According to a person who is “familiar with Samsung’s internal situation,” Samsung is set to build an Ethereum-based Blockchain. Further, the new platform is set to have its own native Token a factor that would increase the over 2,000 Cryptos in the market. The unnamed source revealed this highly concealed project to Coindesk Korea in an exclusive interview.
The only timeline that has been given is “in the future” which is not intriguing at all. However, the mere thought of the South Korean electronics giant building a Blockchain platform complete with a native Coin is enough to rejuvenate the Crypto market and spur Blockchain adoption.
A Task Force Has Been Set To Get The Project Off The Ground
According to the inside source, there is already a Blockchain team in place that Samsung has put together to build the Ethereum-based mainnet. However, to manage expectations, it is said that the Blockchain team is at the “internal experimental” phase. This means that the project concept is being formulated.
The source also reveals that the confirmation is yet to be done at the highest levels of the organization.
However, the fact that it is already known that the mainnet will be Ethereum-based and that it will also have a native Token means that the first phase is in its advanced stage.
Sneak Peek Into The Platform
The source revealed to Coindesk Korea that the proposed Samsung platform is likely to be a private Blockchain. This means that access to the ledgers and services being offered will be permissioned for security reasons. In the absence of confirmation from Samsung top brass, the source further reveals that it could be a public Blockchain as well.
Further, the possibility of a hybrid Blockchain is not off the table as Samsung Blockchain team could decide to develop and deploy a platform that has features of both a private and a public DLT network.
A Samsung Coin Could Be The Native Token
The Source agrees that the market expects the new Samsung Blockchain to have its own Token called the Samsung Coin. However, the unidentified person reveals that Samsung is yet to decide on the specifics of the Crypto.
This Has Been Expected For Quite Some Time
The foray of Samsung into the Crypto and Blockchain space has been in the domain of enthusiasts and experts for quite some time. For example, the January story that Samsung was manufacturing the ASIC (application-specific integrated circuit) hardware for BTC and Crypto mining led many to conclude that this was the beginning of Samsung’s entry into the industry.
Meanwhile, this revelation is, therefore, rekindling hope in the Blockchain world about this project that could be of massive scale.
It Is True That Samsung Is Interested In Blockchain And Cryptos
A couple of months ago back, Samsung released its Galaxy S10 smartphone with a Crypto wallet to store private keys and support a variety of Blockchain based protocols. In March, the company deployed a new Crypto wallet version with the ability to support ERC20 Tokens. Reports show that the wallet is already available in some regions for Crypto holders to use.