BitcoinNews

Samsung Bends to Peer Pressure and Supports Bitcoin

0

Samsung made some significant waves earlier this year when it launched its Blockchain Keystore for use on its flagship Galaxy S10 smartphone range. Here was one of the world’s biggest smartphone manufacturers stating they were ready to be behind a drive for a mobile blockchain and cryptocurrency revolution.

To assert their belief in the cryptocurrency space, the company has now integrated Bitcoin on its Blockchain Keystore.

The Blockchain KeyStore is essentially a private key wallet that allows Android users to store, transfer, and spend cryptocurrencies, as well as forms part of a developer toolkit for building decentralized dApps.

However, until now, it has been only supporting the Ethereum Blockchain and its associated ERC-20 tokens. This minor details left many flummoxed as to why this announcement didn’t send Bitcoin sky-rocketing with regards to an adoption boost.

Many were then left puzzled as to why Samsung would not have integrated Bitcoin from the start, especially when the logo had been seen on pre-release presentation images for the Blockchain Keystore. 

But, now, with no pomp or ceremony, Bitcoin functionality has been added, alongside support for the native cryptocurrency (klay) of the Klaytn blockchain recently launched by Korean messaging app giant Kakao.

This next step in Samsung’s encompassment of the cryptocurrency market may indicate that its opening gambit was successful. Ethereum only accounts for eight percent of the total cryptocurrency market cap, but it is still number one in the dApp department. 

Samsung itself now lists 17 dapps in its Keystore, all Ethereum based, and this also backs up the rumours that the tech giant may even launch its own token, on the Ethereum chain, of course, in the future.

Blockchain smartphones have been cropping up here and there as seemingly hobby projects, but the moves by Samsung has the weight of something more significant. Trying to chase down the Korean giant is HTC with its Exodus Blockchain phone which has had mixed reviews.

There is even Sirin Labs’ Finney blockchain phone which was the quirkiest of them all, labeling itself as the first commercially available fully blockchain phone. The company behind the phone even went so far as to launch a brick and mortar store to showcase the phone in London.

Perhaps it is still too early to be going blockchain entirely on a mobile device, which also makes Samsung’s approach a lot smarter. Offering blockchain and cryptocurrency services on its flagship phones without compromising on their original functionality means putting this new technology in the hands of millions of everyday phone users. 

It is not too niche as to have a slither of a market, but the offering Samsung is dishing up is also robust enough to be taken seriously. Sure, they may not have opened with Bitcoin, but they have it now, so what is there to complain about?

Darryn Pollock
Darryn has been interested in the blockchain and cryptocurrency space since he heard about Bitcoin in 2015. He then decided to use his journalism degree to report on this fascinating fintech space in 2016, and has not looked back since.

Barclays Backpedals on Offering Banking for Coinbase in UK

Previous article

SynQ, The Leader of Crypto Forecasting, All Access for Free this Weekend

Next article

Comments

Leave a reply

You may also like

More in Bitcoin