What is Trust Wallet Token? How can beginners sign up and use this secure wallet?
If you’re wondering about these issues, check out the article from AZCoin sharing everything you need to know about Trust Wallet Token below.
What is Trust Wallet?
Trust Wallet is an official decentralized crypto wallet from Binance that supports various types of tokens and allows users to securely store multiple tokens in the market conveniently. Additionally, this wallet integrates many Dapps, connecting users closer to blockchain technology through a browser.
Trust Wallet is a non-custodial wallet, meaning users have full control over their passwords and private keys. This implies that users are responsible for their assets and must take necessary security measures. Trust Wallet offers security features like PIN codes, two-factor authentication, and the ability to back up your wallet to a secure location.
Trust Wallet supports a variety of assets, including Bitcoin, Ethereum, Arbitrum, Optimism, USDC, and various other tokens, including NFTs.
How Trust Wallet Token Works
Trust Wallet Token (TWT) is a cryptocurrency that runs on the Trust Wallet platform. It offers extra benefits to those who use it. TWT is a BEP-20 token, so it can be sent to any wallet that accepts Binance Smart Chain tokens. It can be traded for other currencies or used to buy things.
TWT also gives holders the right to vote on how Trust Wallet develops. Discounts on decentralized exchange (DEX) trades and in-app purchases can be made with TWT, making it a popular investment.
TWT transactions are quick and have low costs because they use a blockchain designed for smart contracts and decentralized applications (DApps).
Trust Wallet Token history
- Trust Wallet Token was initially launched on the Binance Smart Chain (BEP-2) but was later upgraded to BEP-20 in October 2020.
- Trust Wallet, the platform where TWT operates, was established in 2017 by Viktor Radchenko.
- Radchenko, based in Mountain View, California, had a previous career in development and engineering at various tech companies.
- In July 2018, a large cryptocurrency exchange bought Trust Wallet. Despite this, Radchenko is still a major part of the platform.
- The Trust Wallet team consists of over 20 individuals, many of whom have multiple roles within the acquiring company.
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Basic Information about Trust Wallet’s TWT Token
Token Information
- Token Name: Trust Wallet
- Token Symbol: TWT
- Blockchain: BNB Chain
- Contract Address: 0x4b0f1812e5df2a09796481ff14017e6005508003
- Token Use: Governance, utility
- Total Supply: 1,000,000,000 TWT
- Circulating Supply: 416,649,900 TWT
Allocation of TWT tokens
40% – Token Allocation for users.
15% – Token Allocation for developers.
15% – Token Allocation for community.
30% – Token Allocation for reserve funds.
Use Cases of TWT Token
- Governance: TWT holders can participate in decision-making processes such as supporting new blockchains, tokens, and product features.
- Discounts: TWT holders can access discounts on purchases within the Trust Wallet app and when using the DEX.
- Payments: TWT can be used as a method of payment when submitting Pull Requests to the Trust Wallet asset repository.
- DApp Ratings and Promotions: TWT can be used to incentivize developers who contribute to DApps that advance the development of mobile Web 3.0.
- Referral and Task Rewards: TWT can be used as a way to reward users for promoting Trust Wallet and making contributions to the community.
Latest Trust Wallet Updates
- EVM Chain Expansion and BNB Greenfield Support: Trust Wallet has expanded its EVM Chain support and integrated BNB Greenfield, providing access to a wider range of decentralized applications (dApps) and blockchain ecosystems.
- Tax Reporting Partnerships with Coinpanda, Koinly, and CoinTracker: Collaborating with reputable tax services, Trust Wallet enables users to seamlessly generate cryptocurrency tax reports, ensuring compliance and preventing penalties.
- Ledger Wallet Support: Trust Wallet now supports Ledger hardware wallets, offering a secure method for storing cryptocurrency assets.
- Encrypted Cloud Backup and Restore: Introducing encrypted cloud backup and restore, Trust Wallet safeguards users’ wallets and assets in case of loss or theft.
However, on February 8, 2023, Trust Wallet was attacked, resulting in a loss of around 4 million USD.
In April of the same year, Trust Wallet fixed the vulnerability that caused damage of about 170,000 USD. Additionally, the project committed to compensating users for the losses.
These losses affected user trust, but Trust Wallet continued to strive for development by integrating the MPC (multi-party computation) solution, allowing users to log in with Google, Apple, Telegram, and Discord accounts. MPC stands for multi-party computation, a type of multi-signature wallet that enables users to confirm from various platforms, enhancing security by separating private keys and controlling them on different devices.
Trust Wallet is teaming up with Web3Auth to add this feature to its product, which is currently being tested. MPC technology is helpful because it lets users log into their wallets using their Google, Apple, Telegram, and Discord accounts. This makes using the service easier and more convenient for both new and experienced crypto market participants.
Trust Wallet Competition
In the cryptocurrency market, crypto wallets are essential tools that allow users to store and interact with on-chain Dapps. As such, Trust Wallet faces competition from the following:
- MetaMask: A decentralized crypto wallet available as a browser extension and mobile app. It is one of the most popular crypto wallets on the market and supports multiple blockchains and token types.
- Coin98 Wallet: A non-custodial blockchain asset storage wallet.
- Rabby Wallet: A non-custodial EVM-compatible blockchain wallet that allows users to store, manage, and transact with multiple crypto assets across multiple chains.
Summary
This article doesn’t provide financial guidance. AZCoin is not liable for any investment decisions you make. For more details, please refer to the indemnity page.
Through this article, we hope that you will be able to grasp how to use the Trust Wallet Token. May you be successful and earn a lot of profit in the crypto market.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
