Samsung Galaxy S10 Having A Built-In Cold Cryptocurrency Wallet, A Feature To Look Upto Or Just A Way To Another Tragedy!

Anurag Sinha
Mar 06, 2019   •  1 view

Crypto currencies are not yet fully acceptable by the world’s major economies. But the move taken by Samsung can be said very brave and a positive move to introduce the crypto tech in the world. As we know that South Korean based Company, Samsung has a vast global outreach to the various countries. Hence, Samsung added a special built in feature in its new flagship phone Galaxy S10 that is a cold wallet for crypto currency.

The wallet built in Samsung s10 will allow the user to store Bitcoin Ethernum and cryptocurrency cosmo coins. As it is a cold storage, hence it is not connected to Internet. Decentralized applications like Dappslike Cosmee have also been provided that will allow the users to earn cosmo tokens for putting beauty features about the phone in the app.

Cosmochain, the South Korean blockchain startup behind Cosmee, describes its app to The Verge as a blockchain-powered beauty review app — the blockchain is supposed to be a useful way to record all the reviews reliably.

There’s also a good news for the gamers who are planning to buy the phone. Samsung has also announced support for Enjin coin which as an Ethernum based currency specially for gamers. It is also announced the support for contactless payments using cryptocurrency.

Samsung is one of a few companies that have launched blockchain-related phones, and its participation in the trend could influence other players in the market. Last year, Sirin Labs unveiled the Finney phone with a wallet for storing cryptocurrency, which costs $1,000. Then there’s the HTC Exodus, which has been available for preorder since last October and can only be purchased with cryptocurrency. It’s got a wallet for storing digital tokens as well that’s notably partitioned from the rest of the phone for greater security.

The feature in the Samsung seems really futuristic with a positive vision. But we’ll also have to pay attention to the challenges we can face as related to the cold storage feature. As we have also seen the current Quadriga tragedy, where because of the death of the Founder of the company Gerald Cotton. The death resulted into 115k of affected users who weren’t got their money, because of the loss of password and recovery key that was known to no one.

But let us not become so pessimistic, and just hope Samsung must have given attention to such drawbacks. But as we all know and say, “Let the time decide”.