Business Insider is reporting that an industry source has told them iPhone 5 “was real and it was scrapped only months before the iPhone 4S was announced.” The website says that the source has been right about future Apple products in the past, but they weren’t able to verify this information with a second source. This Business Insider source says that he spend about two weeks with one of the iPhone 5 prototype and it had following features:

• Bigger 4-inch screen with better color reproduction
• Aluminum back like iPad 2, Apple might have even used Liquid Metal
• Capacitive touch Home Button
• Design was squarish and flatter than current iPhone model
• Much faster than normal iPhone, but with low battery life
• Better 10-megapixel camera
• Siri on the Prototype iPhone 5 was called “Assistant”

Business Insider didn’t say whether Apple will release the said iPhone 5 model next year or will scrape the plans and have a completely new design next year. We have to want and see.