Samsung Unveils Proprietary Crypto Wallet for S10 Devices

Samsung has finally revealed the cryptocurrency wallet it has decided to use in its recently launched flagship smartphone S10.

According to a Coindesk report, the Korean smartphone manufacturer has developed its own crypto wallet platform - Samsung Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Wallet - for digital currency storage in the new devices. Currently, the wallet platform is only supporting Ethereum and ERC-20 tokens.

However, based on the previously displayed Bitcoin logo during the launch of the platform, it can be anticipated that the manufacturer will extend the storage support for the market-leading digital currency as well.

Apart from the crypto storage platform, the phone is also supporting four decentralized applications (DApps) - crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties and merchant Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term service CoinDuck - as per the report.

Though Samsung has assured that it has plans to expand the crypto storage services to more devices, for now, the wallet app is available only for S10 line of smartphones.

The Korean giant has also revealed that the crypto wallet will be based on a solution called Blockchain Keystore which offers three broad features to the digital currency users - payments to merchants, digital signatures and cryptocurrency storage and transfers.

According to reports, Samsung Blockchain Wallet and Blockchain Keystore will work together to simplify the process to the crypto users.

Growing Trend to Add Crypto Support on Smartphones

Samsung is not the only player in the market to jump on the crypto bandwagon with the growing market demand for crypto hardware wallets.

Though started by Sirin Labs with the launch of the first blockchain-enabled smartphone FINNEY, the trend was carried forward by the Taiwanese phone maker HTC with its blockchain-based smartphone Exodus.

Recently, HTC has also joined hands with Opera to bring micropayments crypto payment services. Exodus also features a number of other blockchain-based services including support for DApps.

Earlier this month, VaultTel has launched a mobile-based crypto cold wallet integrating both hardware and software support for better security.