Samsung’s unveiling of crypto wallet during the launch of its Galaxy 10 smartphone seems to have been the heralding of its intentions and developments in the Blockchain technology arena.
On 23 April news just in from Coindesk Korea suggests that Samsung is reportedly developing an Ethereum-based Blockchain mainet with potential issuing of digital token dubbed the ‘Samsung coin’.
According to the Samsung insider, the company’s Blockchain task force under the its wireless division is the one task with developing the Blockchain mainet. The work is currently on experimental stage.
“The Galaxy S10 wallet supports Ethereum-based tokens suggesting the direction the tech giant is taking.
“Currently, we are thinking of private Blockchain, though it is not yet confirmed. It could also be public Blockchain in the future, but I think it will be hybrid – that is, a combination of public and private Blockchain,” said the source.
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided,” the source reiterated.
Samsung could potentially go with public Blockchain and have the ‘Samsung Coin’ traded on cryptocurrency exchanges just like the major coins. Or it possible to incorporate Blockchain technology into its payment system Samsung Pay.
Which direction Samsung is going with this development it gives credence to the current trend that major corporations taking in regarding adoption of Blockchain.
Samsung recently poured $ 4 million into Israeli cryptocurrency developer KZen which has smartphone wallet known as ZenGo in beta testing phase. And in a related event, Hardware cryptocurrency wallet maker Ledger announced on 24 April that they had secured $ 3 million from Samsung.
Lately, the trend of launching native digital currencies seems to have picked up steam.
In February, how U.S. bank JP Morgan announced the launched JPMCoin, a dollar-pegged stablecoin. Facebook is said to be working on issuing a digital token for payments of its WhatsApp messaging platform.
Concern is growing from among sectors crypto users especially those who are skeptical of conglomerates and their sudden impetus to issue digital coins.
In a related issue, Samsung will delay the launch it folding phone known as Galaxy Fold due to a various breakage and screen integrity problems. Various device testers are said to have pointed out internal flicker of the screen, freezing, and consequent phone failure of their test phones within the first few days. Other test phones seemed to still be working well, and so far holding up to the Samsung pledge that the phone can be unfolded about 200,000 times in its life