On July 2, the South Korean multinational company LG Electronics Inc. filed a trademark application with the U.S. Patent and Trademark Office for its first major project in the crypto space, namely a mobile crypto wallet called ThinQ Wallet.
The ThinQ Wallet
The technological giant LG Electronics Inc, part of the fourth-largest chaebol in South Korea, filed a trademark application for its “ThinQ Wallet”, a mobile crypto wallet that might be available on LG phones.
LG ThinQ (pronounced as “think-cue”) is a brand that was launched initially for home appliances and consumer electronics, such as refrigerators and air conditioners equipped with artificial intelligence technology. In February 2018, LG announced the LG V30S ThinQ, which is the first phone to have the “ThinQ” branding.
This would be the first time the ThinQ brand is used for blockchain technology. According to the filing documents, there are multiple use cases for the wallet such as transaction authorization, settlement services, providing information relating to financial and monetary affairs, payment application software for mobile phones, issuance of cyber money and others.
The integration of a wallet within its mobile devices would represent the most significant breakthrough for LG’s blockchain and crypto-related solutions. But this is not the first approach into the space made by LG. In fact, the company agreed to adopt Klaytn, the distributed ledger technology (DLT) platform of Korea’s messaging giant Kakao. The South Korean conglomerate could aim to compete with Samsung, which is notoriously investing in this sector.
As discussed on BTCManager in April, Samsung made a $2.9 million investment in crypto-security firm Ledger which is perhaps in preparation for the launch of its Samsung S10’s cryptocurrency wallet. Most recently, it was reported that Samsung seeks to collaborate with next-generation platform firms to stay competitive in emerging technologies like blockchain.
Also Taiwan-based smartphone company HTC, after the successful launch of its blockchain-enabled smartphone Exodus last year, declared that it is working on a second-generation blockchain smartphone scheduled to launch in the second half of 2019.
However, even if the solutions proposed by these giants could facilitate cryptocurrency’s mass adoption, we must always pay attention to trade-offs in terms of security. Mobile wallets are hot wallets which store private keys and are always online. If the software is buggy or can be cracked, then it can be exploited and therefore private keys can be extracted.