- Trust Wallet later developed its native token, the Trust Wallet Token, available on the BEP-2 (Binance Chain) and BEP-20(Binance Smart Chain) standards
- TWT(Trust Wallet Token) is a BEP-20 token, which means it simply runs on the Binance Smart Chain standard, and it revolves around two principal utilities: governance and user rewards
- Trust Wallet is more than just a crypto wallet running in Binance. It contains an in-built dApp browser that allows users to dive further deep from the crypto ecosystem to understand the underlying technology; blockchain.
One of the few key factors most crypto trades emphasize is safety. As much as the crypto ecosystem has revolutionized the financial system, it is not without demerits. It has a lingering trail of theft, fraud and huge losses. The fact that Africa is still leading the crypto adoption rate shows how efficient cryptocurrency is despite all of its demerits.
Acknowledging this nefarious fact, crypto traders emphasize two significant aspects when diving into crypto trading. First, knowing what kind of crypto exchange you use will help in the long run. Going after giant corporates such as Binance and Ethereum is a logical choice. The second is the kind of crypto wallet you use.
The latter deserved a bit of attention since it generally involves where you store your hard-earned crypto coins. There are multiple crypto wallets, but only a few have qualified and passed the safety metric. One of them is Trust Wallet.
What is Trust Wallet
Trust wallet is a crypto wallet created to cater to the everyday need of crypto traders. It allows its users to send, receive and store digital assets, including NFTs, in an environment that offers absolute safety. Viktor Radcheko founded this idea in September 2017 and later launched it in November.
Viktor participated in many early ICOs and was disturbed by how inefficient his ERC-20 tokens were, especially regarding safety and flexibility.
With enough zeal and determination, Viktor could build an application that drew the eyes of many crypto traders. Most of its users were drawn in by the crypto wallet’s automagical token features. It allows them to identify and reveal any ERC-20 token associated with their address. Within a year, the crypto ecosystem was buzzing with this new invention, and Viktor had to assign a new team to work entirely on the application.
As its fame grew, Binance Exchange caught on and bought Trust Walle the same year. Trust wallet was now fully functioning as a secure on-chain mobile crypto wallet within Binance’s network. By the time 2020 rolled in, Trust Wallet ranked 6th among the top ten most downloaded cryptocurrency apps.
Trust Wallet later developed its native token, the Trust Wallet Token, available on the BEP-2 (Binance Chain) and BEP-20(Binance Smart Chain) standards.
The crypto wallet’s core modules are open-source and available for developers to build on. This attracted key developers who ended up being part of their official team.
In addition, Trust Wallet also accommodates the purchasing of crypto coins through fiat currency. This allows users to purchase crypto with credit cards with a phone tap. As its fame grew, so did its affiliations, as older DEXs such as Pancake Swap and Uniswap joined the bandwagon alongside Binance.
Trust Wallet Token
TWT is a BEP-20 token which runs on the Binance Smart Chain standard and revolves around two principal utilities: governance and user rewards.
According to Viktor, the design of the token was not only to add value and profits to their crypto wallet and to create awareness around governance and community voting. In addition, the very mechanic behind crypto wallets would instil a sense of ownership in users by providing them complete control over their crypto coins.
Governance allows users to participate in the voting process on essential developments on Trust wallet APP. It brings a sense of community within the crypto ecosystem built on the prospect of transacting with a stranger. TWT uses the Proof of Stake mechanism to safeguard the token production, distribution and usage safe from various blockchain attacks.
Essentially the Trust token utilizes PoF to offer staking options to its users by providing an alternative source of income. Likewise, a PoS mechanism is the core blockchain technology used in its networking governance process.
The main reason why TWT is unique is that it is based on the BEP-20 token standard( Binance Smart Chan), which empowers smart-contract-based crypt projects. Its low gas fee has enabled crypto traders to take a liking to the crypto wallets’ tokens. Ultimately, all TWT provides the value that Trust WAllet desperately needs.
Critical Attributes of Trust Wallet
Crypto traders within Trust Wallet can swap TWT tokens with other crypto tokens. This allows flexibility within the crypto ecosystem, and Trust Wallet provides just that.
In addition to governance, users can acquire a reasonable discount, airdrops, and swaps.
Trust Wallet is more than just a crypto wallet running in Binance. It contains an in-built dApp browser that allows users to dive further deep from the crypto ecosystem to understand the underlying technology; blockchain. It enables users to interact with dAPPs vetted by the crypto wallet’s development team. This allows them to check out dApps without the necessary hustle of having to log in or subscribe.
Trust Wallet also supports NFT artwork. It can store and sell NFTs for various standard protocols. Binance Exchange has incorporated multiple features within the crypto wallet, one of which is the buying and selling of crypto coins using a Fiat or credit card. It has enabled crypto traders to pay via Google Pay, Apple pay and bank transfers for any of the 40 listed crypto assets.
Trust wallet brings in a sense of security and flexibility. A fact that only a few crypto wallets have been able to achieve. The Crypto ecosystem is gradually growing, all thanks to innovations striving to make things simpler and more accessible for everyone to use.