Samsung is Building Cryptocurrency Wallets for Bitcoin and Ethereum Based ERC 20 Tokens

Samsung is developing a Cryptocurrency wallet to support Bitcoin, Ethereum and Ethereum based ERC 20 Tokens.

The Korean based smartphone giant is reportedly developing Cryptocurrency wallets for its latest Galaxy 10 series launch which is likely to launch in early 2019.

Samsung is separating the wallet into two components:

1. Cold wallet for storing the public and private keys, signing the transactions with the private key.
2.  Transaction wallet for viewing account information, transfers and transaction history.

The cold wallet will most likely be similar to the standard cold wallets in the Crypto industry. It will be used to securely store Cryptocurrencies with a standard 12-24 word recovery phrase used to restore in case the phone is lost. Sammobile reports that the user data such as the account information will be stored on the Blockchain network with “complete anonymity”.

Hence Samsung will not have any access to the data and the user will be in full control of his data.

Users will be able to import their private keys from existing third-party services like Metamask and Trust wallet into the cold wallet app.

“The cryptocurrencies and tokens supported initially may include Bitcoin, Ethereum, Ethereum-derived token ERC20, and Bitcoin Cash” Sammobile reports.

According to Galaxy Week, Samsung had filed three European trademarks Blockchain based keywords namely: Blockchain KeyStore, Blockchain key box, and Blockchain Core.

Samsung has not yet officially released any information on these developments, there is limited information on the specific details on the specifications of their product.

Blockmanity’s Take

Samsung is the second major smartphone company after HTC to take huge steps in integrating Blockchain solutions into smartphones. HTC’s Exodus is set to launch in December this year.

Instead of launching a separate Blockchain phone, Samsung is planning to make Cryptocurrency wallets an inbuilt feature of its mainstream phone series. This is a huge step in the adoption of Cryptocurrencies.

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