Rumours are circulating that South Korean tech giant, Samsung is set to launch its own Ethereum blockchain.
After hinting at involvement in the world of crypto and launching its Galaxy S10 with its own integrated Ethereum wallet, it seems that the company is ready to take the next step. According to an anonymous official, the company is in the “internal experimental” stage of developing its very own private blockchain”.
The source who is allegedly familiar with the internal affairs of Samsung, stated: “Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”
It is also believed that Samsung is planning to launch its own coin, although little is known about the project at this stage.
Whilst the company have previously been hesitant to roll out their ETH wallet to any product other than the S10, the launch of a blockchain and subsequent coin could point towards smoother integration with the Samsung Pay application.
The decision of Samsung to create an ETH wallet rather than BTC, the current market leader, was met with surprise and criticism. Many did not understand why such a decision was taken, but the news of this latest development provides clarity to their decision. If it is in fact true that Samsung are developing their own Ethereum-based blockchain and coin, then their decision regarding the wallet becomes more sensical.
It is also worth noting that the Samsung S10’s wallet feature is not yet available in all jurisdictions, another clear indicator that the company may be rolling it out in a test phase.
There has been much excitement over this news. Samsung is one of the world’s leading smartphone and electronics manufacturers with over 1.2 billion devices in circulation. They shipped a whopping 70.4 million smartphones in the fourth quarter of 2018 alone. If they are indeed to launch a currency and their own blockchain, it would result in widespread adoption on a global scale.
This is great news for Ethereum, blockchain, Samsung, and the crypto community as a whole.