Samsung is Developing Ethereum-Based ”Samsung Coin”, Currently Building New Blockchain Mainnet

Samsung is Developing Ethereum-Based ”Samsung Coin”, Currently Building New Blockchain Mainnet

The South Korean consumer electronics behemoth Samsung recently caused headlines all over the world when it equipped its latest flagship mainstream smartphone, the Samsung Galaxy S10, with support for cryptocurrency-related features.

However, it would seem that Samsung has got more cryptocurrency plans in the pipeline. Specifically, a fresh report is now suggesting that the Korean electronics giant may be about to delve even deeper into the cryptocurrency sector.

Samsung is supposedly developing an Ethereum-based ”Samsung Coin” token

This news comes from the cryptocurrency industry news outlet CoinDesk Korea, which has just reported that Samsung may be developing a public-private blockchain with an associated cryptocurrency token.

Moreover, this information is supposedly leaked by a source – close to the Samsung project – who wished to remain anonymous.

This programme is reportedly being run by Samsung’s dedicated blockchain division, and centers around developing a supposedly Ethereum-based blockchain mainnet intended to be used by Samsung.

What’s more, Samsung is also said to be developing an associated cryptocurrency token, tentatively dubbed Samsung Coin.

First and foremost, the source claims that Samsung’s blockchain division has already developed several operational versions of an Ethereum blockchain.

”[Samsung’s] blockchain task force [has] made several models and is evaluating [them]. There are already several platforms that are functioning after some internal tests.”

Is Samsung eyeing the cryptocurrency space?

It should be highlighted that these plans have not been officially confirmed by Samsung, but CoinDesk Korea’s source claimed that this is supposedly being developed with the mass-market in mind.

”We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”

Nonetheless, the suggestion that Samsung may be developing its own proprietary Ethereum-based token should not come as too much of a surprise.

First and foremost, the inclusion of the Samsung Blockchain Wallet – which is essentially an ERC20 wallet – on its flagship model of Samsung Galaxy S10 is a clear indication that Samsung recognizes the growing importance of the cryptocurrency sector.

Furthermore, South Korea is a market in which cryptocurrencies have reached relatively widespread prominence. In addition to this, the Samsung Blockchain Wallet could be seen as a logical first step towards Samsung’s development of a proprietary Ethereum-based blockchain.

Although details of this project are currently scarce, CoinDesk Korea’s source reportedly noted that Samsung’s ETH-based project would likely combine elements from both private and public blockchains.

”Currently, we are thinking of [a] private blockchain, though it is not yet confirmed. It could also be [a] public blockchain in the future, but I think it will be [a] hybrid – that is, a combination of public and private blockchains.”

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