Last week, Samsung announced that its own, default Blockchain Wallet app will be able to manage and store your crypto investments across other crypto wallets. In other words, if you have crypto properties across cold hardware wallets or across other soft wallets, you can now import, store and manage them from within the Samsung Blockchain Wallet. It makes use of the Samsung blockchain and employs the Samsung Blockchain Keystore that keeps the private crypto keys. The keys are stored separate from the OS, isolated from the rest of the system, for added security.
Samsung isn’t exactly the first phone maker that has pushed for having blockchain on a phone. HTC, once a major OEM and now practically defunct, had the Exodus 1 back in 2019, but it never really saw major traction in terms of sales. Even until two years ago, blockchain was still being labelled as nascent, and cryptocurrencies were not the popular and widespread name that it is today. Samsung’s move comes at a time when more individuals are looking to invest in cryptocurrencies, through privately operated crypto wallets. Having something like the Samsung wallet can help investors unify their crypto investments under one umbrella, therefore streamlining the entire experience.
At the moment, though, users can only store Bitcoin, Ethereum, Tron, ERC20 and TRC tokens in the Samsung blockchain wallet. This essentially means that you can’t store your tokens and keys from newer crypto coins that have stolen the headline, such as Dogecoin and Chia. While Dogecoin rose from being a joke to massively appreciated valuations thanks to a certain Elon Musk, Chia has been pitched as the crypto coin with a tall valuation, credible tokens and the lenient environmental impact – something that Bitcoin and Ethereum can’t offer. Even Amazon is on board with Chia, offering space for users on the AWS cloud to mine (or farm, in this case) the crypto coins.
Over time, more OEMs will likely adopt blockchain, and more users may start using such unified crypto wallets with increasing frequencies. The Samsung blockchain wallet premiered with the Galaxy S10, and finally, has increased the scope of its overall usage.
Read all the Latest News, Breaking News and Coronavirus News here