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Crypto Phone to be Launched by Samsung

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Around a year ago, the notion of a crypto phone would have seemed like something out of a futuristic blog post, but it seems that this is no longer the case. If there is one thing that cannot be denied with regards to cryptocurrencies is that they are here to stay, and the world is now sitting up and taking notice.

Last year, banking giant JP Morgan (NYSE:JPM) issued its own cryptocurrency, and more and more giant corporations are now getting into the market in a big way. In a new development, it has emerged that South Korean electronics behemoth Samsung (OTC:SSNLF) has decided to not only issue its own cryptocurrency but has also developed a phone that is going to support a crypto wallet.

Key Details About Samsung’s New Galaxy Note 10 Smartphone

The latest development from Samsung was reported by one of the leading financial papers in the world. According to sources inside the company, Samsung’s new Galaxy Note 10 smartphone is going to be equipped with a cryptocurrency wallet. However, that’s not all. The company is also going to give away its own cryptocurrency for free in those wallets. The name of the crypto phone is part of the Klaytn edition, and the blockchain network is known as Kakao.

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This is a major step for Samsung, which has lagged behind the biggest smartphone brands in the world and could help the company in attracting millions of new customers who would want their cryptocurrencies in their phone wallet. That being said, it is important to note that the crypto phone is not going to go on sale worldwide straightaway. According to the company, the phone will be first sold in Samsung’s local market in South Korea. Samsung refused to comment on speculation but the news that the Korean electronics giant has been working on a crypto phone first surfaced back in March this year.

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Samsung Patents Its Blockchain SSD

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In May, South Korean tech giant Samsung (OTC:SSNLF) filed for a patent titled “Programmable Blockchain Solid State Drive and Switch.” Although details about the recently designed system are scanty, a lot of people in the sector are already pointing out the significance of this technology. It appears like most corporations are also following the trend, with several having filed patent applications.

Samsung Patents New Programmable Tech

Patent wars are not a new phenomenon in the tech sector as there have been several legal battles over the same. In the tech sector, they go back to the time of Alexander Bell who engaged in over 600 suits. Major innovations in the past have some history of a patent war but with the digital era, the phenomenon has accelerated.

The programmable technology comprises of storage controllers and a non-volatile memory configured to regulate the system. The system has a field-programmable gate array and network interface designed to enable implementation of a blockchain algorithm. During execution, the processor will send and receive blockchain blocks through the network interface.

New Tech to Offer Efficient Crypto Mining

The new technology will be used in crypto mining in a better way compared to other ASIC miners created by cryptocurrency mining manufacturers. The tech will be efficient relative to using GPUs that have to combine different drivers, software, and configurations to do proper mining. Also, GPUs have a challenge when it comes to converting the mined coin because only a few miners can manage to do so.

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ASIC miners are specifically meant for mining and are configured to compute a particular algorithm. Because of focusing on specifics, it gives it an advantage of being efficient over GPUs. However, since they are specifically for mining, with a new solution they would become obsolete. Also, most coins are incompatible with ASICs.

Crypto analyst Sam Town indicated that patents could be a weapon that could prevent other companies from building a product similar to this. Samsung’s entry into the crypto mining sector is not a surprise as the company has been developing chips for ASIC miners.

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