According to a Korean crypto news agency, an anonymous source informed that Samsung, the South Korean electronics giant, is working on a blockchain project that also includes a dedicated, native coin. Being under seen by Samsung’s blockchain division, the ecosystem will either be a private or public mainnet, with a chance that it might eventually become a hybrid one. The source, who claims to be in close contact with the project said, “We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”
The source also said that the blockchain system will be based on the Ethereum network. This comes with surprise, since Samsung already has a successful blockchain running, called the Nextledger.
The blockchain will probably be a private network, according to the source, with plans for a public version in the future, “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”
While there has been no official announcement by Samsung and details by the source are on the vague side, the development might not surprise a lot of people. Samsung has been investing heavily in blockchain related projects and implementing them. Only a week ago, it announcedthat it had partnered with Indian IT firm Mahindra to explore blockchain solutions in the Indian market.
Samsung’ flagship mobile, Galaxy S10, is also one of the first in the market that has a dedicated wallet for storing and transacting cryptocurrencies. At the time of launch, many experts were baffled that the mobile manufacturer’s wallet did not support Bitcoin. The wallet only supports Ethereum and its ERC20 compliant tokens. Samsung also did not give out any information on the integration of Bitcoin in future either.
The leak of its own Ethereum based network and a native coin now connects with its decision. The wallet already is Ethereum and ERC20 compatible, meaning that when the new mainnet is finally launched, Galaxy S10 users will automatically be able to use the wallet for its Samsung Coin.