AN OVERVIEW OF TRUST WALLET
Trust Wallet is a crypto wallet that makes navigating the cryptocurrency world simple for everyone, facilitating seamless purchase, exchange, and sale of cryptocurrencies. Let’s examine Trust’s features and understand why it is rated as one of the best crypto wallets in the market.
What is Trust Wallet?
Trust Wallet is a versatile non-custodial hot wallet that allows users to purchase, sell, transfer, and receive cryptocurrencies and NFTs such as Bitcoin, Ethereum, Binance Coin, Ripple, Polygon MATIC, and so on.
With support for thousands of distinct cryptocurrencies across 65 blockchains and mobile device management, users can safely transact with their preferred cryptocurrencies on Apple and Android devices and rest assured that their digital assets are secure and protected.
Despite being primarily designed for mobile devices, Trust Wallet is also compatible with more recent Apple Mac desktop and laptop systems that use the
Interestingly, users don't need to reveal any private data to utilize the app because it is decentralized and user-driven. The only occasion users could be asked for personal information is when they want to buy cryptocurrencies from one of Trust wallet's third-party vendors including MoonPay, Mercuryo, Wyre, Ramp Network, Transak, and Simplex.
Users can also stake their tokens to earn interest. Through Trust Wallet, users have access to
decentralized applications (DApps) as opposed to centralized wallets. Thus, users may use their mobile devices to interact with a variety of decentralized applications as they are guaranteed access to DApps created on several blockchains via a built-in
OVERVIEW AND HISTORY OF TRUST WALLET
Trust Wallet was established in November 2017 by Viktor Radchenko. According to Victor, Trust wallet was born out of his desire to store his collection of ERC20 tokens he acquired from Initial Coin Offerings (ICOs) on his mobile phone. At the time, he was heavily engaged in several ICOs, and there were no mobile applications that let users store their tokens on their phones.
Viktor set out to solve the problem himself. Two weeks later, he developed the first iteration of Trust wallet.
The utility of ERC20 standard tokens quickly led to an influx of thousands of early adopters. The wallet's rising popularity subsequently captivated Binance's attention, which acquired the project together with its parent firm Six Days LLC in 2018 for an unnamed price.
After Binance acquired it, Eowyn Chen, the former vice president of marketing for Binance, led Trust Wallet in place of its founder, and since then, much of the attention of the team has been on achieving widespread acceptance through usability. Trust Wallet has stayed loyal to its creator's goal in this aspect, as Viktor Radchenko has stated that "allowing individuals to buy cryptocurrencies using their bank accounts or a credit card is vital for crypto acceptance." Because of this, the team has worked hard to make sure that anyone can use it with ease.
WHY ARE CONTEMPORARY CRYPTO WALLETS IMPORTANT?
When Satoshi Nakamoto initially released the Bitcoin protocol in 2009, he also created the first cryptocurrency wallet - Bitcoin-Qt. The wallet had an address book and enabled users to send and receive BTC. With the help of Bitcoin-Qt, a user could electronically sign a transaction to demonstrate that they were the rightful owner of a specific public key.
However, so much has changed within the last ten years as it has become simpler than ever to securely store and transfer cryptocurrencies, thanks to contemporary crypto wallets such as Trust wallet that permit everyone to gain access to the blockchain with ease. Some wallets even offer users supplementary alternatives to store, stake, lend, and borrow their cryptocurrencies.
As the technology underlying these wallets advances, some truly excellent solutions are emerging that are simple to use and offer a plethora of financial capabilities that users won't get at financial institutions.
WHAT MAKES TRUST WALLET UNIQUE?
The crypto industry needs solutions suitable for both newbies and experts. For wallet, the ease of use is particularly important, because it’s the first type of blockchain app that a new user comes in contact with.
Some wallets, including Trust, have an intuitive user interface and straightforward navigation, which is ideal for novices. However, other wallets are useful for more experienced users who intend to utilize their cryptocurrencies for more advanced purposes.
The adaptability of Trust Wallet across several blockchains such as Bitcoin, Ethereum, Solana, and the BNB Chain is its standout quality. Users may send and receive digital assets such as cryptocurrencies and NFTs using a single software that can be downloaded to a smartphone.
Users of Trust Wallet are given simple access to a variety of NFT-powered DApps where they can stake their NFTs to generate income. Users may also utilize the wallet to rapidly connect to NFT marketplaces where they can mint and sell NFTs, all of which can be viewed right on the app.
Additionally, new subscribers may transfer their existing wallets to Trust Wallet. Users with
MetaMask or MyEtherWallet accounts may export and import wallets using their private keys, keystore files, or secret recovery phrases to access the assets in a wallet.
IS TRUST WALLET SAFE?
Transactions using cryptocurrencies are becoming more pragmatic, efficient, and available thanks to the rapid advancements in blockchain technology. Nevertheless, as the population of cryptocurrency users has increased, so has the frequency of cryptocurrency-related cybercrime. It is, therefore, more crucial than ever to use a crypto wallet that offers impregnable security.
