South Korean electronics giant Samsung is developing its own blockchain network and is focusing on issuing its own tokens in the future.
According to CoinDesk Korea, a person familiar with Samsung's internal situation revealed that the company's blockchain working group (part of its wireless division) is building a blockchain main network based on Ethereum. However, this work is still in the “internal experiment” stage.
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The person familiar with the matter said:
Currently, we are considering a private blockchain, although it has not yet been confirmed. It may also be a public blockchain in the future, but I think it will be a hybrid—that is, a combination of a public blockchain and a private blockchain.
It is reported that when the development of the blockchain is completed, Samsung may also launch a token called "Samsung Coin".
We expect Samsung coins to go to market, but the specific direction has not yet been determined.
If Samsung can develop a public chain in the future, Samsung coins can be publicly traded on cryptocurrency exchanges like Bitcoin and Ethereum. The person familiar with the matter said that Samsung may also introduce blockchain technology into its payment application, Samsung Pay, but the plan has not yet been finalized.
According to the report, Samsung's blockchain working group has been active for at least a year and is currently developing some projects.
Two months ago, the company entered the blockchain field with the launch of the new mobile phone Galaxy S10. The Galaxy S10 has the ability to store private keys for cryptocurrencies, as well as other features that support blockchain digital signatures.
In March of this year, Samsung officially released the cryptocurrency wallet, which is compatible with Ethereum and ERC20 tokens based on Ethereum, and does not support Bitcoin for the time being. According to many reports, this wallet is not included in the Galaxy S10 sold in some countries (including the United States).
The S10 also supports decentralized applications (dapps) such as the cryptocurrency gaming platform Enjin, the beauty community Cosmee, the encrypted collectibles platform CryptoKitties and the merchant payment service CoinDuck.