Samsung is working on its own cryptocurrency

According to CoinDesk Korea, the big company like Samsung has shown interest in investing in digital currency. It is reported that the Korean giant has starting working on building the framework for its very one blockchain network. The blockchain will be locked down when it first launches, but would be open for public soon afterwards, which would let the Ethereum based Samsung coin token to be available for trade on exchanges, alongside Bitcoin and Ethereum.

CoinDesk cited an anonymous internal source, who claimed that the company has had a dedicated team to work on the research and development of its blockchain network to take a lead in the cryptocurrency market. That same source also added that it is also working on a few related services; though there is no word on what they are, what they are called or what function they are supposed to perform. We already know about Samsung mobile wallet though.

Interestingly, Samsung blockchain keystore cryptocurrency wallet won’t support the biggest digital coin – Bitcoin. Now you must be wondering that why is it so? Well, it is completely done for market sake. The client now has to use only Ethereum and Etherum-derived tokens, which is what Samsung coin is going to be based on. To be clear, that doesn’t mean that Bitcoin won’t be added to the wallet – it more likely to join at some other point. This wallet isn’t hardware thing, in fact, you need to download it from Galaxy Apps.

Please follow and like us:

Leave a Reply

Notify of