Is Samsung developing its own Ethereum-based blockchain? Samsung Coin?

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Rumors say that the electronics giant Samsung is about to develop their own blockchain network which would be Ethereum based. This comes from an unidentified person who is “familiar with Samsung’s internal situation”, says CoinDesk. 

A Hybrid-blockchain

The unidentified, unofficial source tells that Samsung is building a blockchain mainnet based on Ethereum. However, this work is still at the “internal experimentation” stage. Additionally, it is quite unclear whether they are already working on a blockchain, or they are just about to figure out on what they are working. The source says:

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”

Judging by this quote, it’s clear that Samsung hasn’t yet figured out on what exactly they are working.

Samsung Coin

While they haven’t yet started working on their blockchain project, they are already claiming that they could be needing a Samsung Coin token. The source says that “the market expects Samsung Coin to come out, but the direction has not yet been decided”. This token could be used on its payments app Samsung Pay, however, at this point, it’s just speculation.

Moreover, Samsung says that their blockchain task force has been working on number of projects for “at least a year”.

At this point, all this is just speculation. It’s quite the same as all the rumors about a Facebook Coin and Facebook blockchain developers. When looking at it with a philosophically practical view, it is highly unlikely for such giant corporations like Samsung and Facebook to develop it’s own token/coin, not even talking about it being able to trade on a traditional crypto exchange. Facebook has revealed that even if they would be making a cryptocurrency, it would be a stablecoin.

Why would Samsung’s strategy differ much? Companies of such scale cannot allow the risk of implementing a highly volatile asset within their services. They are interested in a stable currency.

At the same time, it’s not impossible. I believe that almost everyone in crypto has pictured how that could affect the whole cryptocurrency market as such. 


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