When the application of blockchain technology became taking in modern life, and conversely, people found themselves interested in holding, and trading cryptocurrencies, the necessity of crypto wallets was bald.
As a result, plenty of crypto wallets was launched in the market. However, there are different crypto wallets, including paper wallets, hot wallets, and cold wallets (portable hardware equipment). Also, one of the essential concerns of crypto holders is security, which means they are looking for a way to store their digital assets securely.
Trust Wallet is a software wallet that allows its users to trade, save and deposit their cryptocurrencies and use various decentralized applications (DApp) across multiple blockchain networks. This wallet is designed to install and use Android and iOS operating systems on smart devices. This article will look at what the Trust wallet is, how it works, and its goals and ideas to improve this wallet to the best version.
What is the Trust Wallet?
Trust wallet is a decentralized software wallet designed to use on both Android and iOS versions of smartphones. This wallet is non-Custodial and gives each user a unique private key. This feature allows Trust Wallet users to securely store their cryptocurrencies in the wallet and have complete control over their assets. Also, due to its non-Custodial wallet, it’s unable to freeze and access people’s assets which is a suitable option for storing cryptocurrencies.
Trust wallet supports 53 different blockchain networks and more than 1 million cryptocurrencies and offers many facilities to users.
What is the purpose and idea of Trust Wallet?
Binance Exchange is one of the largest cryptocurrency exchanges across the globe. After strictly regulating the cryptocurrency market by SEC, FED, and other Lawmaker entities worldwide, Binance exchange offered decentralized versions of exchange (DEX) to provide relevant services to the users. If we google the history of Trust Wallet, we realize that Binance Exchange purchased this Online Crypto wallet in 2018.
How does Trust Wallet work?
Trust Wallet is an open-source, decentralized software wallet for smart devices. All Trust wallet codes are online and accessible to all its users and are continually updated and added with new features by developers. As mentioned earlier, the Trust wallet is a non-Custodial wallet. After interested people install this wallet, they receive a 12-word (Private Key with a specific order) Seed that allows them to recover their digital assets on other devices.
The recovery chain of words, including 12 separate words that the Trust wallet generates, must be perfectly held in a private place. We recommend that users not disclose these words and the relevant order to anyone. The recovery phrase is stored as an encrypted file on the user’s phone, and if hackers access it, the hacker will encounter a file with numbers and letters, which will not be readable to them. Therefore, Trust Wallet has a high level of security, which mostly meets the majority of its users’ needs. The wallet has a built-in web3 browser, allowing users to purchase cryptocurrencies through various decentralized exchanges (DEX).
Trust Wallet Pros
- It is simple to install and set it up.
- Easy to work with and user-friendly interface.
- Access decentralized applications through the built-in browser.
- It is secured with numerous mechanisms to protect users’ assets.
- To have the ability to store NFTs and other types of digital artworks.
- Display the live price of cryptocurrencies in the application and the ability to show charts.
- Users can easily exchange or swap cryptocurrencies on their Trust Wallets.
- There is no Microsoft Windows or any other desktop version of the application.
- Lack of support for two-factor authentication to perform various activities.
- Trust Wallet is less secure than hardware wallets, which is a common issue among all Hot Wallets.
What is a TWT token?
Trust Wallet Token (TWT) is the official token of the Trust wallet. TWT is a governance token used to vote, develop and update the Trust wallet. It is interesting to know that users of TWTcan use the token to add new assets, networks, and features to the Trust wallet.
Trust Wallet Token (TWT) is Trust Wallet’s particularly minted cryptocurrency based on BNB Chain BEP-2 and BEP-20. The circulating supply for TWT is 1,000,000,000. Like BNB, TWT token also has a strong token burning plan for the future. They are committed to burning Tokens worth millions of dollars to reduce the circulating supply with time.
After reading this article in which we investigated the advantages and disadvantages of this specific online wallet, we realized that Trust Wallet had provided helpful features and facilities, and users can download and install the application on their smart devices.
Trust wallet is non-Custodial, open-source, and does not need authentication. This ability makes the Trust Wallet one of the best options for storing cryptocurrencies, which makes users eager to download and use the wallet on their smart devices.