Samsung goes further down the crypto road and may launch its own coin
In March DGems’ blog featured a “Samsung goes crypto, who has to worry?” story making a deep review of Samsung’s S10 smartphone and diving into plenty of technicalities. Our efforts were not wasted as the Korean tech giant is moving further in that direction on full steam. Recently, media picked a leak that there are extensive works taking place inside the company on cooking what will be an Ethereum based blockchain. There are good chances that Samsung Coin will be issued, public and tradable.
The main source of the news is CoinDesk Korea report (in Korean) which, according to the parent outlet, said that the company’s blockchain task force — part of its wireless division — is building a blockchain mainnet based on Ethereum. The work, however, is still at the “internal experimental” stage. Samsung hasn’t decided whether it wants the blockchain to be public or private, or even a hybrid — i.e. a combination of public and private blockchains. Samsung’s blockchain task force has been in active development for at least a year, and is working on a number of projects, according to the report.
Following its flagship cellphone, the Galaxy S10, which has the ability to store cryptocurrency private keys and other features such as support blockchain-based digital signatures, Samsung officially presented the cryptocurrency wallet, which is compatible with ether (ETH) and ethereum-based ERC20 tokens, although notably not Bitcoin (at least in early glimpses). The S10 also supports decentralized apps (dapps) such as crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties and merchant payments service CoinDuck.
The Korean major has many of its fingers in the crypto pie already: not so long ago, the company participated in a $4 million investment round in smartphone-based wallet app ZenGo. Samsung’s existing (since 2017) enterprise blockchain offering, Nexledger, also continues to gain customers worldwide, most recent of which came in the form of Indian IT giant Mahindra.
DGems view
We are certain that decentralized solutions are inevitable and foresee a long list of big GAFA sized companies jumping on this train — not so long ago we discussed Facebook intentions in crypto. There is little doubt that consolidated structures will be torn down sooner or later, and switching into decentralization is their smart move to lead the revolution, rather than combat it.
Speaking of payment tools, the above mentioned Samsung Coin being one good example, we tend to believe that there is no salvation in cryptocurrencies with a business behind it — vulnerable, potentially shrinking and dependent on its management and shareholders. The best possible solution needs to be independent, free from all (or most) risk factors and supported by a physical asset. DGems’ pick, as you may remember, are diamonds.
Nevertheless, we welcome Samsung’s moves. The more, the merrier; let’s keep decentralization on the march!
About DGems
DGems is a new generation fully fiat free stablecoin 100% backed by the most liquid class diamonds. The token uses a highly secure and fully transparent emission mechanism based on top level disclosure and audit.
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