Cryptocurrencies and the blockchain technology continue to take root as some of the world’s biggest companies like Samsung take notice of the numerous advantages of the new technology. Samsung, a large multinational company, has decided to try its hand in this innovative business.
Samsung is now in the process of developing an in-house blockchain network, and this has some people speculating about the possibility of the company launching a cryptocurrency in the future. Judging from what other entities like JP Morgan Chase are doing, it’s fairly certain that a Samsung Coin could soon hit the market.
The company’s blockchain mainnet will be based on the existing Ethereum model. At the moment, the project is said to be at its experimental stage – according to a source close to the company. Samsung’s blockchain team, which is made up of experts from its wireless technology division, is the taskforce mandated to build the new blockchain.
According to the source with information about the project, the blockchain network will be a hybrid of both private and public blockchain. At the moment, the company is focused on developing a private blockchain for its internal use. However, the blockchain could be made public in the future, making it a combination of both public and private blockchain.
That would be the case if the tech company decides to launch a cryptocurrency, and there are many factors pointing to that possibility. If that happens, Samsung Coin will be available for trading on various crypto exchanges, just like other coins like Bitcoin and Ethereum. However, the main direction or the use cases for the coin are yet to be fully defined.
Samsung Galaxy S10 And Crypto Wallet
The idea of Samsung building a blockchain network and launching a cryptocurrency is supported by the fact that just 2 months ago, the company unveiled the Samsung Galaxy S10, a smartphone equipped with blockchain-related features. It supports digital signatures and can also store private keys.
The company also launched a crypto wallet that’s compatible with ETH and other ERC-based crypto tokens. To a keen eye, these developments are most probably in preparation for the launching of the Samsung Coin in the near future.