Morgan Creek Founder: Samsung’s New Blockchain Smartphone is a “Baby Step” for Wallet Security
The Galaxy S10 smartphone from Samsung is being lauded as an innovative step in the cryptocurrency industry, considering its blockchain capabilities.
Founder and partner of Morgan Creek Digital, Anthony Pompliano, has expressed a positive opinion of the technology, but there’s still more progress to be made. While having a blockchain-based smartphone will push the market to change the way that it addresses cryptocurrencies, Pompliano believes that this is just the beginning.
In an annoucement last week, Samsung stated that their new model of the Galaxy S10 would offer support for private keys, as they pertain to blockchain-enabled applications. There have been multiple pictures already leaked online to give an idea of what is to come, like the potential for supporting Bitcoin and Ethereum, but Samsung has confirmed nothing.
Many proponents of cryptocurrency have remained optimistic about the way that this new smartphone would push other manufacturers to add similar benefits to their devices.
Pompliano has mirrored this sentiment and has even expressed his believe that that a full integrated wallet is on its way, which he discussed during an episode of Crypto Trader with Ran Neuner yesterday.
Speaking on the technology, Pompliano said that the industry needs more “infrastructure” that can withstand the needs of and the additions of the smartphone industry. He added,
“I just look at this as a baby step, towards what we all think will eventually be a fully-integrated secure wallet on the phone.”
Neuner chimed in that he believes that, if the mobile phone industry starts to be more receptive to digital assets and their opportunities, crypto will get that mainstream adoption it has sought for so long. He added that any mobile phone company that decides to take on the “first mover advantage” while bringing in a multi-coin wallet for users will be the “real winner.”
Pompliano brought up the question of whether this would be a circumstance that allows one company to come out victorious, or if there will be multiple companies to come out with their own blockchain devices.
Vertical integration is the best circumstance that the Morgan Creek Digital founder sees, which would work if the latter option is adopted.
Elaborating, he said, “I tend to think that the vertically integrated solution will win. The big question is can, let’s say, Google and Apple both launch products with a vertically integrated wallet, and gain market dominance, likely, but I think that the vertical integration is definitely the key.”
HTC is another major smartphone manufacturer in the industry that is offering new payment options with the Exodus 1 device to slide into the crypto community. Before now, the payment options involving cryptocurrency only included Bitcoin and Ethereum, but the company announced that the Binance Coin, Litecoin, and the US dollar would all be options while at the Mobile World Conference.
Exodus 1 will be available for purchase in March with the use of fiat currency for the first time, and HTC is hoping to reach 1 million units sold by the end of the year.
The Exodus 1 smartphone features Zion, a “private wallet on a blockchain,” which can function on Opera. Thanks to the recent partnership with the Opera browser, the integration makes it possible to purchase through decentralized applications and cover various spending options through micro-payments.