Home Samsung is developing its own cryptocurrency and blockchain network

Samsung is developing its own cryptocurrency and blockchain network

Samsung may soon launch its own blockchain mainnet. The company is reportedly working on a Ethereum-based network, and is planning to issue its own token, possibly called Samsung Coin. The South Korean electronics giant has had a dedicated team researching and developing the blockchain network for at least a year now. The work is currently at the “internal experimental” stage. It will initially be a private blockchain, but could be opened to the public in a hybrid form later on.

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains” CoinDesk Korea quotes a person familiar with Samsung’s internal situation. “The market expects Samsung Coin to come out, but the direction has not yet been decided.”

Could be integrated with Samsung Pay

Samsung’s blockchain team is working on a number of projects, according to the report. After the blockchain network, the team may shift focus on to Samsung Coin. The coin could be traded publicly on cryptocurrency exchanges just like Bitcoin and Ethereum. There is also a possibility that Samsung would bring its blockchain technology to its payments app Samsung Pay.

While none of these reports are confirmed yet, Samsung did throw a hint earlier this year. The company launched its Galaxy S10 flagship series in February with an integrated Blockhain KeyStore cryptocurrency wallet. Interestingly, the wallet isn’t compatible with Bitcoin, the most used token in the world. It only supports Ethereum and ethereum-based ERC20 tokens, which is what Samsung Coin is said to be based on. The Samsung Galaxy S10 also supports a number of decentralized apps (dapps).

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