Google hasn't given us any official indication it plans to launch an updated Pixel 3 smartphone in 2018, but that isn't going to stop us from covering the various leaks and rumors leading up to its launch.
This isn't the first we've heard of a cheaper Pixel -- 9to5Google reported its existence a year ago via an anonymous source:
You should interpret "Budget Pixel" as a device that is being developed by the same team working on the Pixel 2, that is aimed at being released in emerging markets. This could mean Android One, this could mean something entirely different. My knowledge of this device is that: a.) it's being developed alongside the Pixel 2 and b.) will not be sold in the US (assuming that it leaves the prototype stages).
It's worth noting there were three versions of the Pixel 2 found in 2017 code. Google ditched the third device and launched the Pixel 2 and Pixel 2 XL.
9to5Google's earlier report said Google is planning a Pixel phone "aimed at different markets" with a lower price and less powerful hardware.
There's no word on pricing or specifications for the rumored cheaper Pixel. It's not clear if it is one of the three codenames provided by Droid Life.
Expected with all flagship upgrades, Google will probably include boosted storage and RAM. We'd also expect Pixel 3 not to include a headphone jack and let USB-C be the star -- like the Pixel 2 and Pixel 2 XL.
The code doesn't actually fully implement iris unlock, it just creates the internal structure for the feature. Instead of modifying the lockscreen code themselves, adding the relevant permissions, and so on, manufacturers would just add their code in the proper location. The discussion on the commits is ongoing, and it hasn't been merged into AOSP quite yet.
We'll be tracking the latest.
Closer look at Google's Pixel 2, Pixel 2 XL (pictures)