The Cryptocurrency bug!.Samsung to consider issuing its own cryptocurrency

The Cryptocurrency bug!.Samsung to consider issuing its own cryptocurrency

 

Samsung is another famous and big company to consider issuing its own cryptocurrency.

Similar stories already coming from the likes of Facebook and JPMorgan Chase, with various analysts also speculating on various use cases for these cryptocurrency tokens.
Though not yet confirmed officially, a “Samsung Coin” is to be created, which could find application as a payment means on the company’s app store and also traded on cryptocurrency exchanges.

A statement from the company had revealed that its flagship of Galaxy S10 smartphone will have an in-built cryptocurrency wallet.
With the entrance of these mega-corporations into the blockchain scene, it is may be important to see the comparison on how their virtual currency implementation works between each other and also comparing it with the rest of the virtual currency ecosystem.
Samsung reveals new ETH-based blockchain main net and cryptocurrency token.

An inside source within Samsung company on Wednesday April 24th 2019 revealed an Ethereum-based blockchain mainnet is being developed by the company’s blockchain division. The source also revealed that the project would also create a virtual asset termed “Samsung Coin.”
Currently, the hierarchy officials of Samsung has not offered any confirmation of the proposed blockchain mainnet and token.

The recent activities of the company in the cryptocurrency and blockchain technology however, is still consistent with the reports on ground.
Answering questions fielded to him at the Blockchain Expo in London on 25th April 2019, the business development and fintech chief at Samsung SDS Europe, Moritz von Widekind, said the company is yet to conclude on anything patterning the issuance of their own crypto coin.

The proposed token could be launched on the company’s Next Ledger enterprise blockchain platform as their various departments are on top of the project. A statement according to Von Widekind.

The $4 million investment round for ZenGo, another type of crypto wallet from a smartphone cryptocurrency wallet app. Has Samsung company participating in it.

NextLedger continues to receive significant interest from Most companies around the world as they continued to show great interest on Samsungs NextLedger project .Recently among them is Indian IT behemoth Mahindra.

Since there is no word yet from the giant company Samsung,  its still not known on the reality of the rumoured token and how it will work. However we can not rule out the possibility of all the assumptions for such a giant company like Samsung.

Its possible that if created, the Samsung Coin could be used as a payment token within the company’s payment app, Samsung Pay.

The token may also be traded publicly  as well if the structure works well on cryptocurrency exchanges across the market.

But the issue here is on how they architecture  will turn out to be .If it finally becomes a payment coin,  can it step on the same ground with bitcoin?,  just Like the proposed Facebook Coin as well.

Do you think that this Company giants wil meet up with bitcoin with their own proposed cryptocurrency coin in the blockchain technology ?. You can send in your comments.

 

 

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Credits: cnbcafrica.

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