notice that it automatically saves your SHSH blobs for iOS 5.0.1 firmware. It is also an indication that Cydia is also prepared for iOS 5.0 / 5.0.1 untethered jailbreak.
Now as your SHSH blobs of iOS 5.0.1 is cached by Cydia on a private server, if you mistakenly or accidentally upgrade to a new version say upcoming iOS 5.1, it will allow you to always downgrade back to iOS 5.0.1 because the untethered jailbreak is confirmed for iOS 5.0.1 by Pod2g and Chronic Dev Team.
So this blobs saving ability for the firmware for which untethered is going to release is a precautionary measure. All thanks to Cydia creator Jay Freeman as known as Saurik.
What are SHSH Blobs?
SHSH Blob is a signature verification file against Apple Server. It verifies that the iDevice is running the latest version of iOS. Saving SHSH blobs will allow you to restore to previous version known as downgrading firmware. While doing so Apple will stop you doing the restore process. To make this happen you have send a request to different servers which forwards SHSH blobs to iTunes by just showing it that its a new version of iOS. This is how TinyUmbrella, iSHSHIT, Redsn0w and iFaith works to help you save SHSH blobs.
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