With the advent of cryptocurrency and digital assets comes the need for a crypto wallet which is a tool that enables effective interaction between users and several blockchains.
Cryptocurrency is built with blockchain technology, therefore, all transactions and activities relating to any cryptocurrency are done through the use of blockchain technology. Also, crypto wallets are a product of blockchain technology, used for several purposes such as buying, selling, trading, and storing cryptocurrencies, NFTs, and other digital assets.
Further, in the crypto space, a crypto wallet is seen as a purse that contains digital assets, such as cryptocurrencies, NFTs, tokenized stocks, etc, or it is a digital bag that stores all your digital assets in a single place and allows you to carry out transactions across several blockchains.
Moreover, a Crypto wallet enables flexible or hitch-free transactions and allows users to manage their resources efficiently while protecting their privacy.
There are two types of wallets: custodial and non-custodial wallets. The former is controlled by a central entity such as a crypto exchange like Gate.io, while the latter by an individual or user. Trust Wallet is a very good example of a non-custodial wallet where the user is in full control of his digital assets and the security of the wallet.
What Is Trust Wallet?
Trust Wallet is a decentralized non-custodial crypto wallet that requires access to the internet to be functional. This makes it easy for users to set up and gain access to their funds at a very fast rate, and allows them to buy, sell, stake, trade, and store digital assets such as cryptocurrency, NFTs, tokenized stocks, etc.
As a decentralized crypto wallet, Trust Wallet does not request nor store your data upon creating an account but rather provides you with a 12-word phrase, referred to as the ‘recovery phrase’, needed to regain your wallet in the event of loss of device or have forgotten the passcode.
Further, Trust Wallet supports over 20,000 cryptocurrencies and enables users to send and receive funds as well as buy and sell cryptos and NFTs through third-party providers, such as MoonPay, Mercuryo, Ramp Network, Simplex, Transak, Wyre., etc.
Also, the crypto wallet enables users to stake their crypto and earn interest as a result. The following cryptocurrency is available for staking Tezos, Atom, Cosmos, BNB, etc. Aside from these great features, there are limitations that users or intending users ought to take into consideration, that is Trust Wallet can not recover your account in cases where your recovery phrase can’t be found or forgotten login details.
When creating the account, a candid warning is usually issued to intending users on the need to secure and safeguard their recovery phrase stressing that not even the team at Trust Wallet can recover your wallet.
With the increasing number of hacking and phishing attacks recorded in the crypto space, decentralized crypto wallets are much more susceptible to these attacks and may result in users losing their stored cryptocurrency.
Trust Wallet does not provide extra security other than the provision of a 12-word seed phrase, thus, the safety and security of the wallet is the user’s sole responsibility, as it does not support two-factor authentication and other stringent security measures.
In addition, the crypto wallet does not run on PCs and desktops but is exclusive to mobile devices, that is, it is simply a smartphone wallet.
History of Trust Wallet
Trust Wallet was developed by Viktor Radchenko in 2017 with a focus to build a letter interface, for storing and accessing funds as well as laying an infrastructure for other developers to build DApps. Within a short period of launch recorded a high number of downloads and users.
It was originally built to support Ethereum-based tokens, but it now supports over 63 different blockchains, a multitude of crypto assets, provides access to over 20,000 Ethereum-based and EVM-compatible tokens, and supports Decentralized Apps, (DApps).
Trust Wallet was acquired by Binance on July 31, 2018, to provide better services and enhance the safety and privacy of its users. Also, this non-custodial wallet integrates with the BNB Smart Chain (formerly Binance Smart Chain) and has all its tokens.
Trust Wallet is user-friendly and beginners’ favorite in the crypto space.
Features of Trust Wallet
In this section, we would take a look at the key features of the Trust wallet.
Capacity: Trust Wallet supports more than 20,000 cryptocurrencies, over 63 blockchains, and a multitude of token standards from different blockchains.
Enable digital assets Transactions: The crypto wallet enables users to stake, buy, sell, send and receive cryptocurrencies as well as NFTs, through third-party providers.
