Blockchain Goes Mainstream? Samsung Confirms Digital Wallet Integration for Galaxy S10
Samsung’s latest flagship Android phone’s support of 4 cryptocurrencies bodes well for crypto adoption.
Samsung recently unveiled its latest smartphone release, the Galaxy S10. Fans of consumer tech are taken with the in-screen fingerprint sensor and high screen-to-body ratio. However, it’s another feature of the S10 which has the cryptocurrency community buzzing. The Galaxy S10 phone is blockchain-enabling and supports 4 currencies.
Blockchain Features of the S10
The Galaxy S10 features an integrated digital wallet from Enjin. The Enjin wallet is a secure mobile wallet allowing instant swaps and exchanges between tokens. At the time of writing, demo videos are circulating, showing the Samsung Enjin Wallet in action and apparently confirming the functionality is already available in the Korean version of the S10.
Alongside the instant exchange functionality, the wallet features payments to merchants and digital signatures, and the Enjin wallet could be used to send and receive in-game assets tokens.
At the news of the announcement, the value of Enjincoin skyrocketed seven times its value in two weeks as investors realized what the partnership means for Enjin. One CEO of a London-based crypto exchange GlobalBlock stated to the UK’s Independent news outlet: “There is no doubt that inclusion of these wallets on handheld devices gives credibility to the technology and makes it extremely accessible for the general public.”
Samsung is the global market leader for smartphones, shipping over 70m units every quarter, which outstrips the iPhone by over 15m. The integration of the Enjin wallet to the Galaxy phone gives Enjin access and exposure to entirely new audiences, on an unprecedented scale.
Sharing the Benefits
The partnership with Samsung is obviously great news for Enjin. However, it’s also a step forward for the wider adoption of crypto and blockchain - and not just for Enjin. Peeling back the layers of the onion, a development such as this is likely to create a ripple effect of benefits across the crypto and blockchain ecosystem.
One company connected to Enjin which stands to benefit from the Samsung partnership is Bancor, the first ever liquidity network which operates across more than one blockchain. Bancor now enables the instant exchange of tokens issued on either the Ethereum or EOS blockchains.
The Bancor network makes use of “smart tokens”. A smart token is a kind of token that holds other tokens as a reserve. By keeping tokens in reserve, Bancor ensures continuous liquidity throughout the network. Therefore, this liquidity means that when someone wants to make a token trade, there doesn’t need to be a matching order to enable the conversion.
Back in 2017, Enjin established its own reserve smart token on the Bancor network. Enjin staked 20 million ENJ tokens to be held in reserve as smart tokens called ENJBNT. This enables ENJ to be traded directly and instantly with all the other tokens on the Bancor network.
The partnership between Bancor and Enjin continued to develop, as in January 2019 Enjin confirmed that it had integrated the Bancor protocol into its secure mobile wallet. This means that users of the Enjin wallet can convert between hundreds of tokens, instantly and from within the wallet app.
Therefore, Bancor is also an indirect beneficiary of the Enjin-Samsung partnership. Any user of the Galaxy S10 Samsung Enjin wallet will also be able to take advantage of the Bancor protocol for making instant trades within the wallet.
HTC is one of the other electronics giants which has ventured into blockchain-enabled smartphones. One of Bancor’s co-founders, Galia Benartzi, recently tweeted about her meeting with Phil Chen of the HTC Exodus. Perhaps this foretells the next big development between a smartphone manufacturer and a blockchain company? It’s worth keeping an eye on, particularly considering that these kinds of partnerships could prove to be pivotal for the mass adoption of blockchain.
The ERC-20 Connection
Going a step further, the entire Ethereum ecosystem also benefits indirectly from the integration of Enjin into the Galaxy S10. Enjincoin is an ERC-20 token, so its transactions are fueled by gas which creates more opportunity for Ethereum miners. Bancor is enabling instant swaps and liquidity of Enjincoin and other ERC-20 tokens, accessible now to users of Galaxy S10. All this helps to make Ethereum a flourishing ecosystem of active users and network participants.
Similarly, EOS could also feel the ripple effect of the Samsung-Enjin partnership. The Bancor protocol enables token trades across both Ethereum and EOS-based tokens, so ultimately EOS dapps and tokens could also gain more users among Galaxy S10 owners.
Why Interoperability Matters
With new main net launches becoming more common, the blockchain community is now starting to understand the benefits of interoperability. Partnerships and interactions between industry players mean that Ethereum, EOS, and Bancor all benefit in some way from Samsung’s partnership with Enjin. This ripple effect underlines the importance of interoperability and developing a connected ecosystem, which has the potential to become greater than the sum of its parts.
Samsung’s decision to integrate blockchain technology into one of its flagship products is big news in the crypto world and for good reason. It brings the benefits of blockchain to a wider potential user base, while paving the way for future such partnerships and further adoption. Every step towards adoption will bring further advantages for more industry players and thus attract more new users, creating a positive cycle of events beneficial to the whole ecosystem.