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Home / News / Technology News / Apparently, Samsung is working on its own cryptocurrency
Technology

Apparently, Samsung is working on its own cryptocurrency

Apparently, Samsung is working on its own cryptocurrency
Written by Shubham Sharma
Apr 25, 2019, 02:35 pm 2 min read
Apparently, Samsung is working on its own cryptocurrency

After Microsoft and Facebook, Samsung could be the next big technology giant to jump on the bandwagon of blockchain and cryptocurrency. A report from CoinDesk has revealed that the company's blockchain task force is working on a blockchain network and may eventually go on to launch a cryptocurrency dubbed 'Samsung Coin'. Here's everything you need to know about it.

Details
Samsung likely eyeing hybrid blockchain network

Speaking to an unnamed source familiar with Samsung's plans, CoinDesk Korea has learned that the company is planning to launch either a public blockchain network or a hybrid one - combining elements of both public and private. The person added that the network will be based on Ethereum but the work is still at the 'internal experimental' stage.

Samsung coin
Plus, Samsung Coin could also be in the works

The same source added that once the blockchain network is ready, Samsung might even go ahead and launch a cryptocurrency dubbed 'Samsung Coin'. However, they added that the 'direction has not been decided,' which seems to suggest that this is just an idea at this stage and there's no surety on when or if the crypto-coin in question would be unveiled.

Work
Part of Samsung's wireless team working on the project

While details are scant at this stage, the source did note that Samsung has been working on the blockchain network for at least a year. The company has deployed a part of its wireless team on the effort, the person added, but there's still no word on when the network might launch. Notably, this won't be Samsung's first step in the blockchain arena.

Last move
Samsung had launched a crypto-wallet with Galaxy S10

Just a few months back, Samsung had launched the Galaxy S10 series with a built-in cryptocurrency wallet. The wallet doesn't connect to the internet and lets users store bitcoin, Ethereum, and a beauty-related cryptocurrency called Cosmo Coin. Perhaps, with its own blockchain and cryptocurrency, Samsung plans to enable digital coin transactions through its 'Samsung Pay' service. But, we can't be sure at this stage.

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Shubham Sharma
Shubham Sharma
Twitter
Editor with over five years of experience in covering all things science, consumer tech, space tech, AI, infosec, and business. A commerce graduate from University of Lucknow. I have been handling Tech beat at NewsBytes since 2018.
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