Everything You Need to Know About Trust Wallet (TWT)
Crypto investors are always concerned about securing their crypto assets because they’ve experienced multiple hacks over the years. Some users lost their life savings due to these hacks. Hardware wallets are considered to be a reliable solution as they can’t be hacked easily. However, their interface is quite difficult.
In this situation, software wallets can better secure crypto assets as compared to centralized wallets. Trust Wallet is one of the most reputable decentralized software wallets where crypto investors can store their assets.
What is Trust Wallet?
Trust Wallet is a decentralized, mobile crypto wallet that supports more than 160000 blockchains and assets. Investors can also earn interest on their investments by staking their crypto holdings. It initially supported only ERC20 and ERC223 tokens because it’s built on the Ethereum blockchain.
However, it now provides support for other crypto assets as well. With this wallet, users can directly access a range of decentralized applications that are built on Ethereum. They can also buy different cryptocurrencies through the built-in Web3 browser of this wallet. Users can easily download the Trust Wallet app from Apple Store and Google Play Store.
Key Features of Trust Wallet
Trust Wallet secures the assets of its users with a range of advanced features.
Trust Wallet is best known for its user-friendly interface. The users can easily download this app from the play store and store their assets in it without any hassle. It’s one of the major reasons why Trust Wallet has reached a milestone of 5 million active users. Furthermore, the platform has also signed a deal with one of the most popular crypto exchanges, Binance.
Privacy and Security
Although Trust Wallet isn’t as secure as a hardware wallet, it incorporates a range of safety measures to protect the client’s funds. The app adds an extra layer of security through the fingerprint scanning feature. The users can add their fingerprints by going to the “Settings” tab after signing up.
No KYC Confirmation Required
Trust Wallet doesn’t store user data on its server. The users are responsible for securing their keys in their devices. Thus, it eliminates the risks of hacks. Therefore, it allows users to create an account without submitting a KYC form.
Partnership with Binance
Trust Wallet has recently partnered with Binance. This means it can now support a wide range of crypto assets. The users can easily transfer their crypto assets from Binance Smart Chain (BSC) to Trust Wallet.
Trust Wallet enables users to earn passive income by staking their crypto tokens. It currently provides staking for Ethereum (ETH), Cosmos (ATOM), Algorand (ALGO), Tron (TRX), Kava (KAVA), Callisto (CLO), IoTeX (IOTX), Vechain (VET), Cardano (ADA), and Tezos (XTZ).
Trust Wallet uses a 12-word recovery phrase to secure the users’ assets. The users need to store these phrases in a secure place so they may use them to recover their wallets if needed.
One of the unique features of Trust Wallet is that it allows traders to check the prices of different crypto assets through built-in charts. It also incorporates a range of technical tools that enable users to predict the upcoming moves of crypto assets.
Trust Wallet Brief History
Trust Wallet was launched by Viktor Radchenko, a US-based Ukrainian software developer in 2018. He was creating a tracking app for truckers when he got the idea of creating a cryptocurrency wallet. The tracking app boosted his confidence and he started working on the Trust Wallet project in 2017.
It was designed to support to mass adoption of cryptocurrencies. The project became popular because it was built on Ethereum. Binance, the popular cryptocurrency exchange acquired this project a few months after its launch because it was rapidly growing in the crypto space.
The team has introduced several unique features due to which Trust Wallet has become more popular among crypto investors.
How Does Trust Wallet Work?
Trust Wallet uses a set of nodes to connect different blockchain networks. The platform separately stores the assets of different blockchain networks on public addresses. The users can transfer funds from one account to another using their public keys.
The users need to pay the gas fee when executing a transaction. The gas fee is transferred to the node operators who help with the validation process. Trust Wallet also offers additional services like crypto staking and crypto trading.
Trust Wallet Fee
The users can join the Trust Wallet network for free as there aren’t any downloading charges. However, they need to pay the gas fee while transferring funds from one wallet to another. The gas fee may vary depending on the crypto assets being transferred because the network transfers the fee directly to node operators.
TWT is the native token of the Trust Wallet that can be used to pay gas fees. With a circulating supply of 416.6 million tokens, TWT has a market cap of $477.7 million. It has a total supply of 1 billion tokens that will be released over time. It ranks among the 100 best cryptocurrencies in terms of market cap.
Trust Wallet is one of the leading decentralized software wallets where users can store a wide range of crypto assets. It also provides staking and trading facilities for users. The best part is that it doesn’t save public keys on its servers so that the users may rest assured about their assets’ safety. This is a great option to utilize if you are considering storing a wide range of crypto assets.