Samsung own cryptocurrency as per the new report will set the market soon. The South Korean electronics giant has been working on its public-private ethereum Blockchain and simultaneously looking forward to issuing its own cryptocurrency token further.
According to the report from published on April 24, Tuesday. The anonymous source within the company revealed that they are gearing up to launch their own coin and building a Blockchain main net based on ethereum. The source said in the report: the company is expecting to launch its coin in the market however the direction in which the coin will head is still unclear.
He said: Presently, we are only targeting on “private Blockchain, though it is not yet confirmed. It could also be public Blockchain in future, but I think it will be hybrid- that is, a combination of public and private Blockchain.”
The report further indicates that as soon as the development of Blockchain is completed, Samsung will roll out to launch its own currency “Samsung coin” token. The person also emphasizes that if the company develops a public Blockchain in years to come then the crypto-coin will get traded publicly as we see with bitcoin (BTC) and ether (ETH). Samsung coin will also introduce a payment platform ‘Samsung pay’ developed through Blockchain integration and may get listed on the codex exchange, in order to offer an easy way to trade freely in the market.
However, this is not the first step of Samsung into Blockchain sphere; the company is already working on the number of Blockchain projects. For instance, Last month they have rolled out cryptocurrency wallet compatible to ethereum and ethereum based ERC 20 tokens into some jurisdiction.
Also, Samsung has reportedly introduced a crypto wallet and decentralized app support under the flagship of its galaxy S10 Smartphone two month ago. The cell phone is expected to have the ability to store cryptocurrency private keys and other features including the support for Blockchain based signature.
Source from the company also added that the Blockchain technology is developed by the wireless technology division of the firm. Though we don’t have any confirmed information about the devices which will give support to Blockchain integration. The company revealed, “Some models are being tested for it.”