Samsung Blockchain review details



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Samsung is developing its blockchain network as part of its growth in the cryptocurrency world. It intends to protect and keep your valuables secure with added protection from Knox. It is based on the Ethereum platform and they are working on their crypto token known as Samsung Coin for crypto exchange or payment solution in their application. Samsung blockchain works more like a crypto software wallet with added security than a real blockchain.


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The Samsung blockchain is one of the blockchains that will keep your valuables and virtual assets secure. It is reputable for its features such as Private Share which ensure the secure management of data and information, and no risk of privacy while sharing the data and information. The blockchain is known for its support for cryptocurrency Android applications, and decentralized apps (DApps), where the Samsung Blockchain Keystore SDK facilitates direct communication between them and also other functionalities. Its features let the platform authenticate the exchange of digital assets. Its increased popularity is due to making life easier for cryptocurrency traders when it comes to managing and trading their virtual assets from third-party wallets like Ledger Nano S and Ledger Nano X2 using the platforms wallet. Therefore, it can manage and store crypto assets in cold hardware wallets and soft wallets.

 

Briefly about Samsung Blockchain

The Samsung blockchain brings developers and consumers in this industry together. The developers can build DApps that generate, store, and manage these accounts and process transactions with APIs dedicated to each ledger system. The DApps can sign for transfers of virtual assets using third-party wallets. It has a mobile platform for Android available mostly through its Samsung devices where it is used. The private keys are used for cryptocurrency and DApps that are encrypted and stored in an area isolated from the main operating system.

Keep your valuables safe and secure with Samsung Blockchain, or should we call it Samsung Wallet?CryptoLists.com
 

Samsung blockchain promotes the future of data security. It does this by keeping your private key in a secure location and encrypting your data files with it. Information and private key in the Samsung Blockchain Keystore are not saved to a Samsung or external cloud, nor is it visible by the devices' Android Operating System. It can allow you to share files in read-only mode, retract viewing rights, and set expiration dates to ensure that your shared files cannot be re-shared to a third party, or saved by the receiver. The Samsung Blockchain Keystore uses the Samsung Knox TrustZone security platforms and the defense-grade Trusted Execution Environment (TEE) software to make the processes secure. Also, the information is protected further by a secure processor accessible by providing the asset owner織s PIN, fingerprint, or face ID that secures it from data breaches, malware, and other threats.

 

Utility of Samsung Blockchain?

The utility of such blockchains puts consumers in control of their data by giving them a platform to consolidate and manage private information and digital keys with optimum security. Galaxy users use it for private sharing of their data and it lets them access DApps. Also, the Wallet under the Samsung Blockchain is compatible with Bitcoin and Ethereum facilitating secure trades. It allows traders who trade multiple virtual assets to import and manage them from the platforms wallet. Users can connect to, import, and handle supported wallets and currencies via the platform.

Samsung Blockchain details

Samsung Blockchain Consensus Method: Other
Release Date: June 16, 2022
Resources & Social media
 

Advantages at Samsung Blockchain

+ Samsung blockchain offers an added level of security with Knox and TEE.
+ It contains built-in features to support Android apps and Decentralised Apps.
+ The blockchain provides support for managing, storing, and creating a private key.
+ The Samsung Network lets you manage your virtual assets anywhere at anytime.
 

Disadvantages

- There have been incidences where the Samsung wallet loses Bitcoins.
- The Samsung Network does not support multiple blockchains.
- The blockchain limits users to not editing files shared with them.
- The customer service support of the Samsung blockchain was slow when we tested.
 

Costs

▪ Rated at 10/10

The cost of a transfer between the wallets depends on the type of cryptocurrency you are trading. It facilitates the trading of virtual assets using third-party wallets via the Samsung Blockchain on smartphones. You need to connect to third-party applications to uncover the fees to pay when transacting cryptocurrency through this process. Therefore, to comprehend the transaction process you need to evaluate the current cost of the coin when making the trade and the percentage it costs depending on the coin. There is no specific value of the transaction costs and the transfer costs could vary depending on the size of the trade.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

The platform is quite new compared to others in the market but despite its short time in the market, the Samsung Blockchain has made significant strides to establish itself. People discuss it lengthily talking about how it is useful for those users who keep cryptocurrency for purchasing goods and services. Many people regard Samsung highly therefore they use the platform due to its well-known security, and its reputation as a successful company over the years. The main negative thing said about it is that some links do not work and that the customer service support takes a lot of ties to provide help which results in losses of cryptocurrency. According to some reviews, it can sometimes be inefficient. However, people find it secure as it offers additional protection using the Samsung Knox, and the Trusted Execution Environment (TEE) establishes trust in the blockchain that addresses its safety concerns. It is still reputable since many users who use the Samsung device conduct such trades in cryptocurrency.

 

Some of the developers involved in Samsung Blockchain

▪ Rated at 9/10
The logos below represent some of the developers who have been involved in Samsung Blockchain. Check out the developer about page, by clicking the logo. There you can see what coins they have developed and at what exchanges, brokers and trading platforms their coins are available.
 

FAQ

Is the Samsung Blockchain safe?

The blockchain is safe as it secures your private key in a single secure location with encryption for data files using the private key. It also offers additional security using the Samsung Knox and Trusted Execution Environment (TEE software).

Can I delete Samsung Blockchain KeyStore?

No. It requires its users to create a separate account and there is no process to delete it. You can only delete the data stored on the app.

Will Samsung Blockchain overtake Ethereum?

No, that is not likely, but many Android users will have the Samsung Wallet as one of their main or alternative blockchain wallets.

What tokens can you store in the Samsung wallet?

You can only store Ether, Tron, Bitcoin, ERC20, and TRC tokens. So in reality, most of the blockchains available is not covered - especially Binance Smart Chain (BSC), Solana blockchain for NFT fans and Polygon chain for low transfer costs.

Is this a real blockchain from Samsung?

Real and real. Samsung blockchain is a based on ERC20, so it is a copy of the Ethereum chain. Their product is aimed at Android mobile phone users, that need a crypto wallet with decent security. On Reddit, one user call it a glorified password manager, but Crypto Lists find that expression to be misleading.

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Screenshots from Samsung Blockchain

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