Xiaomi working on a chipset is no news for the fans of mobile technology. The company even created a Weibo page for Pinecone - the alleged name of its in-house SoC. But now the Mi fans have something to really be ecstatic about - there is a date for the unveiling of the mystical Pinecone - February 28.An invitation for February 28 at China National Convention Center in Beijing for the Pinecone announcement
Samsung, Apple and Huawei are the only three companies in the world that produce their own chipsets - respectively Exynos, A-series and Kirin. But now Xiaomi will become the second Chinese company in the world to design in-house system-on-a-chip.
Xiaomi released Redmi 2A two years ago - a phone powered by a Leadcore chipset. And now the partnership between Leadcore and the Chinese company will bear the fruit called Pinecone and will be launched on the last day of February. Then Xiaomi is expected to lift the lid on the details about the SoC.
Keep in mind that Pinecone is a direct translation from the Chinese term so we might see a Western adaptation of the name (or completely different name in that matter).
The Xiaomi Mi 5c was expected to be the first phone with the SoC, but latest leaks suggest it might use the Snapdragon 625 instead. There is no info about which Xiaomi smartphone will first get the new chipset.
MIUI is just a skin. Android is the OS.
You should be aware that xiaomi doesn't use android OS directly on its phones but MIUI OS. Always buy the phone with the proper understanding what it can and cannot do for you and what OS it is using, then you won't be expecting the impossible.
My 2 xiaomi phones, Note 1 bought in dec 2015 and redmi 2, mar 2016 received updates from xiaomi regularly. 2 phones are working ok. So you can be sure that xiaomi gives updates when it is ready to do so.