South Korean electronics giant Samsung is reportedly developing a public-private blockchain with a possibility of launching its own cryptocurrency token soon.
As reported by Korean media outlet, the project forms a part of the company’s dedicated blockchain division and will see it building a blockchain mainnet based on the Ethereum (ETH) blockchain, with a view to launch its own digital asset dubbed Samsung Coin.
According to a source familiar with Samsung’s internal affairs, the project though still at the internal experimental stage is widely considered for implementation. The source states:
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…The market expects Samsung Coin to come out, but the direction has not yet been decided.
The news although not confirmed officially; at this time is given credibility especially as Samsung continues its foray into the blockchain and cryptocurrency sector. From the launch of the Galaxy S10 mobile device-embedded crypto wallet, to the company’s investment in wallet provider app Zengo and hardware wallet Ledger, the signs of its interest in the space are clearly stated.
Also, blockchain technology could come in handy in the company’s payments app – Samsung Pay with an option to trade the Samsung Coin on exchanges just like BTC and ETH, if the company develops a public blockchain.
What do you think of Samsung’s moves in the cryptocurrency and blockchain industry? Do you own any of its latest crypto supported devices?