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Background & Information
The blockchain-cryptocurrency space is filled with news on a daily basis. One of the most intriguing features of information over the last month is the Samsung S10 Hardware Crypto Wallet, called the Samsung Blockchain KeyStore. There had been rumors regarding Samsung’s intention to implement a crypto wallet in its phone, and it is now finally realized.
This latest move by Samsung is an extremely positive indicator for the community, as it means that customers of the S10 (and potentially future Samsung’s phones) are given the ability to try the cryptocurrency technology.
A fact we must outline is that the Crypto Wallet does not come pre-installed. Notwithstanding, it is available for download in Samsung’s Galaxy Store. The wallet currently supports only Ethereum and ERC-20 Tokens. This comes as a surprise to some consumers given that the Bitcoin logo was showcased during an initial presentation for the wallet. There are also some dApps being supported on the platform, such as CryptoKitties, Enjin, Cosmee, and CoinDuck.
Samsung Knox & Wallet Security
Security is undoubtedly the most important aspect of a crypto wallet. Samsung ensures this by leveraging its well-developed Samsung Knox technology, a security layer for Samsung mobile devices that enables personal and business data to co-exist in the same Samsung device while keeping each data isolated. Details about Knox solutions and its direct correlation with the crypto wallet are not yet available. Nonetheless, Knox is a reputable system, essentially approved by the NSA for Government related use-cases. It is also certied by the following entities:
● US Department of Defense
● Common Criteria ● FIPS PUB 140–2
● Finland (Finnish Security Auditing Criteria)
● ISCCC (International Safe Community Certifying Centre)
● UK National Cyber Security Centre
● Netherlands AIVD
● State Standard of the Republic of Kazakhstan
Currently, the S10 offers users the ability to store private keys in either a secure enclave or via a 3rd-party service. If users lose their phone, the private keys are backed and accessible through personal accounts provided by Samsung, allowing users to delete their private keys if the phones are stolen through the “Find My Mobile” service. Users can also restore their private keys if they are deleted by accident. Thus, as expected, this centralized key storage system raised security questions in the community, discussing what might happen if someone has access to the “Find My Mobile” app.
In the future, it is safe to assume that Samsung might think of integrating its crypto wallet with Samsung Pay. As a player in the FinTech industry, SamsungPay can benefit greatly from the integration of cryptocurrency, much like what Jack Dorsey did with Square in late 2017.
Supported Crypto Projects
Both Enjin Coin (ENJ) and Cosmo Coin (COSM) gained massive upside price action due to the Samsung S10 news. Presented below are brief recaps of each projects.
Enjin Coin (ENJ)
Enjin Coin (ENJ) is a blockchain project that aims to develop a decentralized gaming creation platform that solves multiple challenges derived from a centralized system, such as fraud, gray market, virtual ownerships, high transactions fees, and more. It offers a new gaming ecosystem revolving around the ENJ token as the main source of value in the economy. Moreover, starting with Unity, one of the biggest cross-platform game engines, ENJ will begin to provide Software Development Kits (SDK) to promote its adoption. Lastly, ENJ is backed by its parent company, Enjin, that has been providing websites building platform for various popular games with unique features and customizations to better connect the communities since 2009.
Token Metrics: *As of March 11th, 2019
Market Cap: $132,111,340; USD Circulating Supply: 762,778,665; ENJ Total Supply: 1,000,000,000; ENJ Price: $0.173197; 0.00004445 BTC
ENJ had a very low transaction volume towards the end of 2018 and early 2019, averaging less than $1,000,000 per day. It picked up the pace on February and soared high both in terms of its volume and price due to various events starting from GDAX exchange listing to its Samsung partnership. It is fair to conclude that ENJ liquidity will not be a problem due to its new-found popularity, combined with the fact that it is listed in most of the top exchanges. The chart presented below shows that the overall trendline of ENJ transaction volume is increasing.
Cosmo Coin (COSM)
Cosmo Chain is a blockchain project that utilizes a dual-token system, Cosmo Coin and Cosmo Power, to run its cosmetic & beauty ecosystem, with the goal of improving experience for cosmetic product users, suppliers/companies, and content creators. The ecosystem is similar to a social media application that oers practical rewards based on participation, such as selling products for companies and writing reviews for customers. All of the gathered data in the ecosystem are then stored in the blockchain. Combined with features correlated to the data that give out rewards to consumers/content creators, Cosmo Chain enables cosmetic companies to collect more precise customers data while respecting the consumers’ rights to their own information.
Token Metrics: *As of March 13th, 2019
Market Cap: $29,070,798; USD Circulating Supply: 670,780,889; COSM Total Supply: 923,000,000; COSM Price: $0.043763 ; 0.00001116 BTC
Similar to Enjin Coin, COSM had a relatively low transaction volume and market capitalization before the rumor surrounding Samsung partnership. After the announcement, COSM price increased to a high of 1700 satoshi, approximately 600% increase from its ~200 satoshi values in January. The Samsung partnership unequivocally gave COSM its needed publicity. To say that not many people have heard about the project prior to the partnership, which can be seen from its extremely low market cap around mid-2018 in comparison to Enjin Coin, is well within reason.