[BLOG] The Innovation of TEMCO and Samsung
The ‘hot wallet’ feature in Galaxy S10: How will it influence the blockchain space?
Samsung’s smartphone galaxy S10 which is planned to be released this year has been gaining much of positive attraction since it comes with the blockchain’s keystore feature.
There are many hot wallets currently at existence, however, the Knox platform that already is in the Samsung smartphones will have the highest quality of the security and usability.
According to Jay Park of Lambda 256 research,
“we have to focus that you can save the personal key in TEE which is the secure location within the Samsung Galaxy, and the signature functions that is based on it. Through this, we can develop a highly usable and secure cryptocurrency-based Apps.”
TEE (Trusted Execution Environment), that is Samsung Knox utilize, is a processor that is separated between the normal and secure processing areas. Accordingly, the secure area stores transaction information, confidential documents, and biological data; also, the data exchange between the normal area is prohibited. Since Samsung Galaxy S10 is one of the widely known smartphones, the adaption of cryptocurrency wallet may lead the commercialization of cryptocurrency to the public.
Especially, as the convenience of cryptocurrency payment system increases, it may have a positive influence on various cryptocurrency-based projects that placed the token economy as their main part of the projects.
Similarly, TEMCO is developing a token economy within supply chain data management platform that uses TEMCO tokens to pay for the service fees. Also, the e-commerce platform that TEMCO is developing, ‘GUHADA’ is using TEMCO token payment feature. Other than that, TEMCO provides the payment feature on GUHADA platform that for IOS and Android OS, for easy use of the tokens in Galaxy S10. This function provides convenience to the users of the smartphones that have built-in cryptocurrency wallet features, allowing easy payment system. With the commercialization of cryptocurrency, the number of users in the cryptocurrency market is slowly being opened to normal everyday users.
Even with such great innovation of the ‘hot wallets’, it is difficult not to raise the fact that it may have some security issues since it is connected online. Recently, there were MEW (My Ether Wallet) emails that circulated around to steal cryptocurrencies through hacking, also the cases of hacking of hot wallets in exchange platforms. Because of such incidents, many tend to keep their crypto assets in cold wallets. A cold wallet keeps the crypto assets in hardware that is disconnected from online, which is opposite of the hot wallet concept, and there are few cold wallets that feature such functions, such as D’CENT, Nano-Ledger S, and more.
Accordingly, the D’CENT cold wallet from IOTrust supports not only the ERC-20 based tokens but also the tokens that are RRC-20 based, meaning that TEMCO tokens can be stored in D’CENT’s cold wallet as well. The fact that you can manage different cryptocurrencies from one hard wallet, the wide range use of the cold wallets is expected. Also, the various chip-based construction of the wallet and the OS within the cold wallet prevents the access of the wallet features and the assets without the appropriate verification. Also, through the release of D’CENT’s IOS compatible cold wallets, the widespread cold wallet innovations are expected.
After the speculation of investment storm as passed, the realistic use and user-friendliness of the technology are increasing; the Galaxy S10’s cryptocurrency wallet leads as a symbol for commercialization of the cryptocurrency payment system.
However, to prevent the security issues raised about the hot wallets, the cold wallets as well need to work on improving its security. It would be interesting to focus on how such cold wallets as the D’CENT cold wallet from IOTrust that supports IOS will do, to expand to more users in the future.
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