Samsung Electronics, the Korean tech giant is secretly exploring the ETH-based ERC20 token in order to develop its own mainnet. According to the coming altcoin news from Korea, the blockchain task force of the company has tested multiple versions of the ETH blockchain protocol.
The information from Coindesk Korea and the Hankyoreh crypto media outlet write that the Samsung Electronics Company formed a blockchain task force in order to test the few versions of the ETH based blockchain protocols. A source explained:
“Blockchain task force made several models and are evaluating [them]. There are already several platforms that are functioning after some internal tests.’’
The report also shows that two months after Samsung Electronics introduced the Samsung Blockchain Wallet, the company decides to develop its own mainnet. The company introduced the ERC20 wallet that is now featured on the new Galaxy S10 smartphone.
When the Samsung Electronics tech giant first released the crypto wallet early in February, investors were really held back by the fact that the device does not provide support for a bitcoin wallet service and is mostly focused on Ethereum. Samsung Electronics pointed out:
“Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.’’
Some also believed that the motive behind Samsung Electronics implementing a crypto wallet is the reason that HTC failed to integrate a fully functioning crypto wallet feature. If the tech giant is currently developing an ERC20 token and a new blockchain protocol, then it is possible for the company to integrate a crypto wallet and an easy-to-use platform.
Companies in South Korea, as the altcoin news show, are not allowed to issue token via ICOs. This means that investors cannot invest in domestic ICO projects so they had to move to overseas companies in order to conduct private token sales. For a company like Samsung Electronics, going around the local regulations was not an option. An insider for the company told the local news:
‘’Currently the company is considering a private blockchain with a B2B approach but nothing is set in stone. In the long-term, the company could shift to a public blockchain but as of now, the company is likely to go with a public and private hybrid-type blockchain.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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