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Samsung may have offered the entire crypto market a lifeline through the introduction of new devices with built-in crypto support features enabling users to transact using digital tokens.
Samsung Electronics always strives to offer its users the best new features that revolutionize the mobile world today. In that connection, we published that their new Galaxy S10 and S10+ devices have built-in crypto support. Over the weekend, the company revealed the cryptocurrency wallet installed in its just-launched flagship phone, the Galaxy S10. According to a March 10 report, the Samsung Blockchain Wallet is currently compatible only with ETH and ERC20 tokens.
Although Bitcoin’s logo appears on earlier pre-release presentation images, it is not yet supported. The wallet will also support four decentralized apps (dapps) at launch. These apps include beauty community Cosmee, merchant payments service CoinDuck, crypto gaming platform Enjin, and crypto collectibles platform CryptoKitties. Only Galaxy S10 phones users can download the wallet app from the Samsung Galaxy Store.
The company also added that it plans to launch the service to more cryptocurrencies and devices in the future. This device officially started shipping from pre-order sales on March 8. This news comes weeks after Samsung confirmed that it would offer private cryptocurrency key storage supported on the S10 range.
Later, the firm published a preview of the storage solution dubbed the “Blockchain Keystore.” The solution has three brad features that include digital signatures, payments to merchants, and cryptocurrency storage and transfers. The Samsung Blockchain Wallet is designed to simplify the transactions process for novices to the technology.
As we noted earlier, Samsung appointed Enjin to back its Galaxy S10 Blockchain wallet. Enjin ranks among the leading protocols in the blockchain-based gaming landscape that enables developers to efficiently deploy technology-based games. It supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and ERC-20, ERC-721, and ERC-1155 tokens
It is possible for users to make payments to merchants using the supported CoinDuck dapp. Using this dapp, customers can enter the amount they want to send and scan a QR code. The code provides an online or offline merchant wallet address. After scanning, users can then press the “accept” button to make the payment via the Samsung Wallet.
In that connection, CoinDuck’s parent company, Chain Partners, stated:
“It was inconvenient to copy the address of the merchant’s wallet and paste it into the personal wallet. We have dramatically improved the usability of CoinDuck and Samsung Blockchain Wallet.”
Samsung has selected various dapps to operate on the new Galaxy S10. As we published last month, the company selected COSMEE as its first dapp partner. COSMEE is a blockchain-based beauty social media platform. CEO Howon Song commented via Cosmochain’s official social media channel:
“Samsung Electronics’ blockchain team has long been looking for a widely-used dApp service, and so it was possible for COSMEE to be selected as a partner”.
Despite the low number of decentralized applications available on the new Samsung crypto solution, some commentators think that the new developments may revitalize languishing crypto markets. The CEO of Coinduck, Shin Min-sub, believes that the crypto market will surge with the widespread adoption of crypto solutions in many other Smartphones. He added that:
“Many are still pessimistic on the highly volatile crypto coins, but things could change in a blink of an eye once coins pegged to Korean won or US dollars and crypto payments via flagship smartphones like the Galaxy S10 become more available for crypto coin solutions like Coinduck.”
Coinduck lets users buy a cup of coffee, shop for groceries, and also pay fees for ski equipment rental. Thus, the new crypto wallet service firm expects to expand to wider areas while partnering with Samsung. The mobile firm plans to integrate cryptocurrency for its users via Samsung Pay as we reported earlier.