Project Insight: Trust Wallet

What is Trust Wallet:

Trust Wallet is one of the world’s leading multi-asset digital wallets used to store cryptocurrencies. Trust Wallet supports more than just Ethereum. The protocol allows users to access a huge selection of digital currencies, including ETH, Bitcoin (BTC), Litecoin (LTC), and Ripple (XRP).

TrustWallet has gained significant popularity since it began in 2017. Trust Wallet has over 10million active users. Binance, the world’s largest cryptocurrency exchange, even acquired TrustWallet back in 2018. This institutional backing is critical to success in the crypto world.

‍Convenience and Crypto Security‍

Trust Wallet is a convenient app on your mobile phone for Android or Apple (iOS). You can find the application in your OS app store. Once you download the app on your phone, you can easily set up an account. The only real important thing is that you write down your “Seed Phrase” as that is the only way you can restore your wallet on a new device. Remember never to share your seed phrase! Once you made your wallet, you can begin swapping tokens and interacting with dAPPS.

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The MultiWallet

You can buy cryptocurrencies directly in the Wallet  “tokens” sub-tab via a credit card or transfer funds into your wallet. Trust Wallet supports all major cryptocurrencies. Already visible there or can be added from the menu. Currently, the Trust Wallet app supports 53 separate blockchains and over one million different digital assets and currencies. 

‍Staking on Trust Wallet‍

Coin staking allows crypto users the ability to vote and generate an income with the coins and tokens they hold.  One of the main benefits of staking coins is that it removes the need for digital assets to constantly consume energy and cycle through expensive hardware.

Trust Wallet does not take any transaction fees from you staking, so you can keep all your rewards.

Staking gives users guaranteed returns and a predictable source of income. You can earn annual percentage yields (APY) as high as 80% on your digital assets.

Staked coins do not depreciate and are only affected by market price volatility--effectively earning crypto while you sleep.

From the “Finance” tab, you can choose to “stake” directly from within the app; currently, there are five coins available for staking (Tezos, Tron, Cosmos, Algorand, and Kav.

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Save and view NFTs

Maybe the coolest thing is that you can store and view your Non Fungible Tokens (NFTs). Trust Wallet support Binance Smart Chain-based BEP721 and BEP1155 tokens, and Ethereum based ERC-721 and ERC1155 tokens under the “Collectibles” tab. Remember, all NFTs are stored on the blockchain, not TrustWallet. TrustWallet is merely the place you see and access what the blockchain has stored for you. 

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DEX

With the built-in decentralized exchange (DEX), you can swap coins cross-chain or trade, which is very handy as you will be able to trade where ever you go with your phone.‍ Not many applications give the access and security of TrustWallet on the go.

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dApp Browser

The decentralized application (dApp) browser is home to an entire ecosystem of content. With the built-in dApp browser, you can discover many other DEX’s or DeFi Yield Farms on the different blockchain networks and find gaming, utility, social, and even marketplaces dApp.The Browser is just a click-a-way from the entire world of DeFi. 

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‍Settings for Trust Wallet‍

The app is configured with about 12 languages in the mobile software. For security, you can enable a passcode, which will be asked when opening the app. So no one can accidentally mess around with your cryptos.

The app will let you set price alerts, and you can enable or disable push notifications for the app. The price alerts are convenient; they allow you to move to proactively manage your positions.

In the “Settings” tab, you can choose to create another (new) wallet, Extract your seed phrase or export your public keys.

“Wallet Connect” is another integration, letting you connect to a crypto projects website. This enables you to do transactions with integrated dAPPS; choose a wallet, click on the website and the app, then scan the QR code, and voilà, you connected and ready to transact.

It does not require any email or usernames/passwords to onboard. Nor does TrustWallet collect or proliferate personal data— transactions are entirely anonymous.

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Concluding Thoughts

TrustWallet is the official wallet of Binance. The combination of institutional backing with its link with fiat affords TrustWallet the recognition as the leader in its field. It is the ideal choice for multi-cryptocurrency users who want a seamless, frictionless, and simple user interface for mobile. 

Ultimately, neither is as secure as a cold wallet, like a hardware wallet like Nano Ledger or an offline paper wallet. A lost seed phrase or rug pull can leave users in dire straits. If you lose your seed phrase, there is likely no customer support to “reset” your password. It is important never to share your private key with anyone. When it comes to crypto wallets, user can control their destiny.

Where to find Trust Wallet:

Website | Telegram | Twitter