Trust Wallet employs a variety of security measures to guard users' assets against theft or hacking, and is regarded as one of the most secure wallets in the market. Since Trust wallet is a non-custodial wallet, only users have control over their digital assets. The cryptocurrencies and NFTs that customers have stored in their wallets are neither held nor managed by Trust Wallet. The wallet is also totally free to download and doesn't charge anything to use it.
HOW TO GET STARTED WITH TRUST WALLET
To get started with trust wallet, you'll need to download and install the trust wallet mobile application on your device. To download the application on your iOS or Android device click on this link.
Next, we need to create a new wallet, and thanks to Trust wallet's user-friendliness this can be done in a couple of minutes. When opening the app for the first time, you will be asked to "create a new wallet" or "import an existing one" since we are just getting started, we will click on the "create a new wallet" button.
Next, we will be asked to accept the Terms of Service, we would need to agree to the Terms of Usage if we wish to proceed, all we have to do is tick the appropriate item, then click Continue. Then we have to save and verify our recovery phrase.
It is important to mention that losing your recovery passphrase will prevent you from gaining access to your wallet and anyone that has access to your recovery phrase also has access to your wallet so the recovery phase must be saved and kept in a secure location preferably offline.
After verifying and backing up our recovery phrase we will be redirected to the main wallet interface, and an initial list of cryptocurrencies that you can fund will be displayed.
HOW TO FUND TRUST WALLET
At the moment two methods can be employed to fund Trust Wallet; it's either we initiate a buying transaction or we receive cryptocurrency from someone else.
Let's dive a bit deeper into these methods:
- Purchasing tokens using the Trust Wallet app.
Before we begin, as mentioned earlier, Trust Wallet does not yet provide any form of cryptocurrency token for sale, rather the supported cryptocurrencies can be purchased from trusted third-party vendors.
To buy from these vendors, click on the "Buy" button and select the token you intend to purchase.
Trust Wallet will automatically connect you to the different vendors that are currently offering the token you selected and also suggest the vendor that offers the best rate as at the time you want to fund your wallet.
Once you are set, select your preferred Fiat currency and input the required amount you intend to use to purchase your tokens, and click on "next".
You will be redirected to a page where you will get a list of payment options, choose the one that works best for you, and complete the transaction by clicking on "buy now".
In a couple of minutes, your funds will reflect in your wallet.
- Funding from another crypto wallet
Funding your wallet using this method is equally easy. First of all, you need to click on the "receive" button and select the cryptocurrency you intend to fund your wallet with.
Next, you can copy or share this address with the person that wishes to send the selected cryptocurrency to you.
If you already have a Binance account or any other wallet, you can also use this method to fund your Trust wallet.
Note that when using this method, it is important to take note of the network and token type as sending tokens to the wrong address will result in the loss of the tokens.
HOW TO CONNECT TO DAPPS ON TRUST WALLET
Trust wallet supports a host of decentralized applications and the Trust team has made it very easy for developers to integrate their DApp, hence creating room for flexibility and ease of access.
Some of the decentralized applications that are currently supported on trust wallet include; PancakeSwap, UniSwap, Compound, OpenSea, Decentraland, AirSwap ERC DEX, CryptoFighters and the Bancor Network to mention but a few.
Connecting to these DApps can be done in single steps. To begin, click on the DApps button
Now you can either search for a specific DApp using the search bar or discover, and try out recently launched DApps, explore the DeFi section or check out the popular DApps.
The DApps are accurately categorized into various sections such as Staking, Gaming, Yield farming, Utility, Social, Exchanges, and lots more.
HOW DOES TRUST COMPARE TO METAMASK?
Similar to Trust Wallet, MetaMask is a leading easy-to-use hot wallet that supports a variety of tokens and digital assets across several blockchains, such as Ethereum and Binance Smart Chain.
Although the two wallets are similar in a lot of ways, they are still distinct from one another due to a few fundamental differences.
Trust wallet can only be used on Android or iOS-powered mobile devices and Mac devices that use the M1 chip, whereas MetaMask can be accessible on both mobile and desktop devices.
Additionally, MetaMask's capacity to communicate more efficiently with DeFi projects and smart contracts sets it apart from Trust.
So which is better? Trust or MetaMask? The answer to this question depends on the priority of the user and what they are looking for in a crypto wallet.
Anyone may participate in the cryptocurrency market thanks to Trust Wallet as it permits anyone to easily buy, sell, stake, and swap several digital assets across multiple blockchains.
Technically, there are no costs associated with using Trust Wallet. The sole expenses are gas fees for processing transactions, which are remitted to miners or to the chains that employ the proof-of-stake consensus mechanism.
Trust wallet delivers ample cryptocurrency management functionalities and new exciting features are to be added soon.