Samsung is developing its own cryptocurrency

Public vs Private Blockchain | Difference Between Public and Private Blockchain

Samsung is developing its own cryptocurrency

South Korean company Samsung is developing a hybrid network based on the Ethereum blockchain and plans to launch its own token in the future.

A source familiar with the activities of the tech giant told CoinDesk Korea, that the IT department of the company has been working on a number of decentralized projects for a year. The team is creating a closed network based on Ethereum, but the fork is still at the stage of internal experimentation. The company does not rule out the possibility of launching a public blockchain, but the source is leaning towards a hybrid model.

A Samsung representative also announced plans to bring the Samsung Coin token to market. So far, these are only sketches and the issue will be considered only after the completion of work on the decentralized network..

With a public blockchain, the future cryptocurrency will be able to trade openly on crypto exchanges, like bitcoin and ether. The company may also integrate the technology into Samsung Pay..

Since the beginning of the year, the South Korean giant has unveiled a number of blockchain-related products. In February, the Galaxy S10 smartphone was released with support for digital signatures, dapps and the ability to store private crypto keys. Last month, the company introduced a crypto wallet for Ether and ERC20 tokens.

Despite the abundance of platforms, ethereum continues to be the most popular at business. French financial conglomerate Societe Generale Group issues bonds worth $ 112 million in the form of security tokens on the Ethereum public blockchain.

Samsung is developing its own cryptocurrency

text: Ivan Malichenko, photo: securecdn.pymnts

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