For all the haters that kept saying blockchain will never make it big, crypto is nothing more than a Ponzi scheme, crypto won’t survive, blah blah blah… Samsung has found the perfect way to shut them all up. Samsung’s flagship phone, the Galaxy S10, is a crypto lover. The device has upcoming crypto features that we all have been waiting for and this time Samsung took the lead.
It’s features were first announced officially in the United States on Wednesday, but the company didn’t tell us the deets. But fortunately some people were able to get their hands on it when they showcased it at Samsung’s flagship D’light store in Seochu-Gu, Seoul, where they often first showcase their latest products.
After launching the “Blockchain Keystore” app on the S10 we get to know how you can store your cryptocurrencies securely along with other features.
Entering the Blockchain Keystore be like…
There are three features: you can make payments to merchants, digital signatures and crypto storage and transfers. The full list of possible uses involves: secure distribution of data, insurance and contract verification, content copyright management, direct sharing of content, in-game goods ownership, digital asset management and transactions.
Blockchain Keystore works in a way that it stores a private key based on blockchain technology in a secure enclave built into the device. In the long term this app will be available across all Samsung products, even notebooks too but for now, you can only find it on Samsung S10.
The various blockchain services can be accessed by a personal key aka a password. It must be stored safely if you want to use the app to do anything!
But what happens when we lose our phone? Does that mean we can’t access our wallet no more? Well, Samsung isn’t THAT stupid, they obviously had a fix for this potential frequently asked question. The private keys in the S10’s Keystore are backed up in a personal account provided by Samsung. In case of theft or if it’s lost, you can still access the device and delete the private key through its Find My Mobile service. AND, if you accidentally delete your key, you can even restore it!
Moreover, when you are about to send your money, it will once again ask you to enter your PIN or scan your fingerprint. To save yourself from typing in long crypto address that you can easily make a mistake in, they let you scan the QR code so you get it right each time!
This crypto-friendly device is set to launch on March 8. So make sure you get one with which you can do loads more stuff with!