After seeing the leaked photos of Samsung’s newest smartphone, the cryptocurrency sphere went crazy over the built-in crypto wallet feature.
Samsung would immediately deny talks that the S10 included a baked-in hardware wallet. The wallet exists but lacks some features one might expect of a cryptocurrency wallet. It only supports Ether and ERC-20 tokens, not Bitcoin.
The wallet can be downloaded from Samsung’s Galaxy Store. Upon setting up the wallet, the app will ask for permissions like access to the phone’s camera, storage, calling function, and body sensors, and require the user to sign in with their Google or Samsung account.
Setting up the wallet is a standard procedure. Users may create a new wallet or import an existing one using their seed phrase. If creating a new one, they will need to input a 6-digit PIN, and after they confirm the PIN, they will receive a 12-word seed phrase (mnemonic phrase or recovery phrase).
The device advises users to store the phrase on a different device, adding that if they lose it, the wallet will be lost to the blockchain abyss if they have to recover it for whatever reason (cases where they might need to recover their wallet: the phone gets stolen/broken or Thanos secures all the Infinity Stones). The application also assures users that Samsung has no access to their wallet.
Once the user promises that they have written down the seed phrase securely, three of these words will be randomly chosen for them to regurgitate to the app as a proof that they did not ignore a crucial step in setting up a wallet.
After that, their wallet is set up, and they can start receiving or sending ERC-20 tokens and Ether.
The wallet includes intrinsic support for Basic Attention Token, TrueUSD, Ether, BNB, USD Coin, the Paxos Standard, Chainlink, Maker, and Augur’s REP. Users can add a “custom token” like they can for other Ethereum wallet services like MyEtherWallet and MyCrypto. Meaning, they can order the wallet to recognize any ERC-20 token by inputting its name, ticker, token contract address, and decimals.
It also supports two DApps: CryptoKitties and the Enjin Coin wallet. Per BREAKERMAG, the wallet supports cosmetic token COSMEE, which incentivizes users for things like reviewing beauty products. According to reports, the app also features the CoinDuck payment portal for POS and merchant payments.
Samsung has not given any indication as to why it decided to support only Ethereum. No promise or timeline was provided for integrating Bitcoin or other digital currencies in the future.