What Is a Trust Wallet and How Does It Work?
Introduction
Cryptocurrencies and decentralized applications (DApps) are becoming more widely used, so it is vital that people have easy access to them. It can quickly become inconvenient to have multiple solutions for different activities, whether you’re interested in investing, payments, or DApps. That’s where an all-in-one package like Trust Wallet comes in handy. It is also one of the most widely used cryptocurrency wallets, with over thirty million downloads.
What is a Trust Wallet?
Trust Wallet was launched by Viktor Radchenko in November 2017 and quickly gained a large following. Trust Wallet is a crypto wallet that is secure, open-source, and decentralized. Trust Wallet provides access to over 20,000 Ethereum-based and EVM-compatible tokens, 63 blockchains, and over one million crypto assets such as Bitcoin (BTC), Ether (ETH), BNB, BUSD, and Tether (USDT). Trust Wallet has adhered to its core principles of never accessing users’ wallets, holding private keys, or requesting personal information.
How does Trust Wallet work?
Trust Wallet is a multi-coin mobile wallet that allows users to access multiple chains from a single app. Unlike browser-based wallets, every blockchain is available from the moment the app is downloaded. To begin making transactions or interacting with Decentralized Applications, no specific blockchain details are required (DApps). Trust Wallet gives users full control over seed phrases, making it non-custodial. As well as storing Ethereum and Bitcoin Non-Fungible Tokens (NFTS), the app lets you view their networks. The Trust Wallet also has a built-in DApp browser, which is an important feature.
In-built DApp browser
The Trust Wallet app includes a Web3 DApp browser. This allows you to interact with and access DApps without leaving the Trust Wallet app or connecting to a desktop device. DApp users can interact directly with the application on the blockchain. It is not necessary to sign up or log in. You can seamlessly use a variety of DApps, including OpenSea, PancakeSwap, 1inch, and Uniswap. Trust Wallet was once one of the only mobile wallets that provided the feature.
What can you do with a Trust Wallet?
Trust Wallet also offers several features available natively within the Trust Wallet app:
Staking
Staking options include bitcoin, ATOM, and others, with APRs ranging from 5% to 85%. Your actual returns will be determined by the validators and staking options available at the time, with more to come.
Swapping and exchanging
With native cross-chain swapping, users can switch between tokens within the Trust Wallet app. These services, powered by Binance DEX and 1-inch, allow you to seamlessly trade assets between networks. For example, you can exchange BEP-2 tokens for BEP-20 tokens. Trust Wallet does not charge any fees for this service
Purchasing
Trust Wallet allows users to buy cryptocurrencies with fiat through six on-ramp providers. Over 40 cryptocurrencies can be purchased directly in the app using a credit or debit card, Apple Pay, Google Pay, or bank transfer.
What is a Trust Wallet Token (TWT)?
TWT (Trust Wallet Token) is a governance token that enables users to vote on wallet choices. TWT holders can vote on and suggest new in-app features, upgrades, and other significant improvements. The TWT token has a maximum quantity of 1,000,000,000 TWT and is available as a BEP-20 token on BNB Smart Chain and a BEP-2 token on BNB Beacon Chain. Holders can also save money on DEX services and bitcoin purchases. Trust Wallet Tokens can be purchased on Bitdenex or acquired through marketing campaigns, promotions, and airdrops run by the Trust Wallet team.
Conclusion
Trust Wallet is a versatile product for anyone who wants to HODL coins, interact with Decentralized Finance (DeFi) DApps, or even buy cryptocurrencies. Much of the work in crypto adoption relies on providing simple, one-stop solutions, which Trust Wallet does.
Buy and sell crypto in minutes with 0.20% trading fees at Bitdenex Exchange.