News by Forbes: Luke Fitzpatrick
Justin Sun revealed on Twitter that Tron has now been integrated on Samsung’s Blockchain Keystore—a space that was up until now, only reserved for ethereum assets and bitcoin. As a result, Galaxy S10 owners are now able to access Tron (TRX) tokens and Tron DApps via Samsung devices.
Samsung’s Blockchain Keystores is a secure enclave for hosting blockchain assets and applications that are available at scale for the first time, on potentially millions of mobile devices. But, in reality, the uptake is likely a lot less.
There are only 3,127 decentralized apps (DApps) in use, according to research by the State of the DApps. These DApps account for approximately 100,000 daily active users. With that being said, it is important to note that this data does not represent the complete picture—since the State of the DApps’ data set excludes Tron-based DApps.
However, according to a recent statement by Tron, 611 DApps have been built on the Tron network and Tron’s DApps are experiencing 276,000 daily average users (DAU) with an average growth rate of 1.2% per week.
When comparing the figures of State of the DApps against Tron, it shows that Tron has more daily average users than all of the combined DApps on the State of the DApps. Clearly, there might be data-bias in one or both of these sets of data. The real question is, what is the true usage of DApps?
Blockchain smartphone competition
The number of smart contract blockchains ballooned over the last two years has led to a lot of ethereum killers promising better tech stacks, faster transactional speeds, reduced transaction costs, and better features than ethereum.
Whilst there have been no serious ethereum competitors–competition is indeed heating up in the smartphone blockchain space. In the hopes to trigger broader adoption, hardware manufacturers such as Samsung and HTC have begun rolling out support for crypto assets in a bid to dominate blockchain smartphone competition.
HTC’s Phil Chen told CNBC that “For the smartphone category to grow again, we need more adoption of cryptophones.” Similarly, Google has shown interest in the blockchain market by making its “public blockchain data freely available in BigQuery through the Google Cloud Public Datasets Program.”
What does this mean for the Google Pixel smartphone? Whilst it is too early to say what Google’s intentions are, it is clear that Google does have a developing interesting in the cryptophone market—especially when taking into considering that Google now caters to six cryptocurrencies (and DApps built on these chains) via the Google Crypto Public (GCP) Marketplace.
South Korea’s crypto stance
The Tron-Samsung deal may seem to be groundbreaking for crypto usage adoption. But, when taking into consideration South Korea’s stance on crypto–the deal creates more questions than answers.
South Korea has never held a firm opinion on crypto, and the South Korean government’s attitude is something that is constantly changing, highlighting the instability of crypto legality in South Korea.
- In 2017: South Korea banned ICO’s.
- In 2018: South Korea recognized digital currencies like bitcoin as an asset that has a measurable value. But, at the same time, thousands of South Koreans lost millions in crypto trading—a country that is traditionally against gambling.
- In 2019: The South Korean government’s attitude towards cryptocurrencies was cold and at the same time, the government decided to set up a blockchain-enabled virtual power plant in Busan. The Korean KB Bank also invested $5 million in the crypto exchange Coinplug.
Alireza Beikverdi who runs bitcoin meetups in Seoul and is also the CEO of Bitholla says, “Korean blockchain laws have made big strides in locations such as Busan—who is pushing for a ‘lighter touch’ when it comes to crypto regulation. The government has designated Busan as a ‘Regulation-Free Blockchain Zone’ in an effort to attract crypto startups.”
So, whilst Busan might be “crypto regulation-free” the country in hindsight is not. Meaning that the South Korean government is still yet to make up its mind on how to deal with crypto startups, investors, regulation, taxation and the like.
What does this really mean? Well, at any given moment, the South Korean government could intervene on the Tron-Samsung deal. Just like what happened to Uber in Seoul.
The ever-changing crypto landscape
Tron’s integration on the Samsung Blockchain Keystore shows how cryptocurrencies are leveraging enterprise partnerships to expand from early crypto adopters to hit mainstream user adoption—which Justin Sun touted as a billionaire dollar deal.
The real question is, will it? What really needs to happen is “Slack-like stickiness,” drawing millions of users into DApps, crypto trading, payments and creating addiction in order to create “crypto champions” from not only crypto early adopters—but also the general public too.