Cryptocurrency wallets are typically used for storing multiple tokens and coins. However, most of these wallets only support a limited number of digital currencies. Thus, to allow users to control and provide access to a large number of digital tokens and enhance security the trust wallet came into existence.
What Is A Trust Wallet?
The Trust Wallet is a secure and non–custodial cryptocurrency wallet that supports multiple blockchains. This means that users are the sole owners of their digital coins and get complete access or control over their funds too. It is Binance’s official crypto wallet and supports more than 65 blockchains providing access to more than 4.5 million crypto assets.
Unlike other centralized wallets, Trust Wallets features access to decentralized applications (DApps) that allow users to interact with DApps-supported blockchains too. Thus, it aims to make cryptocurrency more accessible to users and facilitate their easy transaction, staking, and storage. Trust wallet is a type of hot wallet and as long as there is internet connectivity the wallet can be accessed, unlike a cold wallet that is accessible offline too.
Features of Trust Wallet
The Trust Wallet is the answer to most of the shortcomings that exist with other cryptocurrency wallets. Its popular features include –
Supports Multiple Cryptocurrency And Improves Flexibility
The Trust Wallet supports multiple cryptocurrencies i.e around 4.5 million cryptocurrencies, unlike most wallets that support only ERC-20 tokens. Alongside, it supports around 65 blockchains that improve the accessibility of crypto assets. Thus, it also allows users to buy cryptocurrencies from third-party platforms such as MoonPay, Wyre, Simplex, etc.
Type of NFT wallet That Is Free
Trust Wallet is an NFT wallet that allows users to buy, sell and store NFTs from their mobile devices through a Trust Wallet App. This wallet can be used for free without any subscription. However, users need to pay network fees which vary depending on the network congestion.
Facilitates Staking And Inter-Wallet Transfers
Trust Wallet can be used for staking selected cryptocurrencies and earning rewards. The users are also allowed to make inter-wallet transfers. Thus, the trust wallet platform supports third-party platforms too.
How Does Trust Wallet Work?
The Trust Wallet acts as the bridge between blockchains and their respective nodes. Every blockchain comprises a set of public addresses that keep cryptocurrencies encrypted and safe. Thus, it is a decentralized and non–custodial wallet and does not control users’ digital assets, it merely provides access to it.
The DApp browser of the Trust Wallet allows users to access Ethereum – based and BNB chain–based DApps without the need to sign up. Its supported DApps include Uniswap, Opensea, and Pancake Swap.
Since this wallet operates exclusively on mobile devices, it makes blockchain technology readily accessible and further allows users to download applications on Android or iOS devices. However, the application does not keep any information with it about the users and hence maintains privacy. The contact information only exists between transacting parties.
Use Cases Of Trust Wallet
Trust Wallet is used for a variety of purposes besides storing cryptocurrencies. These multiple use cases include –
- Buying Cryptocurrencies
- Staking Cryptocurrencies
- Exchanging Cryptocurrencies
- Supporting Stablecoin and NFT
The Trust Wallet has emerged as a secure and non–custodial hot wallet with rich features. It facilitates multiple functionalities through one single mobile application. This wallet is an advanced cryptocurrency product that has revolutionized the way cryptocurrency wallets are perceived. However, it has limited customer support which when improved can make it the best cryptocurrency wallet.