Last week, Samsung announced that its own standard blockchain wallet app can manage and store your crypto investments in other crypto wallets. In other words, if you have crypto properties for cold hardware wallets or other soft wallets, you can now import, store and manage them from the Samsung Blockchain Wallet. It uses the Samsung blockchain and uses the Samsung blockchain keystore which is where the private crypto keys are stored. The keys are stored separately from the operating system and isolated from the rest of the system for added security.
Samsung isn’t exactly the first phone maker to push for blockchain on a phone. HTC, once a major OEM and now virtually non-existent, had the Exodus 1 back in 2019, but has never really made any major headway in terms of sales. Until two years ago, blockchain was said to be nascent, and cryptocurrencies weren’t the popular and widely used name it is today. Samsung’s move comes at a time when more and more people are looking to invest in cryptocurrencies through privately operated crypto wallets. Something like the Samsung wallet allows investors to consolidate their crypto investments under one roof, optimizing the entire experience.
However, for now, users can only store Bitcoin, Ethereum, Tron, ERC20, and TRC tokens in the Samsung blockchain wallet. This essentially means that you will not be able to save your tokens and keys from newer crypto coins that have stolen the heading, such as. B. Dogecoin and Chia. While Dogecoin went from a hoax to a massively valued rating thanks to a certain Elon Musk, Chia has been classified as a crypto coin with a high valuation, credible tokens, and the most forgiving environmental impact – something that Bitcoin and Ethereum cannot offer. Even Amazon is on board with Chia and offers users storage space in the AWS cloud to mine (or in this case manage) the crypto coins.
Over time, more OEMs are likely to adopt blockchain, and more users may be using such unified crypto wallets with increasing frequency. Samsung’s blockchain wallet premiered with the Galaxy S10 and has eventually expanded the scope overall.
Read the latest news, breaking news and coronavirus news here