Samsung, which is an electronics giant from South Korea, is developing a public-private blockchain network, together with the issuance of its own cryptocurrency token, according to an anonymous source from the 24th of April.

The blockchain mainnet of Samsung based on Ethereum

According to a person that is familiar with the internal solution of Samsung, the blockchain task force of the company, which is part of its wireless division, is building a blockchain mainnet which is based on Ethereum. However, the work is still at the internal experimental stage.

This project, which is part of the undertaking by the dedicated blockchain division of the company, is going to see its blockchain mainnet appear on Ethereum or ETH, together with a new asset which is dubbed Samsung Coin.

The source claimed that at the moment, they are thinking of private blockchain, although it is still not confirmed. It could be public blockchain in the future as well, but he believes that it is going to be hybrid – which is a combination of private and public blockchains.

When the development of the new blockchain is finished, the company may even move further on, to launch the Samsung Coin token, according to the same source.

Samsung Coin expected to emerge on the market

The person that is in touch with the plans of the company also said that they expect Samsung Coin to appear in the market, but the direction was still not decided.

This news, although still not officially confirmed, came as the company continues its many forays into both blockchains, as well as crypto spheres.

If the company actually develops a public blockchain, the Samsung Coin could also be traded publicly on crypto exchanges like Bitcoin or BTC, and Ether or ETH. Samsung may even bring blockchain technology to its payments app Samsung Pay, but this move was still not decided.

The blockchain task force of Samsung was in active development for one year or so and is now working on several projects. About two months ago, the company made a leap into the blockchain arena with the unveiling of its flagship cellphone, the Galaxy S10, which can store private crypto keys, together with some other features like support blockchain-based digital signatures.

The beliefs of Samsung in the profitability of the phenomenon

In March of this year, the company revealed the crypto wallet officially, which is actually compatible with ETH and ERC20 tokens, based on Ethereum, even though not BTC in early glimpses. The wallet isn’t still available in certain jurisdictions.

The S10 even supports dApps or decentralized apps like beauty community Cosmee, cryptocurrency gaming platform Enjin, cryptocurrency collectibles platform CryptoKitties, as well as merchant payments service CoinDuck.

Last week, the company also gave a fresh signal which was about its beliefs in the permanent profitability of the emerging phenomena, as it also participated in a $4 million investment round in smartphone-based wallet application ZenGo.

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