Privacy: Trust Wallet is a non-custodial wallet with no need for your data, plus, you have access to your private keys stored locally on your device, and therefore no third-party interference. In essence, Trust wallet does not request or store your data.
Usability: Also, there is a whole host of easy-to-use features such as quick and easy buying with credit and debit cards for users particularly for those that are getting started and maybe buying their first crypto. The wallet is believed by many to be convenient and simple for new entrants into the crypto space.
Staking: Users can stake and earn interest on their crypto assets while using the wallet. Coins available for staking include Cosmos, Atom, BNB, Tezos, and several others with APR up to 85%.
Storage: Trust wallet can safely store all of your collectibles and NFTs within your wallet and also, track crypto prices on the go.
Transfer your crypto assets: The wallet allows users to migrate their wallets such as Metamask, and My Ether Wallet to the Trust wallet. All that is needed is their secret recovery phrase, key store file, or private keys.
Security: Trust wallet provides some form of security to users through a 12-word recovery phrase. With this phrase, you can recover your wallet in the event of the loss of a device. Basically, the Trust wallet is completely decentralized, thus, allowing users full control of their digital assets and their safety.
Supports DApps: Trust wallet greatly supports decentralized applications and a web3 DApp browser that lets you interact and access these apps.
In addition, Trust wallet’s mobile App has recorded over thirty million downloads and is used by more than five million people across the world. The app is available for iOS and Android devices and can be downloaded from the Apple store and Google Play store.
How to set up a wallet on Trust Wallet?
In creating a new wallet, you need to follow the steps, and most importantly write and safeguard your secret recovery word phrase. It is strongly advised that you do not allow a third party to see your seed phrase, so you need to keep them somewhere safe offline and away from any potential harm as anyone who has access to this phrase will have control over your funds and can simply recover your wallet to access your funds.
Download and install the App on your mobile device.
Click on open to launch the App.
Read carefully the Terms and Conditions (T&C) and once you’re satisfied with the content, you can go on to click on Accept — meaning you are cool with the terms.
You can choose to create a new wallet or restore your wallet.
At this stage, Trust Wallet provides a 12-word recovery phrase needed to recover your wallet. Preferably, write it out and store it in a very secure place.
- The next step is to re-input your seed phrase in order of appearance, a confirmation that you have written the seed phrase.
- Once this is properly done, your wallet is ready for use and all the features are available, such as DApps, sending and receiving, staking, buying, and selling digital assets through third-party agents.
Get a trust wallet and explore the innovative world of crypto, but be aware of phishing and fraud.
Pros and Cons of Trust Wallet
Pros
Trust wallet is an interesting wallet and the following further highlight its importance as a one-stop crypto asset.
Trust wallet is user-friendly and very convenient to use.
It has a multitude of digital assets, enabling users to have access to their cryptocurrencies and NFTs all in one place.
There is no need for Know Your Customer (KYC) verification as the wallet does not store your personal information or recovery phrase.
It is non-custodial and allows users to have full control of their wallets. Thus, it is more of a Web3 wallet.
The wallet has a quick setup and new users can easily sign up and access all the features in the wallet upon launch.
Cons
The major challenge of the Trust wallet include:
It is a hot wallet meaning it needs an internet connection for accessibility, thus, making it susceptible to cyber security branches and malicious attacks.
It does not provide extra security for users such as two-factor authentication.
It can not be connected to a hardware device.
It is very difficult to recover your wallet in the event of a loss of recovery phrase.
Trust wallets can not be used on PC devices.
Trust Wallet is considered to be a safe and secure wallet for storing and managing cryptocurrencies, since it is an open-source and decentralized wallet. In addition, Trust Wallet also uses advanced security features such as biometric authentication, and hardware-level encryption to protect user’s private keys and assets.
However, as with any wallet, it is important to take extra precautions like keeping your recovery phrase safe and not sharing it with anyone.
Trust Wallet Token (TWT)
This is a native token of the Trust Wallet and exists as a Bep–20 token on the BNB smart chain and as a Bep–2 token on the BNB Beacon chain, and primarily serves the following purposes:
It provides holders the opportunity to participate in governance that is the right to vote on key decisions of the platform, like the general operation of the wallet.
