Trust Wallet : Best Cryptocurrency Wallet – ERC20 Wallet

What is a Trust Wallet?

Trust Wallet is an open-source, decentralized, mobile crypto wallet that supports over 160K+ assets and blockchains and allows traders to stake their crypto coins to earn interest. The wallet was originally designed to hold the ERC20 and ERC223 tokens only but has now been developed to hold other leading cryptocurrencies like Bitcoin. The wallet has a built-in Web3 browser that allows users to buy cryptocurrencies through the native DEX (decentralized exchange) that operates on the Kyber Network. It also allows users to access the various DApps (decentralized applications) built on the Ethereum platform directly through the Trust Wallet app.

The Trust Wallet app can be downloaded for free from the Apple Store or the Google Play Store. It is also compatible with Android devices as its code is written in the native languages of each of the platforms; iOS Swift and Android’s Java. The application runs on iOS 10.0 versions or higher and Android 5.0 or higher.

Quick Summary of Trust Wallet

  • Trust Wallet is a widely recognized software wallets.
  • Binance acquired Trust Wallet in June 2018.
  • Supports a huge range of cryptocurrencies for trading.
  • Offers multiple crypto assets for staking (Trust Wallet token).
  • Trust Wallet does not charge any initial fees or subscription charges from its users.
  • Have over 5 million active users all across the world.

How Does Trust Wallet Work?

The Trust Wallet mobile app works in the following ways:-

  • It acts as a bridge connecting individual blockchain networks through their nodes. Every blockchain network has its own set of public addresses, often called the public key. Crypto assets are stored and encrypted in these addresses.
  • Trust Wallet does not hold any cryptocurrencies in its servers; it only gives users access to its wallet.
  • It is a free-to-use app that does not earn anything when users use it. All the gas fees (transaction processing fees) that are accrued are paid to the validators or miners.
  • Trust Wallet helps users to manage their public addresses for sending and receiving cryptocurrencies. The app also allows users to execute other crypto transactions, like trading and crypto staking.

Trust Wallet History

Trust Wallet was founded by a US-based Ukrainian software developer Viktor Radchenko, who first heard about digital currencies via the use of Bitcoin on the dark web. But it was not Bitcoin but Ethereum that urged him to try his luck in the crypto industry. He began to feel motivated when he began to develop a mobile application to help truckers find parking lots and other amenities. After successfully launching the tracking app, Victor gained the confidence to design a wallet that can hold ERC20 tokens acquired through ICOs. 

He began his Trust Wallet project in 2017, and soon its functionality with the standard ERC20 tokens attracted thousands of users all around the world for crypto investment by trying the wallet crypto portfolio. The onus of the project was mass adoption of cryptocurrencies which is only possible if the means are easy to use. Letting people buy digital assets through convenient means like a bank account or a credit card will urge them to buy more, and this is what Trust Wallet counts on. It also gives bank-level security to the users. 

Features of Trust Wallet

Trust Wallet offers the following core features to its users :-

Easy to Use Interface – The user interface of Trust Wallet is simple, straightforward, easy to be downloaded and installed on your mobile devices. This has helped the platform to accrue over 5 million active users to date and also bag a partnership deal with one of the leading cryptocurrency exchanges of the world- Binance.

Free Download – Trust Wallet is entirely free to download from the Google Play Store or the Apple Store. The platform also does not charge any initial fees or subscription fees for its services from its clients.

Privacy and Security – Though Trust Wallet, by its nature (being a software wallets), cannot ensure security measures as strong as hardware wallets, the platform tries to make sure that the clients’ funds are safe. It conducts regular audits via the leading security firm Stateful. 

The app also employs other security measures like pin code scanning or fingerprint scanning to add an extra layer of security. These measures can be manually activated by the user by customizing the “Settings” function in the app as soon as he signs up into his wallet.

Never Stores User Information on Its Servers – Trust Wallet allows users to store the keys of their wallets in their personal computers rather than storing them on the Trust Wallet servers. This puts the users into sole responsibilities to securely store private keys.

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