In order to gain a foothold in the crypto market, the South Korean electronics group has focused on several areas: in addition to its own crypto exchange, Samsung is working on numerous blockchain applications and developing chips for mining.
Crypto applications galore
Users of mega-corporate devices can enjoy blockchain applications for a long time. For example, Samsung Blockchain Wallet embodies several important functions at once. First, the app has a separate “blockchain news feed” that is designed to keep users “up to date with the latest news in the blockchain world.” The carrier function and the ability to send cryptocurrencies from point A to point B are common among crypto applications. You can also connect your own Ledger Nano S or Nano X as a little extra.
Unlike storage in the Ledger Cold Wallet, Samsung offers to store users’ private keys. Samsung Knox and Trusted Execution Environment (TEE) protection should protect data from attacks. However, risks cannot be ruled out, studies from the University of Oxford show.
However, users are still exposed to exploits through various types of software vulnerabilities, suggesting that organizations have not provided the necessary protection despite the use of existing isolation technologies.
Since private keys are vital to the assets stored in a wallet, careful consideration should be given to whether they should be stored online. At the same time, Samsung offers its customers the opportunity to “explore, explore and be part of a growing ecosystem” in a decentralized world. More about it here.
In addition to applications, the electronics giant is developing nanochips that will make bitcoin mining much more profitable and less energy intensive. According to a statement made at the end of June, work is underway on modern 3-nanometer chips.
The first buyer will be manufacturer AISC PanSemi. The chips can then be integrated into bitcoin mining hardware. Samsung claims that the optimized “3nm process” will reduce power consumption by 45%. Performance is 23% faster than the “5nm process technology”. By the way, a nanometer in relation to a meter is equal to the diameter of a penny in relation to the diameter of the globe. Exactly how this will change the hash rate and the actual power consumption of the Bitcoin network cannot yet be determined.
Own permanent crypto exchange
Coming down to earth, we learn that Samsung Securities plans to launch a cryptocurrency exchange in partnership with six other South Korean companies in the first half of next year. According to the Korean media company News Pim, the necessary negotiations for the fund are being completed.
Back in 2021, Samsung initiated the creation of a crypto exchange. “Late last year, they tried to find workers who could support the development and operation of the security token exchange platform and the development of smart contracts on the blockchain, but could not find work,” the publication reports.
If the stock market goes public, it could come under scrutiny from the South Korean Financial Services Authority (FSS). Following the Terra fiasco, local authorities launched an investigation into the CEO. It is reported by BTC-ECHO.
Coming soon “Samsung Coin”?
Samsung has been in the crypto space for many years. The research and development that the company conducts in the field of crypto technologies seems endless at first. The Seoul-based group is also doing well on the investor side. A recently published study shows participation in 13 different cryptocurrency companies. Here you can find out more.
Back in 2019, there were rumors that an electronics manufacturer might be working on its own blockchain. Earlier this year, he partnered with Cardano’s project to plant two million mangrove trees in Madagascar. Whether for financial or ideological reasons: Samsung is optimistic.
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