Recently, Samsung filed for trademarks for their blockchain and cryptocurrency software. Reportedly, the blockchain and cryptocurrency feature could be launched with new Galaxy S10. Let’s dig a little deep what Samsung might have to offer.
Essentially the Samsung’s cryptocurrency service will offer a Cold wallet and a Crypto Wallet. The former will enable the user to save their cryptocurrency, public and private keys along with private keys for cryptocurrency transactions. As for Crypto Wallet, it will entail features like viewing account information, transactions, transaction history. Names for any of the two services have not been finalized as of yet.
The Cold Wallet
Crypto assets could be stored in hot and cold digital wallets, which hold the public and private keys required for moving the digital currency. Cold wallets are often considered more secure as they are offline and thus hackers can’t access their keys remotely. They’ll require physical access to the cold wallet, which makes the equations much difficult.
The cold wallet app by Samsung will require the user to create a new wallet or they can just import their existing wallets from third-party services like Metamask or TrustWallet. The wallet in most likelihood support multiple cryptocurrencies including Bitcoin, Ethereum, Ethereum-derived token ERC20 and Bitcoin Cash.
Stored on the blockchain network, the accounts in the app will have complete anonymity. Samsung wouldn’t have access to the data and users could access it only through the recovery phrase. The 12 – 24-word phrase that is the standard recovery method for all wallet services. Only and only the user is responsible for storing this phrase safely because their accounts cannot be restored without it.
In addition, the Samsung Bitcoin app will require authentication, thus adding another layer of security. At this point, the security pin could only be a PIN and fingerprint, so in most probability, the iris scanner might not be part of the Galaxy S10.
As for the cryptocurrency wallet app, not much has been disclosed as of yet. Presumably, it will allow users to transfer cryptocurrencies.