Samsung Electronics is reportedly building an app for crypto currencies that could come with a cold wallet to save private or public key of digital currency. The Bitcoin app would be preinstalled on the Samsung Galaxy S10 flagship smartphone next year. The reported app would let users view all their account information, transaction history as well as transfer crypto currencies. For the security purposes, the app will use PIN and fingerprint scanner as the options to secure its operations.
Unlike many other Bitcoin apps available right now, Samsung offer a unique solution for crypto currency. It has two major parts. One part would be an embedded cold wallets that lets users to save their Bitcoin and other digital coins, public and private keys, and sign private keys for crypto trading and related transactions. A traditional cold wallet notably offers an offline crypto currency storage space. The other part is reported to be available as a crypto wallet that enables uses to transfer digital assets as well as monitor account information and transaction history in the dashboard.
The Samsung app offers a complete innovation by supporting imports from existing wallets and third party services such as Metamask and Trustwallet. Initially, Samsung app supports digital coins and tokes such as Bitcoin, Ethereum, ERC20 an Ethereum based token and Bitcoin cash.
Security has been a very crucial element for digital currencies. Any account created using the Samsung app would be stored on the blockchain network with complete anonymity. This would make sure that Samsung won’t be able to access the data stored through this app and the standard 12-24 phrase would be the only way to access the private information being stored. An extra layer of security is added to the app with PIN and fingerprint scan as the option to authenticate access.
Samsung hasn’t reveled much technical information about the app as well as the launch date. However, it is likely to be the part of next year Samsung Galaxy S10’s pre-installed apps. Earlier this year, Samsung also put ASIC chips in production that will enable the mining for crypto currencies such as Bitcoin and Ethereum. Samsung has already tied up with the Chinese Bitcoin hardware makers to begin the production of its new chip.