According to reports, Samsung builds framework to have a blockchain mainnet of its own. The South Korean company will lock down blockchain after its launch. But, it will open the blockchain soon for public. As a result, it will allow the tokens of Samsung Coins.
As a matter of fact, Samsung Coin is Ethereum-based. Consequently, the company will trade on different exchanges, for instance, Bitcoin and also on Ethereum.
Moreover, the resources cite regarding the internal circumstances of Samsung. As per resources, the company consists of special teams and task forces. They do regular research to develop the blockchain network for the company. As a result of this endeavor, the company is all set to have its own network of blockchain. The resources note that the company works on different services of related functions. However, the reasons and clarifications for the same are not yet clear.
Samsung’s Mobile Wallet for Samsung Coin
Interestingly, the mobile wallet of Samsung paves the way in order to set up its coin. However, this wallet fails to meet compatibility test with Bitcoin. Therefore, the customers can only use Ethereum and the tokens that derive from it. But then also, the basis for Samsung Coin will be Ethereum.
In similar fashion, the personnel of Samsung say on the topic. According to him, the market has expectation with Samsung to launch its coin. But, they have not decided the direction for the same.
However, if Samsung develops a blockchain, its coin will be available to trade on different exchanges. The exchanges will include, for instance, bitcoin, ethereum, etc. The South Korean giant will also bring its technology to Samsung Pay. As per matter of fact, Samsung Pay is Samsung’s payment application. Alternately, the move has no direction according to the source.
On the other hand, the task force of Samsung working on its blockchain since a year. They also are working on different projects, report says.
Samsung’s Leap into the Blockchain technology
Before two months, Samsung leaped into the world of blockchain. It did so with the Galaxy S10. Reportedly, the cell-phone can store private keys of cryptocurrencies. It can also consist of different features like digital signature which is based on blockchain technology.
Previously in the month of March, the South Korean company revealed its wallet, a crypto wallet. The wallet passes compatibility test with ethereum and its related token. Some of its tokens are, for instance, ERC20. However, it does not include Bitcoin in its early phases. But, the wallet is unavailable in few jurisdictions, as per reports.
Interestingly, the cell-phone, Galaxy S10 supports dapps. In other words, dapps means decentralized applications. It includes applications like Enjin, Cosmee, CryptoKitties and CoinDuck. Precisely, Enjin is a crypto gaming platform, whereas Cosmee is a beauty community app. Other apps like ‘CryptoKitties’ is a cryptocurrency collectibles platform and CoinDuck is a merchant payment service app.
Besides the entire buzz, sources tell the realistic facts about what is happening inside the arena of Samsung. According to them, the work is currently at the internal stage of experimentation.
Read Also: JPMorgan is expanding its banking blockchain network by including payments