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Sirwin

Samsung Confirms: New phones will integrate crypto. What does this mean?

By lucasc | Crypto Thoughts | 15 Feb 2020


Cryptocurrency for many years was seen as a niche tech thing that most people did not understand and even less owned a large stake in them. Now, as more and more apps are putting crypto in our wallets and on our investment portfolios, big money is moving. Money attracts attention of big companies. 

Enter Samsung. The Samsung Galaxy s20 has a cryptocurrency wallet BUILT IN!

The wallet is built into the phone as a cold storage with no direct connection to the internet. I wouldn't consider this 100% as safe as a hardware wallet, but it's definitely better than any random wallet app. Many popular apps still don't provide keys to your wallet, and if you have no recovery phrase or key, it's not your wallet! I can't trust a wallet connecting to the internet and not giving me any level of control.

From what I've read, the wallet seems to be designed to facilitate decentralized app transactions smoothly.

Decentralized Apps

A DApp is instructions written to be deployed across a blockchain like a transaction, but with script attached to add extra functions. They can be casinos/betting apps, games, and even simple computer programs. You can depend on the function of dapps more than a regular app because it's distributed on the network. No app store to take it down from the pages or any expiry of domain names.

Samsung's choice to integrate blockchain into their phone could provide the easiest DApp experience yet. Imagine tapping "buy this item" in a game and your phone asks for your fingerprint to confirm the transaction. Sends instantly, no buggy third-party apps.

Enjin Coin

Enjin is a company which provided website hosting services for Minecraft and eventually many other games. A few years ago they started working on their blockchain project, Enjin Coin. It's built on the Ethereum blockchain as a token called ENJ and designed to facilitate transactions of unique game items in permanent on-chain transactions.

So now, you can press "buy item" on that game, and the shopkeeper address actually sends you a transaction of a sword you bought. 

Cryptocurrency in Every Pocket

Samsung's support of cryptocurrency will put more pressure on other large mobile phone designers to match their development. It may also bring the attention of people like American Express / Visa who could work on blockchain solutions for quick payments. Samsung has NFC support, perhaps we could pay with bitcoin by tapping our phone on the NFC chip at the register one day soon!

 

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lucasc
lucasc

Nodejs and Java Developer, learning blockchain.


Crypto Thoughts
Crypto Thoughts

My general ideas, thoughts of cryptocurrency and blockchain technology.

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