Stellar Development Foundation and Blockchain Keystore

On July 17, Stellar Development Foundation made an announcement that would please a lot of people in the world. The non-profit organization announced the integration of Stellar into the Samsung Blockchain Keystore.

Importantly, this integration will allow Samsung device users to be able to securely store private keys associated with their Stellar blockchain wallet. This is a step forward for the industry. Moreover, thanks to this step, users will be able to manage private keys in a secure manner. As a reminder, typically, the more secure the solution, the more challenging the experience is for the user.

It is worth noting that, software wallets that store private keys on behalf of users on computers and devices did exist for some time. However, software wallets suffer from security vulnerabilities, as they share the phone, tablet, or computer with other applications, which can eavesdrop on their software and steal private keys.

Moreover, a person who has the private keys controls a user’s funds. As a result, it is very hard to recover lost funds.

Samsung, Stellar, and cryptocurrencies

As mentioned above, it is tough to recover funds. So, it is better to minimize the risk of such accidents. A more secure approach is to use hardware-level segregation. In such a case, a separate processor is used to protect keys from being stolen.

Samsung created a secure processor dedicated to protecting the PIN, password, pattern, as well as Blockchain Private Key. Importantly, in combination with the Knox platform, it is easier to safeguard private information.

South Korean tech giant supports Ethereum, Bitcoin, as well as more than 30 digital coins.

Interestingly, Samsung is not the only phone maker that understands the importance of crypto. For example, HTC was the first smartphone maker to offer such capabilities. In 2018, Exodus 1 smartphone was the first phone that had the capability to natively store bitcoin and Ether cryptocurrencies.