The news that Samsung added a private key storage to its new Galaxy S10 smartphone shook the crypto world.
As lots of have actually taken it as an indication of recommendation from the South Korean tech giant. However, as information are scarce, many are questioning what “hardware storage” the business announced and why it wasn’t discussed during keynote discussions.
Meanwhile, Samsung does not provide any further details about the new feature. Likewise, according to sources close to the circumstance, even some main distributors are uninformed of this new storage.
In addition, out of more than a dozen videos we have seen, only one reveals what is allegedly the Samsung Blockchain Wallet
🇰🇷 – Samsung now priming their phones with Blockchain tutorials. The wallet integration on the Galaxy S10 has been confirmed… even after they denied it. Trying to keep Apple on their toes? pic.twitter.com/wAd7EaPzKw
— Korean Cryptocurrency & Blockchain News (@BlockchainROK) February 21, 2019
In the meantime, curious members of the cryptoverse are looking for more information on their own:
nothing about crypto on the site yet but based on the rest of the info it’s likely an extension of their private encryption space on the device https://t.co/QWSjtd06TH
— RIP (@RIPatriot) February 21, 2019
In either case, the private keys storage is a popular topic within the crypto community ever since the phone was unveiled yesterday, as many did not believe the rumors that emerged some time ago declaring the exact same thing.
Reddit user u/Makylias summarized the majority of the reaction that the community had: “Great news! Hopefully this causes a lot more adoption.” Others are calling for competitors to step up their game. “Apple has a great deal of work to do now. Some next level stuff by Samsung consisting of crypto personal key storage,” commented cryptocurrency analyst and writer Joseph Young on Twitter.
Paper wallet is the choice, however mobile phone will still be much more convenient for smaller amounts, cause it has camera to read qr codes— Leo Morozovskii ⚡ (@LeoMorozovskii) February 20, 2019
Knox is probably more than secure enough for most day to day transactions.
Significance: it shows that cryptocurrencies have become important enough to become part of Samsung’s business model.
— Ivan Brightly (@ibrightly) February 21, 2019
I don’t think this is to replace cold storage, its to replace people using a coinbase app for small amounts – its upping the security of low level stuff, not designed to for large amounts/investments.
— The Little Elk 🦌🔑⚡️ (@TheLittleElk) February 21, 2019
On the other hand, throughout keynote presentations, the company has actually not provided much time to the storage in general, rather revealing other features of the phone. Still, the cryptoverse does not have much of an issue with that: “But their gadgets were remarkable, so 90 minutes were inadequate for them to get to crypto wallet integration,” argues Redditor u/fapthepolice, including, “So still, thank you Samsung for presenting hundreds of millions of people to cryptocurrencies – even if you didn’t buzz it up from the start.”
However, many questions still remain to be answered:
Only caveat here is that I don’t fully understand the hardware.
Is this functionally the same as a Ledger?
Apple’s secure element?
Hasn’t BRD used Android / hardware encryption for private keys from day one?
— Ryan Selkis (@twobitidiot) February 21, 2019We’ll keep you informed.
Images Via Samsung Secure Folder https://www.samsungknox.com