How could cryptocurrencies become as familiar in a household as the Internet? If rumors are correct, then the new Samsumg Galaxy S10 could do the trick. Cryptocurrencies have been around for a few years, but public awareness has primarily been reserved for high-tech geeks and savvy investors. What is needed for broader acceptance by the general public is an enabler that spreads the word, and the latest and greatest edition of one of the world’s leading smartphones could be the necessary “secret sauce” to do it.
Word on the street in one recent report claims that:
This week, images were leaked potentially giving the world its first glimpse at South Korea-based tech giant Samsung’s flagship smartphone, the Galaxy S10. Among the images, was evidence that Samsung could be ready to launch a crypto wallet to store cryptocurrencies like Ethereum, and a blockchain explorer service called Samsung Blockchain KeyStore.
Crypto zealots are already rejoicing, but can we believe that “leaked images” really mean what others think they do? To begin with, we need to step back and realize that the smartphone industry is perhaps the hottest thing going, if heat has anything to do with innovation. The competition between Apple, Samsung, and Xiaomi, the latest competitor to enter the Asian market, is extremely fierce. With each new iteration of their prized smartphone sets and the new features that come with them, these titans voraciously battle it out for every tenth of a point of market share.
These companies also ship enough of these phones on an annual basis to provide a device for one out of every ten people on the planet. With such supply plans on the boards, the need to know what is “coming out soon” drives an investigative network, much like the paparazzi that hounds celebrities. Every leaked photo, insider tip, or patent filing ignites its own competitive round of speculation in the press.
The joke in the industry is that Samsung may be the first out of the box with a new feature, but then Apple follows, but only after it perfects Samsung’s first strike. None of these phone manufacturers have ever included a crypto app as a feature on its newest release, but it appears from leaked photos and recent patent filings by Samsung that this omission is about to be rectified.
The photo in question actually shows the Blockchain KeyStore application in action on a Galaxy S10 welcome page, noting that it “is a secure and convenient place for your cryptocurrency.” Speculation had already begun a month ago, when the South Korean firm filed a patent related to blockchain technology that mentioned cryptocurrency wallets for cold storage of private keys. Biometric authorization would be used for security protection when performing transactions or viewing account history.
Ethereum turns out to be the cryptocurrency in the released photo, but once again, the rumor mill has been at work, suggesting that “Bitcoin, Ethereum, Bitcoin Cash, and Ethereum-based ERC-20 tokens” would be supported. Investors have learned the hard way that offline “cold storage wallets” are the best method for protecting your private keys and invested capital from exchange hacking compromises. If your phone is to be your wallet, you would also need a backup plan in case of theft or loss. Paper records could possibly suffice.
The mainstream public is in the early stages of discovering crypto-based technologies, and from an investment perspective, crypto tokens are still an emerging asset class. How could Samsung dramatically change the public’s awareness of cryptos? Since 2013, Samsung has shipped nearly 2 billion smartphones. Do we have to say more?