Samsung Will Develop New Wallet

Dawid Paluch
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According to the rumors, Samsung, a mobile phone giant, will develop new cryptocurrency software. The story gets credibility as the company filed three trademark applications on Monday.

From the very beginning of blockchain, Samsung has been involved in the developing of this technology. Lately, the company started testing blockchain for shipments.

Two wallets

According to sammobile.com’s report, Samsung is going to create a new device for cryptocurrency storage. The company’s cryptocurrency service will have two parts.

One of them will be a cold wallet. It will store cryptocurrency, private and public keys. It will also sign  crypto transactions using private keys.

A cryptocurrency wallet will be the other part. It will be used to transfer, viewing account information and transaction history. The company has not disclosed any name for the cold and crypto wallet.

Cold wallet can be the answer

The cold wallet is considered to be a more secure way to store digital assets. It keeps public and private keys offline.

Samsung will enable users to import their wallets from other places. The report reveals that from the beginning the wallet will support the most common cryptocurrencies, like Bitcoin, Ethereum and Bitcoin Cash.

Samsung declares that the newly created accounts will be fully anonymous and the company won’t have access to the data. There will be only one way to access the account. Users will get access only through the recovery phrase and the password will be created from 12-24 word phrase.

The new solution will probably be available on new Samsung Galaxy S10. The official premiere of the new model is scheduled for February 2019.

Image by mahony / shutterstock.com

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