In addition to the development of high-end smartphones, Samsung also decided to venture into the field of blockchain technologies in order to create its own virtual currency. Currently, the Korean firm is developing its own blockchain network and could soon launch its cryptomony. During this article, let’s talk about Samsung’s new project.
A hybrid blockchain in preparation
According to a knowledgeable source, Samsung plans to go further in the blockchain field and is currently working on an electronic currency.
The Korean manufacturer has dedicated a team to the development of blockchain projects and has been working for a year on various projects, among which is a blockchain network based on Ethereum.
According to the same source, Samsung is thinking of developing a private blockchain. Moreover, even if this has not yet been confirmed, the mobile phone giant intends to transform it into a hybrid blockchain, i.e. a combination of public and private blockchain.
Samsung’s virtual currency
In a second step, Samsung could also launch its own virtual currency. Called Samsung Coin, it will integrate the payment system Samsung Pay and will therefore be available on the various platforms for exchanging cryptomoney, especially if the giant sets up a public blockchain. Namely that Samsung had already taken a first step forward in the field of blockchains with the launch of its Galaxy S10 smartphone which has a portfolio dedicated to cryptographic currency. The Blockchain Keystore application allows to store digital signatures, to make payments, but also to transfer and store cryptomoney. This wallet is also compatible with Ether and ERC-20 type tokens.
The only drawback is that this option is only available in the United States, Canada and South Korea at the moment, but we hope to see it arrive in France soon.
Samsung’s investments in cryptography
In addition to being the first major smartphone manufacturer to launch a dedicated cryptography application on its Galaxy S10, the firm has also been generous with various companies on the block. The Korean firm has also invested in the French crypto wallet startup Ledger. It showed its great interest in the French startup by investing more than 2.6 million euros.
As a reminder, the young French company Ledger presents itself today as the French company that offers the best crypto wallets on the market, such as the latest Ledger Nano X which allows to store its cryptomoney in a highly secure way or the Nano S which has obtained the CSPN (First Level Certification) delivered by the National Agency for Information Systems Security.
