South Korean electronics giant Samsung Electronics Co. and chat giant Kakao Corp. have joined hands to expand the blockchain ecosystem. The two companies will release the so-called “KlaytnPhone” integrating Samsung Electronics’ Galaxy Note 10 and Kakao’s blockchain platform Klaytn.
Kakao announced on Sept. 8 that it will launch “KlaytnPhone” which is equipped with its Klaytn blockchain platform. The KlaytnPhone is a limited edition of the recently released Galaxy Note 10 5G. Kakao has not disclosed the exact quantity of the phone available.
Samsung Electronics loaded Bloackchain Keystore into the Galaxy Note 10 smartphone which was released earlier this year, showing its intention to gain a competitive edge in the blockchain market. Samsung Blockchain Keystore allows users to store private keys directly in their phones that are needed to make transactions with Bitcoin.
Ground X Corp., the blockchain affiliate of Kakao, has also continued to expand cooperation with blockchain service providers to expand the Klaytn ecosystem.
The KlaytnPhone will be loaded with “KlaytnPhone Wallet.” Based on the crypto wallet, users can store and make transactions with not only Klaytn cryptocurrency KLAY but also other Klaytn-based cryptocurrencies with ease. This is why there are growing expectations that the Klaytn ecosystem will be expanded in earnest.
KlaytnPhone users will be able to make transactions with KLAY token as early as November. Kakao said, “We will restrict withdrawals right after the KLAY debut listing on Upbit Indonesia and Upbit Singapore at the end of September in order to prevent sharp fluctuations of KLAY. However, we believe that the price of KLAY will be somewhat stabilized for two months before we start giving away KLAY to those who purchase the KlaytnPhone for a special promotional event in November at the earliest.”
Users need to manage a private key, which is a type of personal identification number, to use the cryptocurrency wallet. If they lose or get the private key leaked, their cryptocurrencies can be snatched.
The KlaytnPhone includes a function that helps users manage such private key. Since it stores a private key on the hardware, users don’t have to worry about losing or leaking a private key.
With Samsung Blockchain Keystore loaded on the phone, users can also store and manage KLAY on the Keystore.
Currently, the KlaytnPhone comes loaded with five Klaytn-based decentralized apps (dapps), including digital content provider Piction Network, shopping platform WomansTalk, dining dapp Haemuk, beauty platform Fitsme and mobile video platform Antube. Klaytn-based services will be continuously added in the future.