Despite that 2018 was the year of the crypto winter, 2019 is shaping up to be blockchain’s moment in the sun. Several noteworthy events have put the technology firmly into the spotlight. Earlier in the year, JPMorgan announced it was going to develop its own cryptocurrency.
A few months later, Facebook followed with its Libra announcement. Of course, many in the crypto community railed against the idea of the data-harvesting social media giant impinging on the boundaries of decentralization. However, nobody can deny that the subsequent media coverage has given a massive boost to the markets.
What’s behind the reason for the boost? Well, it’s likely due to the idea that Facebook’s two billion users will be exposed to the concepts of cryptocurrency. This exposure may create some overspill to the more established digital asset markets. However, it’s not currently clear how users will be encouraged to sign up to Libra.
Meanwhile, Samsung has been steadily increasing its blockchain footprint, to far less fanfare than Facebook’s announcement. Back in February, it became public knowledge that Samsung was integrating support for blockchain. Now, it has launched a blockchain and decentralized application (dApp) software development kit. Most recently, the smartphone giant confirmed the integration of a cryptocurrency wallet and other features into its Galaxy smartphone range.
In terms of user exposure, Samsung’s news has the potential to eclipse Facebook’s Libra plans. According to Statista, Samsung has shipped over 70 million smartphones for the previous 25 successive quarters, holding 20 percent of the global market. Furthermore, by having crypto and blockchain features already integrated, it puts the technology into the hands of a vast user base.
So, What’s in the Samsung Blockchain Box?
The recent news confirmed that Samsung has integrated two products from Singaporean digital wealth company TrustVerse. These products are a cryptocurrency wallet called Mars, and a digital asset analytics app called Jupiter.
The Mars Pay Wallet is offered free of charge to Galaxy users, providing a simple and clear interface for managing cryptocurrency assets. It supports Ethereum and all ERC-20 tokens, as well as Bitcoin and Bitcoin Cash. Mars provides P2P transfers via QR Codes, along with escrow services, meaning users can seamlessly transfer cryptos between themselves with only a few taps on their Galaxy screen.
Jupiter is a digital asset market forecasting tool that makes tracking the crypto forecasts as easy as looking up the weather outlook on your phone. While it’s simple to use, the underlying architecture relies on sophisticated AI machinery to incorporate multiple indicators and expert opinions.
Mars and Jupiter are currently available on the Galaxy Store, while Mars is also available on the Google Play Store.
A Universe of Digital Asset Tools
The Samsung integration bodes well for parent company TrustVerse, especially since it’s in the process of bringing further applications based on its infrastructure to the market. The TrustVerse tagline is “A Universe of Trust” focused on digital asset management.
As you’d expect from the cosmic theme, the company’s other products feature similar names. Nova is a recovery device soon to be released in complement to the Mars wallet. If a hardware wallet is based on a phone and the device is lost or stolen, the user cannot access their cryptocurrency funds. Therefore, Nova provides enable the user to configure a set of rules that will allow them to recover their digital assets from the original wallet.
Pluto is another new feature currently in development. It’s an inheritance planning service, which will be a browser-based product. The tool enables a holder of digital assets to plan their legacy, and Pluto will encode their wishes into a smart contract. When the holder passes, their heirs must submit a death certificate for the smart contract to release their inheritance.
These are just a few of the applications TrustVerse is currently working on. Overall, the company is aiming to become a one-stop-shop for managing digital assets, from accumulation to legacy planning. Because the underlying architecture is based on blockchain, users have the assurance that their personal and financial data is held securely.
For most in the cryptocurrency community, mainstream adoption has always been the goal. So far this year, giants like JPMorgan, Facebook, and now Samsung have all thrown their hats into the blockchain ring. Soon, billions of people will have access to the technology. In the future, we may look back and realize that 2019 was the year that blockchain adoption hit the tipping point.
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Last Updated on February 3, 2021.