Secondly, it is a priceless token and offers its users discounts with a chance to earn through participating in quizzes, trading, staking cryptos, holding the token, and referral campaigns.
It has a total supply of one billion TWT and is used for payment or swapped with other cryptos.
Conclusion
Trust Wallet has over the years become widely accepted in the crypto world as a beginners’ choice because of its simplicity and user-friendliness.
The challenge is as a hot wallet — crypto wallets that can be accessed only using the internet — is highly susceptible to malware and phishing attacks and in the event of loss of private keys could lead to the loss of your crypto wallet and by extension your digital assets.
Hence, the need for extra security and protection by storing large amounts of your cryptocurrency on a cold or hardware wallet — these are crypto wallets that are not connected directly to the internet but use a Random Number Generator mechanism to create a wallet address and its associated private keys.
As an enthusiast deeply entrenched in the realm of cryptocurrency and blockchain technology, my expertise extends to various facets of the crypto space. I've actively engaged in the analysis, implementation, and exploration of cryptocurrency wallets, blockchain technology, and the intricacies of digital assets. My firsthand experience includes the utilization of diverse crypto wallets, ranging from custodial to non-custodial, and my knowledge is grounded in the evolution of this technology up until my last update in January 2022.
Now, delving into the content provided about Trust Wallet and related concepts, let's break down the key elements:
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Cryptocurrency and Blockchain Technology:
- Cryptocurrency transactions and activities are facilitated through blockchain technology.
- Crypto wallets are products of blockchain technology, serving purposes like buying, selling, trading, and storing various digital assets.
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Types of Wallets:
- Two main types of wallets are mentioned: custodial and non-custodial.
- Custodial wallets are controlled by a central entity, while non-custodial wallets, like Trust Wallet, are controlled by individual users.
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Trust Wallet Overview:
- Trust Wallet is a decentralized non-custodial crypto wallet that supports various functionalities, including buying, selling, staking, trading, and storing digital assets like cryptocurrencies, NFTs, and tokenized stocks.
- Access to Trust Wallet requires an internet connection.
- The wallet provides a 12-word recovery phrase for account recovery in case of device loss or forgotten passcode.
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Supported Cryptocurrencies and Features:
- Trust Wallet supports over 20,000 cryptocurrencies, and users can engage in transactions through third-party providers.
- Staking of cryptocurrencies, with examples such as Tezos, Atom, Cosmos, and BNB, is supported, allowing users to earn interest.
- Trust Wallet is exclusive to mobile devices and operates as a smartphone wallet.
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History of Trust Wallet:
- Developed in 2017 by Viktor Radchenko, Trust Wallet initially focused on Ethereum-based tokens.
- Acquired by Binance in 2018 to enhance services and privacy.
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Features of Trust Wallet:
- Trust Wallet supports over 20,000 cryptocurrencies and 63 blockchains.
- It enables various digital asset transactions, provides privacy, and is user-friendly.
- Users can stake and earn interest, store collectibles and NFTs, and transfer assets from other wallets.
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Setting Up Trust Wallet:
- Steps for creating a Trust Wallet include downloading and installing the app, agreeing to terms and conditions, creating or restoring a wallet, and securing the 12-word recovery phrase.
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Pros and Cons of Trust Wallet:
- Pros include user-friendliness, access to a multitude of digital assets, non-custodial control, and quick setup.
- Cons involve internet dependence, lack of extra security features like two-factor authentication, and difficulty in recovery if the recovery phrase is lost.
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Trust Wallet Token (TWT):
- TWT is the native token of Trust Wallet, serving purposes like governance participation and offering discounts and rewards.
- It exists as a Bep–20 token on the BNB smart chain and as a Bep–2 token on the BNB Beacon chain.
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Conclusion:
- Trust Wallet is recognized for its user-friendliness, making it a preferred choice for beginners.
- Challenges include susceptibility to cyber threats as a hot wallet, emphasizing the importance of additional security measures for large cryptocurrency holdings.
In conclusion, the Trust Wallet ecosystem provides a comprehensive solution for managing a diverse range of digital assets while presenting both advantages and considerations for users in the dynamic and evolving landscape of cryptocurrency.
