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Samsung is developing its own Samsung Coin cryptocurrency

Business
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Last updated: June 9th, 2019 at 00:10 UTC+02:00

Samsung has started building the framework for its own blockchain mainnet, according to CoinDesk Korea. It’s believed that the blockchain will be locked down when it first launches, but could be opened to the public soon thereafter, which would allow the Ethereum-based Samsung Coin token it’s also said to be developing to be traded on exchanges, alongside Bitcoin and Ethereum.

CoinDesk Korea noted, citing an anonymous source familiar with Samsung’s internal situation, that the firm has had a dedicated task force researching and developing its blockchain network for the better part of a year. That same source also added that it’s working on a number of related services; though there’s no word on what they are, what they’re called or what function they serve.

Samsung already has a mobile wallet for Samsung Coin

It’s starting to look like Samsung developed its Blockhain KeyStore cryptocurrency wallet to pave the way for the introduction of Samsung Coin — corroborated by the fact it isn’t compatible with Bitcoin, the most used token in the world. Why’s that, you ask? Because the client can only be used with Ethereum and Ethereum-derived tokens, which is what Samsung Coin is said to be based on.

But what will you be able to do with Samsung Coin when it’s enviably made available to the public. Well, by that time a large number of companies should have opened processing for Ethereum and Ethereum-based tokens, so as is the case with Bitcoin, you should be able to use it to do everything from booking flights to ordering new computer equipment online.

Via Business Blockchain KeyStore WalletSamsung Coin
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