The leaked photos of the upcoming Samsung Galaxy S10 with the built-in cryptocurrency wallet have provided crypto enthusiasts with some interesting details.
Samsung announced its plans to release a new smartphone with an integrated cold crypto wallet at the end of December 2018. The new device is to be showcased on the 20th of February at an Unpacked event in San Francisco with the sales starting in the second week of March according to the store website. The photos of the upcoming model were revealed by the concept designer Ben Geskin on Twitter:
New #GalaxyS10 live images leak with ‘Samsung Blockchain KeyStore’
— Ben Geskin (@VenyaGeskin1) January 23, 2019
Some features of the new smartphone are already known, thanks to the leaked pictures. For example, it is visible that the screen size will come with a converted height to width ratio of 2283 pixels by 1080 pixels. The new smartphone supposedly comes with an in-display fingerprint sensor, a 6.1-inch curved OLED display, and 128GB or 512GB of internal storage.
Samsung crypto wallet features
Samsung Blockchain KeyStore, presumably a blockchain cold wallet, is the key feature of the new smartphone that causes the biggest disturbance. According to the leaked screenshots, the main purpose of this feature is to “secure and manage your blockchain private key”. Users will not only be able to set up a new crypto wallet from scratch but also get a secure hardware wallet with the full control over their funds.
The number of supported cryptocurrencies will be limited at the beginning as the wallet will cover only Ethereum. However, the report by SamMobile published in December 2018 says that the most popular cryptocurrency Bitcoin will be available as well, along with Bitcoin Cash and Ethereum-based ERC-20 tokens.
Samsung claims that the Blockchain KeyStore app won’t expose any of the users’ private data. The only way to recover the wallet on another device would be through a 12 or 24-word recovery seed which is a well-known practice in the cryptocurrency world. Users will bear responsibility for storing the seed safely as their accounts will be unrecoverable without it.
The cold storage features provide cryptocurrency enthusiasts with the highest level of security since the wallet itself does not connect to the internet and thus cannot be accessed by any third parties.
Moreover, the app itself will come with an additional level of security. The users will be able to set up not only a password and a secret PIN but also authenticate via fingerprint. However, the model will reportedly come without the iris scanner.
New technologies for the old companies
Samsung has been keeping an eye on the blockchain technologies for a long while thinking of a way to implement them into its business model. In the mid of 2018, the company reportedly invested into a hardware manufacturer Ledger specializing on cold crypto wallets. At that time, such tech giants as Google and Siemens participated in the funding round as well.
Additionally, Samsung was looking at the mining equipment production at the beginning of 2018 to make up the competition to such acknowledged mining giants as Bitmain and TSMC.
Cryptocurrencies’ incredible growth in 2017 hasn’t been left unnoticed. It is obvious that huge companies are now interested in blockchain technologies as they see new opportunities for their businesses.
Not the first one?
Samsung is surely trying to take the lead, but this company is not the only one in the market with such an offer. Another tech giant HTC has already released its Exodus smartphone supporting BTC, ETH, LTC, and even non-fungible tokens. Also, there is another blockchain startup Sirin Labs with a similar offer. The company conducted an ICO in December 2017 and now successfully sells its blockchain-enabled smartphone with built-in cold storage.
Although there are already similar offers available, they are still too few, so Samsung has good chances of taking the free niche.