Trust Wallet
Also called a decentralized wallet, Trust Wallet is a type of wallet that can be used to store, send and receive cryptocurrencies. It is an open-source, secure and non-custodial cryptocurrency wallet that supports various block chains.
It is on record that the first crypto wallet was created by the anonymous creator of Bitcoin, ‘Satoshi Nakamoto’ in 2009. The early bitcoin wallet, although served the purpose of its time seemed to be lacking as the popularity of cryptocurrencies grew and developers began their quest to create a more advanced wallet with great features and high security measures. The early crypto wallets were classically desktop applications that are required to be downloaded and installed on a computer. However, with the growing popularity of cryptocurrencies, there was a demand for mobile wallets which led to the creation of mobile apps by developers that allowed users to handle their cryptocurrencies on-the-go. Presently, there exist tons of mobile wallets available for both iOS and Android devices, including web-based wallets that can be accessed from any internet-connected.
One of the most basic steps into investing in a crypto market is creating a wallet which enables users to trade, send and receive digital currencies. Before discussing on the subject of a Trust Wallet, we have to tackle the meaning of a crypto wallet as a whole.
Cryptocurrency wallets are software applications that allow individuals to securely store, manage, and transfer their cryptocurrencies. Crypto wallets use cryptography to secure the private keys that are required to access and handle one’s digital assets. There are different types of crypto wallets and they include: Software wallets, Hardware wallets, and Paper wallets.
Software wallets are applications that can be downloaded on a computer or a mobile device. They can be connected to the internet (hot wallets) or they can be offline (cold wallets). Exodus, MyEtherWallet, and Electrum are examples of software wallets. Hardware wallets however, are physical devices that store private keys offline, which makes it a little difficult to succumb to hacking attempts thereby earning them the right of being considered as the most secure type of crypto wallets. Trezor, Ledger, and KeepKey are all examples of hardware wallets.
Paper wallets on the other hand, are physical duplicates of the private keys reproduced on a piece of paper. Despite the fact that they are less convenient when compared to Software or Hardware wallet, they provide a strong level of security as they are totally offline and not linked to the internet.
To promote security, cryptocurrency wallets store codes known as private keys which needs to match with a public key to verify the user before granting him access to spend his money. An example of a cryptocurrency wallet that performs this is a Trust Wallet. This is an open-source crypto wallet that makes users the sole owners of their cryptocurrencies and giving them total control over their funds unlike the centralized wallets that have intermediaries.
What is a Trust Wallet?
Trust Wallet is a mobile, decentralized, non-custodial, multi-cryptocurrency wallet that permits users to securely control, store, manage and trade a wide range of cryptocurrencies on their mobile device. It was originally designed for Ethereum and ERC-20 tokens, but now supports over 160 different cryptocurrencies, including Bitcoin, Litecoin, and Binance Coin.
Trust Wallet was created in 2017 by Viktor Radchenko but acquired by Binance exchange in 2018. Binance acquired it as their official cryptocurrency wallet to add on-chain mobile wallet to its services. The result is a tie-up with the Web3 browser and Kyber network that allows users to connect decentralized apps with a trust wallet. It has climbed up as one of the most popular mobile wallets for both iOS and Android devices, with a user-friendly interface and numerous ranges of features. When users create new wallets with Trust Wallet, they are provided with a 12-word recovery phrase that is used to back up and restore the wallet. Trust Wallet uses a decentralized approach to managing cryptocurrencies, which mean that the private keys are stored only on the user’s device and not on any central servers. By providing users with a decentralized approach, it offers a great control and security of assets to the users as they are not reliant on a middle man or third-party custodian to manage their cryptocurrencies.
Trust Wallet includes a built-in Web3 browser that allows users to relate with DApps directly from the wallet and it further enables users to access and interact with a wide range of decentralized services like DEXs and other DeFi applications. Simply put, Trust Wallet is a secure easy-to-use mobile wallet that offers users complete control over their cryptocurrencies while allowing them to receive, send and handle their digital assets from their mobile devices. It can be graded as a hot wallet type of crypto wallet as it can be accessed through a secure internet connection online.
Some Of The Key Features Of Trust Wallet Are:
- Multi-Currency Support: Trust Wallet as mentioned earlier supports over 160 different cryptocurrencies, making it a versatile and a convenient wallet for users who hold multiple types of digital assets. It allows users to swap, sell, purchase other digital assets.
- Flexible Purchases: Trust Wallet allows users to buy cryptocurrencies directly from third-party platforms such as Wyre, MoonPay, Simplex etc.
- NFTs Wallet: This platform makes it easy for users to manage their NFTs and game assets. Trust Wallet app currently supports Ethereum and Binance Smart chain NFTs. Being an NFT wallet, users can store, sell and buy NFTs on it, using the Trust Wallet app, users can trade NFTs directly from their mobile devices.
- Staking And Rewards: Trust Wallet supports staking for over a dozen POS-based cryptocurrencies, users can stake selected cryptocurrencies and earn rewards in the process which vary for each coin.
- Flexible Inter-Wallet Transfers: By using either a secret recovery phrase, a private key or keystore file, users are able to transfer cryptocurrencies from other wallets to Trust Wallet.
