Samsung Galaxy S10 built-in encryption wallet will be compatible with ERC20 tokens

Samsung Galaxy S10 built-in encryption wallet will be compatible with ERC20 tokens
(Picture from internet)

T Store, the mobile application market operated by South Korea's largest telecommunications giant SKT, officially launched the Galaxy S10's revolutionary built-in encryption wallet and Samsung Blockchain Keystore (Samsung Blockchain Keystore).

Photographs of the Samsung Blockchain Keystore and Encrypted Wallet published by T Store showcased a section of the platform's Ethereum wallet called "Token Transfer," which supports ERC20 tokens such as BAT and Enjin Coin.

After the launch of the Galaxy S10 in San Francisco, local Korean publications reported that Samsung's cryptocurrency wallet is expected to be compatible with all ERC20 tokens.

Samsung's cryptocurrency platform will be equipped with a powerful Ethereum wallet on February 22nd. After Samsung Electronics officially launched the Galaxy S10 and Fold, South Korean mainstream media Hankyoreh reported that in addition to traditional encryption assets such as Bitcoin and Ethereum, Samsung's encryption platform. There may be an ERC20 compatible system.

According to reports, "in view of the fact that Bitcoin, Ethereum and the Add New Token button appear in the Samsung Blockchain Keystore tutorial, Samsung may allow users to add ERC20 tokens directly to their built-in encryption wallet."

ERC20 Generation The standard for the issuance of cryptocurrencies on the Ethereum blockchain network is a set of rules that must be followed.

For blockchain projects or tokens, full compliance with the ERC20 token standard will increase its accessibility, as users can use the token through all infrastructure that supports Ethernet.

It is said that Samsung has integrated a wallet that is compatible with all ERC20 tokens because it believes that the potential of blockchain technology is beyond the payment field.

In the Samsung Blockchain Keystore tutorial, the company said blockchain technology can be applied in a variety of areas, including insurance, banking and e-commerce.

Samsung does not believe that blockchain applications are limited to the payment sector; instead, Samsung believes that the blockchain is a decentralized data processing network that will eventually be used in a wider range of applications.

The blockchain Keystore official tutorial writes: "The blockchain is a new way for each user to store and process data in a decentralized ecosystem and can be applied to multiple areas. These areas include security. Information release confirmation, insurance and contract verification, copyright management, content distribution, game item storage, encrypted asset storage and cryptocurrency transactions."

Based on Samsung's forward thinking in implementing blockchain and cryptocurrency support, Korea's cryptocurrency industry Industry executives expect the company to be more aggressive in its encryption-related business in the long run.

Earlier, an industry executive told reporters that Samsung has been diluting the existence of its cryptocurrency wallet, because in the mainstream user community of smartphones, a considerable number of people have terms such as "bitcoin" and "cryptocurrency". Resist emotions.

However, as awareness of cryptocurrencies continues to grow, a cryptocurrency analyst said that Samsung's encryption-related products will have a much greater impact on this asset class than other products, such as the New York Stock Exchange. Expected Bakkt bitcoin futures market, ICE is the parent company of the New York Stock Exchange.

The analyst pointed out: "Twitter has 326 million monthly users. Samsung sold only 70 million mobile phones in the fourth quarter of 2018. and the new Galaxy smartphone will play a more important role in bitcoin popularity. Bakkt and all the ETFs in preparation are much larger.”

Can SAMSUNG PAY help with the popularity of Bitcoin?

Earlier this month, some local media reported that Samsung Pay, Samsung's flagship digital payment app, may also be within the integration of the Galaxy S10's native cryptocurrency wallet.

So far, there have been no reports linking the Galaxy S10's Blockchain Keystore to Samsung Pay. At least Samsung is unlikely to integrate Bitcoin and other digital assets directly into this widely used payment application.