Samsung is developing its own Ethereum-based blockchain

South Korean tech giant Samsung is creating its own Ethereum-based blockchain network and may be planning to issue its own token, according to CoinDesk’s source. Samsung’s blockchain team is said to be developing “a blockchain mainnet based on Ethereum.”

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains," the unnamed official said.

After the blockchain network, the “Samsung Coin” token may be the next project in the works. The coin could be traded on crypto exchanges or be used as a payment option in the Samsung Pay app.

In March, Samsung launched its new flagship mobile phone—Galaxy S10. The smartphone supports a number of DApps as well as featuring a Samsung crypto wallet supporting ether and ERC20 tokens.