- Flexible Fees: Trust Wallet doesn’t charge for entry or require a subscription; it doesn’t require fees for swaps or transactions in-app although users will need to pay equivalent network fees which differs depending on the network cramming.
- In-Built DApp Browser: Users can directly use the DApps on the Trust Wallet without having to sign in to them as it provides seamless access to different DApps built on the Ethereum blockchain and Binance smart chain. The DApps are all examined by the Trust Wallet to guarantee that only the most reliable DApps are used and they are also enhanced for mobile devices so that users can conveniently access them whenever, wherever.
How does Trust Wallet work?
Trust Wallet serves as an intermediary between block chains and their corresponding nodes. It runs on mobile devices and immediately makes every blockchain accessible once a user downloads the app on an iOS or Android device. Being decentralized and noncustodial, it has no grip or control over the user’s cryptocurrency or funds but rather just provides access to it.
To guarantee privacy, the application does not keep any information about its users neither does it reveal the information to a third party. All Information is kept only between the parties involved in the transaction. With it’s built in-DApp browser, users can access Ethereum-based and Binance chain-based DApps directly without having to sign up for each DApp. As stated earlier, it further examines all accessible DApps to make sure that only the reliable ones are made available to the users. The supported DApps on the Trust Wallet include, Uniswap, PancakeSwap and OpenSea.
What is a Trust Wallet Used For?
Apart from being used as a store house for cryptocurrencies, Trust Wallet can be used in several other ways which includes to:
Acquire Cryptocurrencies
Trust Wallet permits users to buy crypto with fiat currencies. Using a debit or credit card, users can buy up to 60 cryptocurrencies. But to reduce charges incurred by using these cards, users can also buy directly from centralized exchanges like Bybit.
Stake Crypto
Trust Wallet also allows users to earn interest on the cryptocurrency that you hold while you are staking from their wallet. Trust Wallet have lots of available staking options on their app which includes: BNB, XTZ and KAVA.
Exchange Cryptocurrencies
Users can carry out cross-chain swapping with the aid of the built-in DEX Trust Wallet has. For instance, as stated on Bybit, you can swap BEP-2 tokens with BEP-20 tokens and depending on the corresponding network’s activity, network fees may be acquired while trading on the Trust Wallet DEX.
Stablecoin and NFT Support
Using its app, Trust Wallet allows users to securely and conveniently store stablecoins which are cryptocurrencies that has a fixed value due to the fact that they are attached to other assets. Users also get to manage their NFTs and game collectibles on Trust Wallet, with the app totally supporting Ethereum and BNB chain NFTs.
How To Use The Trust Wallet App?
The most primary thing to do after deciding to use a Trust Wallet app is to download and install it on your mobile device (both iOS and Android devices) from the App store or Goggle play. Once this is done, the potential user should proceed to:
Create a Trust Wallet Account
Once the app installation is complete, the user should proceed to click on “create new wallet” button and go through the privacy policy and terms of service which is very important by the way. The user will have to click “Accept” if he agrees with the terms and the click “continue”. The user will be required to create a six-digit password, which will serve as one’s secret code to access the wallet.
The user is advised to back up the wallet so that it will be easily recovered in cases of lost or stolen mobile devices. This is a vital step due to the fact that the Trust Wallet is decentralized, this goes on to mean that they can’t help in recovering a wallet as they have no access or information to user data. The user should proceed to clicking on the three boxes that shows agreement to the backup. A 12-word recovery phrase will appear on the mobile screen after the user clicks on the “continue” button. This should be written down or memorized for security purposes and once this is done, click on “continue”. Further steps will be directed to ensure that the user has correctly copied the phrase, he will be asked to click the words in the recovery phrase according to the right manner. Click “done” when the steps have been correctly filled.
Add funds to your Trust Wallet account
After creating a new wallet, you can proceed to select a coin or token for purchase from the Buy Menu on the main screen. The user will be connected with a third-party provider and will need to verify the fees related to the transactions. Because these are acquired with fiat currency, a preferred method of payment needs to be set up and the user will be required to provide the recipient’s wallet address. Tap “Confirm” and expect the funds in the selected wallet address.
Also, to send and receive cryptocurrencies on this platform, the user should click on the “send” button on the main screen and enter the recipient’s wallet address followed by the amount he wishes to send. To receive, the user need only to click on the “receive” button on the main screen and give his wallet address to the sender.
What Are The Pros And Cons Of Trust Wallet?
The advantages of Trust Wallet have been mentioned earlier among its key features. Aside all those, one of the most prominent pros is its user-friendly interface. This helps users to easily navigate and use the app thereby making it a great choice for beginners. It allows users to perform a variety of actions through one single app making it rich in features. Trust Wallet provides a secure and convenient non-custodial platform for users.
Regardless of its versatile nature, there are some cons involved with it. Because it operates only on a mobile, it is not accessible through a web interface and because it’s a mobile wallet, chances of losing your funds when your phone is compromised is high. It also has limited customer support as it is limited to an online support center via e-mail which may not be as helpful as direct channel supports like chat or direct line. Currently, Trust Wallet does not support hardware wallets for offline storage (which makes it less safe and secure), although it promises to work on this part in its intended future adjustments.
