BIG TECH & BLOCKCHAIN: SamsungCoin & Blockchain protocol distract us from foldable phone fiasco

Earlier this year, we admittedly took a hard stance on two seemingly meaningful pieces of news from South Korean tech giant Samsung: (1) the launch of the Galaxy Fold, the likeness of which we compared to a pizza box, and (2) Galaxy S10 phones confirmed to be crypto-native, allowing for private key storage (here). To catch you up on the Fold, Samsung have found themselves in the hot seat with their $2000 foldable phone barely lasting a week in the hands of reviewers before experiencing a multitude of battery and screen issues (here). More importantly, Samsung is said to be developing its own Ethereum Blockchain (ERC20) Token or "SamsungCoin" and blockchain protocol. Previously we noted -- having a mobile experience that allows you to interact with the decentralized web and its applications without downloading or thinking about software management is massive. Additionally noting that there should be no difference -- from the customer view -- in using a credit card in Samsung Pay wallet, and using a self-custodied digital asset. Same use case, same ease of use. And this is truly groundbreaking when every merchant that takes Samsung Pay takes crypto, especially if that crypto is native to Samsung itself. But there are some concerns here, mainly surrounding South Korean regulations preventing the issue of tokens via Initial Coin Offerings (ICOs) and banning investors to invest in domestic ICO projects. Whilst rumors suggest that these regulations are likely to be revised by authorities, there is no idea when this would take place. Such policies may lead to the company considering a private blockchain with a B2B approach -- remember what we said about those walled gardens? Yet, there is still the possibility that Samsung could circumvent South Korean regulatory frameworks by establishing subsidiaries in overseas crypto-friendly jurisdictions to conduct its token sales. Doing so without clarification from the authorities, however, may land it in even hotter water than its foldable phone fiasco.

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Source: CNET (Samsung Fold), Blockboard (Samsung Blockchain Wallet), Cointelegraph (South Korea ICO ban)