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Samsung Plans To Launch Own Blockchain And Release Cryptocurrency

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On April 24, an anonymous source told the editorial staff of the Korean online publication CoinDesk Korea about the new cryptocurrency project of Samsung. The South Korean holding plans to develop its own blockchain and release a virtual currency.

According to unconfirmed information, Samsung's decentralized network will be created on the basis of the Ethereum cryptocurrency blockchain (ETH), and the new digital asset will be called Samsung Coin. The source said that the decision on the functions of tokens is still taken, however, their release has already been approved by the management of the company.

Samsung's blockchain will be a hybrid of a private and public decentralized network. According to an anonymous source, the network will initially operate on the basis of a private distributed database; in case of successful completion of testing, the developers will launch the public version of the blockchain.

Samsung representatives have not yet commented on this information. Nevertheless, the words of an anonymous source are confirmed by the company's policy towards virtual currencies. The South Korean technology giant is showing genuine interest in blockchain technology and cryptoindustry. Samsung analysts are confident in the long-term potential of virtual currencies, so the company began to invest in the cryptosphere. Last week, Samsung invested in a startup project ZenGo, aimed at developing a mobile wallet for storing cryptocurrencies.

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