Samsung, the South Korean electronics giant has given a boost to the cryptocurrency industry by unveiling their new Galaxy S10. According to a leaked video, the smartphone has a feature for a cryptocurrency wallet with Bitcoin [BTC] and Ethereum [ETH] support.
On their official website, Samsung has mentioned that the new Galaxy S10 will support private keys for blockchain-enabled applications. However, the company has not confirmed if it includes cryptocurrencies as well.
The website read,
“Security: Galaxy S10 is built with defence-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.”
Earlier in January, several Samsung insiders citing leaked pictures had revealed that the Galaxy S10 will feature a built-in crypto-wallet. The pictures suggested an option for users to set up their wallet, wherein they can import an existing wallet, allowing users to transfer cryptocurrencies from a previous wallet or create a new wallet.
Furthermore, the new Samsung device boasts an Exynos 9820 chip with PUF [Physical Unclonable Function] Technology meant to foster a unique identity for the microprocessor. Han Ho-hyeon, an IT expert stated that this chip would serve the device well if used to process a cryptocurrency wallet and increase the security of private keys.
Below is a snippet from the leaked video showing Ethereum support on the new Samsung device,
A cryptocurrency-focused feature as an addition to a smartphone has been implemented by mobile-phone pioneers like HTC already. However, a smartphone feature as an addition to a primarily cryptocurrency-specific device was spearheaded by SIRIN Labs, with their device Finney.
The “Crypto Phone” Finney was rolled out in December and was specifically geared towards cryptocurrency enthusiasts as it featured a cold-storage wallet, a decentralized application [DApp] center, token conversion services and a three-factor authentication protocol for enhanced security.
Made in collaboration with FIH Mobile and using IOTA’s Tangle technology, Finney was priced at a whopping $999 and even had Lionel Messi as their brand ambassador during their launch in Barcelona in November 2018.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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