Samsung plans to create its own blockchain and cryptocurrency.
Samsung, the largest South Korean business group, would be developing its own blockchain based on Ethereum. The information was released on Wednesday 24 by a specialized media, which attributed the news to an anonymous source.
According to the report, the blockchain development team of the mobile telephony giant is building a block chain network, which is currently in the “experimental internal” phase. It could be a hybrid network that “combines public and private block chains,” said the spokesman who said he was familiar with Samsung’s internal situation.
As part of the project, the company would be evaluating the possibility of the cryptocurrency of said network, Samsung Coin, being commercialized in the crypto-market. If this movement materializes, the token could be placed in cryptocurrency exchange houses.
On the other hand, Samsung could also incorporate cryptoactive technology into its Samsung Pay payment application. However, according to the source, apparently the company’s board has not yet decided to take these steps.
The spokesperson revealed that the company’s blockchain work group, which is part of its wireless division, has been developing several projects in this segment for at least a year.
In the month of February, after weeks of rumors, Samsung announced that the smartphones of the Galaxy S10 series would include a cold wallet for the storage of cryptocurrencies. The first reports indicated that the application, called Samsung Knox, would allow storing bitcoin, bitcoin cash, ethers and tokens ERC-20. However, it is currently compatible only with ether (ETH) and tokens based on Ethereum, ERC-20.
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