Samsung Is Building An Ethereum Based Blockchain, Rumors Of Token Issuance

Rumors of Samsung stepping into blockchain and cryptos have been roaming the crypto community, but now Samsung officials have also reported “the internal experimental phase” of an Ethereum-based blockchain.

“We will begin trials with a private blockchain, expanding it into a public one, with a hybrid blockchain as a result.”, stated the official.

The next step in the Samsung blockchain plans is the creation of “Samsung coin” – an Ethereum-based ERC-20 token. For now, Samsung’s plans are the token to be publicly available and tradable in the crypto exchanges, but yet there is no clear information whether or not the token would be public, or used as an intermediary step in Samsung Pay (Samsung’s own payment service app.)

Samsung’s wireless team, which is also in charge of the blockchain development, has been setting an eye on the new technology for over a year. The newly-revealed Samsung Galaxy S10 can store and manage crypto wallet private keys and digital signatures, running on blockchain technology.

Last month Samsung launched their crypto wallet, fully compatible with ERC-20 tokens and Ethereum.

Samsung’s flagship smartphone is also supporting dApps, such as CryptoKitties, CoinDuck, Comsee, and Enjin.

Despite the news, Ethereum is taking a 6-percent dip over the past 24 hours. As of press time, Ethereum trades for $164,95, with little over $7 billion in daily trading volumes. The whole crypto sector is in the red, with Ripple losing 8 percent of its price to trade at $0.30084, EOS plunging 9 percent to $4,84, and Bitcoin Cash losing ten percent of its price over the past 24 hours to trade at $271.59.