On February 21, at the Samsung Galaxy product launch event in San Francisco, the Galaxy S10 series was officially unveiled. A particularly noteworthy feature of the new Galaxy S10 is the inclusion of a long-rumored hardware-encrypted wallet function. According to the announcement, the Galaxy S10 became available online and in stores in select markets starting March 8, 2019.
Speculation about Samsung's new product potentially including a built-in cryptocurrency wallet began as early as November 2018. Insiders revealed that Samsung had applied for trademarks in Europe for names like Blockchain KeyStore, Blockchain Key Box, and Blockchain Core. In January of the following year, a Twitter user leaked an image of the Galaxy S10's built-in cryptocurrency wallet. The image indicated that the cryptocurrency wallet was integrated into a feature called "Samsung Blockchain KeyStore," which at the time only supported Ethereum.
However, according to the latest exposures, the wallet has been updated to support both Bitcoin and Ethereum.
Why Avoid the Term "Crypto Wallet"?
Although this update is significant for the blockchain field, the term "crypto wallet" was notably absent from the high-profile speeches and press releases during the Samsung Galaxy S10 launch.
Instead, the official press release described the wallet as follows: "Galaxy S10 incorporates Samsung Knox, along with hardware-supported secure storage, which includes private keys for supporting blockchain mobile services." This description initially left many users confused about the application's functionality.
Industry executives, in interviews, suggested that Samsung avoided introducing Knox as a cryptocurrency wallet to its mainstream consumer base because it might deter many potential users. Even though the image of cryptocurrency improved significantly in the preceding years—especially after the cryptocurrency market valuation surged to over $800 billion in late 2017—the subsequent market cooldown and a series of scandals, including the recent $150 million controversy surrounding the Canadian exchange QuadrigaCX, have negatively impacted the public perception of cryptocurrencies and related assets.
To appeal to a broader range of potential users, some industry executives and local analysts speculated that the company used more blockchain-friendly terminology to introduce Knox and its cryptocurrency wallet functionality.
Technical Support for the Wallet
The newly launched Galaxy S10 was offered in two versions: one equipped with Qualcomm's latest flagship processor, the Snapdragon 855 chip, and another with the Exynos 9820 chip.
In the Snapdragon 855 version, the device utilizes a technology called the Trusted Execution Environment (TEE). This technology isolates the trusted storage for sensitive data from the core operating system. Even if a hacker successfully breaches the device through an insecure connection, they cannot access the keys stored in the TEE. In July of the previous year, Samsung Insights reported that, due to the existence of TEE, mobile phones are the safest devices for running cryptocurrency wallets. Unlike laptops, PCs, and other types of devices, smartphones have a native environment independent of memory and storage. Therefore, the operating system cannot alter data stored in the TEE, eliminating the possibility of data security breaches within the trusted environment.
The Exynos 9820 chip version, on the other hand, was developed independently by Samsung. In terms of user privacy protection, the Exynos 9820 uses a Physical Unclonable Function (PUF) to store and manage personal data, preventing malicious applications from stealing user privacy information and ensuring user information security. According to IT expert Han Ho-Hyeon, it is an ideal processor for a built-in encryption wallet. By using the Exynos 9820, the PUF enhances the smartphone's ability to protect private keys through standard third-party mobile cryptocurrency wallets. If a hacker successfully breaches the device via an insecure connection, they cannot access the keys in the PUF or TEE, making Samsung's crypto wallet inherently more secure than existing alternatives.
Is a Built-In Crypto Wallet Becoming a Trend for Blockchain Phones?
Even before Samsung, several smartphone manufacturers had already integrated cryptocurrency wallet functionality into their devices.
The crypto startup Sirin Labs developed the Finney blockchain smartphone. The wallet on the Finney is a fully independent hardware wallet separate from the main device, designed to protect private keys and produce and sign blockchain transactions. It only accesses the networked native wallet when the user initiates a transaction. Users can directly convert cryptocurrencies including Bitcoin, Ethereum, and Sirin Labs' natively issued token SRN. Additionally, Sirin Labs built a decentralized application (dApp) store.
HTC also planned to produce a blockchain phone called Exodus, which supports cold wallet storage solutions for cryptocurrencies.
Furthermore, numerous domestic manufacturers such as Changhong, Lenovo, and Candy have also ventured into the field of blockchain phones, but their efforts largely remained at the level of phone-based mining.
Frequently Asked Questions
What cryptocurrencies does the Samsung Galaxy S10 wallet support?
The built-in wallet on the Samsung Galaxy S10 supports both Bitcoin (BTC) and Ethereum (ETH). Initially, it was revealed to support only ETH, but later updates confirmed the addition of BTC.
How does the Samsung Knox security platform protect my crypto assets?
Samsung Knox utilizes a hardware-backed secure storage system, including a Trusted Execution Environment (TEE) and Physical Unclonable Function (PUF) technology, to isolate and safeguard private keys. This ensures that even if the device is compromised, your keys remain protected from unauthorized access.
Can I use the built-in wallet for everyday transactions?
Yes, the integrated wallet is designed to facilitate secure blockchain transactions directly from your device. It allows users to manage their cryptocurrencies and sign transactions seamlessly while maintaining high security standards.
Is the crypto wallet feature available in all markets?
The Galaxy S10 initially launched in select markets. Availability of the blockchain and wallet features may vary depending on regional regulations and Samsung's rollout strategy.
How does Samsung's solution compare to other blockchain phones?
Samsung’s approach leverages proven hardware security technologies like TEE and PUF, offering enterprise-grade protection. Unlike some competitors that focus on mining or limited functionality, Samsung aims to provide a robust, user-friendly experience for managing digital assets. For a deeper look at secure crypto management tools, you can explore more strategies here.
What happens if I lose my phone? Are my funds recoverable?
Typically, cryptocurrency wallets rely on seed phrases or private keys for recovery. It is crucial to securely back up your wallet information during setup. Samsung’s implementation likely includes optional backup and recovery options, but users should always follow best practices for securing their recovery phrases.
The integration of hardware crypto wallets in smartphones marks a significant step toward mainstream adoption of digital assets. As technology evolves, users can expect even more secure and convenient ways to manage their cryptocurrencies. For those interested in staying updated on the latest developments, view real-time tools and platforms that enhance your crypto experience.