Trust Wallet Analysis + Trust Wallet vs. Metamask
What is a Trust Wallet?
Trust Wallet is an open-source, decentralized, mobile multi-coin cryptocurrency wallet where you can store all your coins and tokens. The app supports fifty-three blockchains and 1M+ assets. The simplest way to explain it according to founder and chief executive officer, Viktor Radchenko is it’s a crypto wallet that allows you to store and send bitcoin.
A decentralized wallet, you hold the keys to your cryptocurrency wallet.
A user controlled wallet, only the user has control over their funds.
Has access to DApps unlike centralized wallets.
Does not keep any personal information.
Main goal is making crypto more accessible.
How does Trust Wallet work?
Trust Wallet acts as a bridge that connects to individual blockchains via their nodes. Every blockchain has their own set of public addresses. These addresses are where the Crypto are encrypted and stored.
Trust Wallet does not hold or control any Crypto, it just gives the user access to it.
Trust Wallet is free to download and does not earn anything when you use it. Fees are all paid to the miners and validators.
Trust Wallet helps you manage your address, in order to send and receive Crypto. The app also provides the user the ability to do other Crypto transactions, like trading and staking.
True Wallet Features
Supports multiple cryptocurrencies
Secure access
Credit card exchange
Earn Interest
Decentralized apps (DApps)
How To Set Up Trust Wallet
Step 1. Get the latest Trust Wallet app. Download the link on the Trust Wallet website.
Step 2. Once you have downloaded and installed the app, open Trust Wallet and tap on “Create a new wallet”.
Step 3. Before you finish the step of creating the wallet, verify that you wrote down the 12 word phrase in the correct order.
Staking in Trust Wallet
The mobile wallet allows you to buy and stake cryptocurrency in a secure manner, all in the app.
To start staking in Trust Wallet, download the app, buy the asset you want to stake using a credit or debit card or the app’s built-in DEX or you can transfer them from a different wallet or exchange.
You can earn up to 11% APR
Trust Wallet does not take a cut, you will get back all your staked crypto along with your profits.
You can pick the project and validator that meets your needs.
Founder
Viktor Radchenko, a software developer is the founder and chief executive officer of Trust Wallet and was launched in 2017. According to a press release Radchenko explains why he developed Trust Wallet. “I started working on Trust Wallet because app stores did not have any open source wallets for Ethereum and ERC20 tokens. Our focus have always been on building better interface for storing and accessing funds, as well as laying the infrastructure for other developers to build dapps.”
Acquisition
In 2018 an announcement was made that Binance, one of the world’s largest cryptocurrency exchanges, acquired Trust Wallet. “Wallets are the most fundamental interface to the crypto economy, and a secure and easy-to-use wallet is key to proliferate the adoption of cryptocurrencies. Trust Wallet is simply the best in this category in my opinion. Trust Wallet is an on-chain wallet, where user private keys are decentralized, ie, stored on user devices. This compliments the centralized architecture of Binance nicely. Now we have the best of both worlds, and users have their choice,” said Changpeng Zhao, CEO of Binance. “Viktor and the Trust team are product and user focused. The team is small and highly effective and shares the same values as Binance. The combination of Trust Wallet’s team and product is the perfect epitome of what we look for in a great company.”
Trust Wallet vs. MetaMask
MetaMask and Trust Wallet are both decentralized wallet services that are very popular and both support Android and iOS applications. There are several comparisons of the two wallets out there, here it is at a glance.
Sources
https://www3.technologyevaluation.com/solutions/55190/trust-wallet
https://trustwallet.com/blog/an-introduction-to-trustwallet
https://messari.io/asset/trust-wallet-token/profile
https://www.businesswire.com/news/home/20180731005764/en/Binance-Acquires-Trust-Wallet---A-Popular-Mobile-Crypto-Wallet
https://docs.binance.org/tutorial/how-to-create-a-wallet-on-trustwallet.html
https://trustwallet.com/blog/a-begginers-guide-to-crypto-staking
https://viraltalky.com/trust-wallet-vs-metamask-comparison/