Trust Wallet Review 2021
What is a Trust wallet?
Trust Wallet is a decentralized mobile cryptocurrency wallet that supports over 160 digital assets and allows users to stake their coins to earn interest. It also offers an integrated Web3 browser that gives users access to decentralized applications (DApps) based on the Ethereum platform.
It was originally designed to hold ERC20 and ERC223 tokens, but now includes those based on other blockchains as well, including of course Bitcoin. Coins can be purchased through the native decentralized exchange (DEX), which is run through Trust Wallet’s collaboration with Kyber Network.
Functions of Trust Wallet
The code is completely open-source, so developers, security professionals, or anyone else who might be interested in snooping under the hood can do so if they wish. The platform is reviewed by the security company Stateful, whose report can be read here.
Two other important functions of Trust Wallet focus on user privacy and security. It does not request KYC when setting up a new account, and as a non-custodial wallet, it does not save any user data. It also allows users to store their private keys locally on their devices rather than on Trust Wallet’s own servers.
The user interface is clean and simple, making it easy to download, configure, and get started. This has resulted in the Trust Wallet attracting 5 million users to date, helped in large part by the ongoing partnership with Binance that was announced in July 2018.
How does Trust Wallet work?
For newbies entering the crypto space, a wallet is software that stores the private keys to your cryptocurrency holdings.
Your wallet maintains a transaction log with two keys, one public and one private. A public key (think bank account number) is an address that you send to others for cryptography, while your private key (think transaction pin) grants you ownership of the wallet.
Leading multi-asset mobile wallet interacts with 40+ blockchains and supports 160,000+ digital assets. Each asset has a public key or address that is sent to other users to receive cryptography and a private key to sign transactions.
Trust Wallet Features
Secure Access: The provider provides you with a private access key that ensures that you are the only person with access to your confidential financial assets.
Multi-currency compatibility: There are many cryptocurrencies available these days and Trust Wallet supports a large number of them. It enables you to buy, sell, and trade various currencies, blockchains, and other digital assets, and offers comprehensive features for managing cryptocurrencies.
Earn Interest: The program helps your coins work for you by betting your assets with a flexible interest rate. The program gives you a validated Proof of Stake (PoS) certification that you can use to start earning interest in your digital assets, meaning they will continue to make money for you.
Credit Card Exchange: Many cryptocurrency exchanges make it difficult to purchase cryptocurrencies. Trust Wallet solves this by allowing you to easily buy crypto with your credit card so you can get started quickly.
Decentralized Applications (DApps): Trust Wallet comes with a useful DApps browser that helps you find other companies and providers that accept cryptocurrencies for your goods and services.
Trust Wallet Pricing
This product is open source and available completely free of charge with no transaction fees. You can visit the website for more information or contact the provider if you have additional questions. If your business wants to trade and exchange a wide variety of cryptocurrencies safely, Trust Wallet might be the one for you.
It is difficult not to like Trust Wallet and its flaws are minor. It’s easy to download and get started, and this UI really makes it so easy to use and these things have to be. Then there’s this wide range of supported assets – if you can’t hold onto your coins, you’ve managed to get your hands on some niche cryptocurrencies.
Staking is becoming more and more important to many crypto holders as knowledge of it and its benefits become more widely known. Trust Wallet anticipated this demand well and its share feature gives it a useful edge over other wallets that do not yet offer their users a choice.
The ability to access DApps through the app is another forward-thinking move that will have long-term benefits as the field expands and DeFi’s upward trend continues. For some, the DApp ecosystem may feel a bit limited (how many pretty collectibles do we really need, after all), but you can be sure that the developers will come up with a lot of new ideas.
Speaking of developers, you’ll have peace of mind with Trust Wallet’s open-source software that allows you to verify the codebase yourself. Openness and transparency are two key components of Blockchain and DeFi and it’s great to see a big name join this philosophy.
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