Will Samsung Galaxy S10 Blockchain Wallet Boost Crypto Adoption?

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January 29, 2019: Clear images of the upcoming Samsung Galaxy S10 that has leaked online confirms what was rumored last year – that the next Samsung flagship phone will have a cryptocurrency wallet.

The leaked images of Samsung Galaxy S10, first shared by Samsung-focused site Sam Mobile, showed a “Samsung Blockchain Keystore” app, which is described as a “secure and convenient place to store cryptocurrency”. What’s more, users can import existing wallets to it.

Sam Mobile said the app will allow Samsung Galaxy S10 crypto holders to store bitcoin, Ether, ERC20 tokens, and Bitcoin Cash. It should be noted that the leaked images only show the ethereum wallet.

Previous reports have mentioned notable features of the blockchain wallet app on the S10:

  • Despite resting on a phone, the blockchain keystore app is a “cold wallet“.
  • Samsung doesn’t have access to anything on the app.
  • It can be accessed through a recovery phrase – 12 – 24-word phrases that are often used as a recovery method for various blockchain wallets (like Abra’s).
    • It is the user’s responsibility for storing these phrases safely. If these are lost, even Samsung cannot reset or restore your wallet.
  • The app will have PIN and fingerprint authentications.
    • There is no eye authentication as it’s reported that Samsung may ditch the “iris scanner”.

Naturally, most publications are intrigued that the leaked images are the clearest picture of the S10 so far.

The wider crypto publications including BitPinas are pondering of the implications of a blockchain wallet in a very popular phone. In 2017, Samsung has 21% of the market share in the worldwide smartphone market, shipping 310 million units. App Brain, which shows the market share of Android phones in the last 30 days listed numerous Samsung phones as the most popular Android phones in the U.S.

Samsung sold around 72 million phones in 2018.

While not conclusive, it definitely shows that Samsung Galaxy S10 will put a blockchain wallet in the hands of millions of people without them downloading it on the PlayStore. Writing for Forbes Magazine, contributor Billy Bambrough said this can aid in increased cryptocurrency adoption, something that is lackluster in the fast years. He further said that unless tech companies like Samsung and Apple create something that will make bitcoin usage easier, widespread adoption might remain elusive for now.

Joseph Young, an analyst and investor who writes for Forbes and Cointelegraph said the blockchain wallet reveal for Samsung Galaxy S10 is a story bigger than BAKKT and Bitcoin ETF, two stories that crypto enthusiasts think will serve as catalysts for a crypto bull run. On Twitter he said the crypto integration to S10 is bigger than BAKKT and ETF because “no one really knows what kind of exposure ETF and Bakkt will provide, meanwhile, millions of people will definitely use Samsung phones.

Numerous phone companies are trying to launch blockchain phones in the market. Smartphone maker HTC is launching Exodus, a mobile phone with an integrated cryptowallet called “Zion”. It will support BTC, LTC, ETH, and ERC-721. HTC claims that Zion will never store personal data or any data at all. As such, the user will be responsible for keeping their keys safe.

This article originally appeared at BitPinas on January 29, 2019: [Report] Will Samsung Galaxy S10 Blockchain Wallet Boost Crypto Adoption?

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]