The electronics giant is still ironing out the intended use cases and structure of its likely ETH-based offering, an anonymous source says.
South Korean electronics giant Samsung may end up developing a public-private blockchain complete with its own cryptocurrency token, an anonymous source told crypto industry news outlet CoinDesk Korea on April 24.
The project, part of an undertaking by the company’s dedicated blockchain division, would see a blockchain mainnet appear based on Ethereum (ETH), along with a new asset dubbed Samsung Coin.
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided,” the source, who is in touch with the plans, told the publication.
The news, while not confirmed officially, comes as Samsung continues its various forays into both the blockchain and cryptocurrency spheres.
Last week, the company gave a fresh signal about its belief in the long-term profitability of the emerging phenomena as it participated in a $4 million investment round in smartphone-based wallet app ZenGo.
Samsung’s existing enterprise blockchain offering, Nexledger, also continues to see uptake from entities worldwide, most recent of which came in the form of Indian IT giant Mahindra.
The ETH-based offering would meanwhile likely incorporate elements of both public and private blockchains, with exact details similarly still forthcoming.
“Currently, we are thinking of private blockchain, though it is not yet confirmed,” the source added. The source continued:
“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.”
