Trust Wallet: what is it and how to use it

If you regularly use cryptocurrency, a virtual wallet will come in handy. Storing crypto on exchanges is not as safe as storing it in your personal storage. One of the leading solutions on the market is Trust Wallet, an open source application that supports transactions with hundreds of popular cryptocurrencies.   

Let's figure out what functions and advantages this wallet has, how to top it up, and whether it’s worth using.

What is Trust Wallet

In short, this is a software crypto wallet created by Viktor Radchenko in 2017. It was originally called Toshi Wallet and was centralized. However, a year later the project became completely decentralized. In 2018, the Trust was acquired by the top crypto exchange Binance. This attracted additional resources to improve the product, making it even more convenient for mass use.

Using Trust Wallet, the user controls his own private keys - no one else has access to them.

Wallet reliability

Security of crypto assets is the cornerstone of any crypto wallet. To achieve this, the Trust takes all necessary measures to protect user funds:

Private keys never leave the user's device and are not transferred to developers. Therefore, theft or blocking of funds by third parties is excluded.

A PIN code or biometrics (Touch ID or Face ID) is used for access. This protects against unauthorized physical access.

All transactions are signed and encrypted on the user's device.

Secure import is supported through backup phrases that are not stored on the developer’s servers.

Code audits are regularly conducted to identify vulnerabilities. Regular updates with fixes are released.

Trust Wallet Community

If any problems arise, the community or support will tell you what to do. You can join groups on Twitter, Telegram, Reddit to communicate with like-minded people, or get help from developers. There is also an official help center where various issues regarding using the wallet are discussed in detail.

TWT (Trust Wallet Token)

This is an ecosystem utility-token launched in 2020. As of September 2023, the TWT price is around $0.7 according to CoinMarketCap.

Main functions of TWT:

Receive discounts and cashback when purchasing cryptocurrencies in the application.

Rewards for various promotions within the ecosystem.

Staking TWT for profit.

Participation in product management through voting.

In the future, TWT will be integrated as a means of payment for paying for various services in the application. TWT stimulates user activity by providing them with privileges, and also serves to develop the ecosystem as a whole.