With its focus on innovation, the Trust Wallet is a prominent crypto wallet solution that has gained broad adoption among beginners and veterans alike. The wallet we are going to introduce today is a full blockchain suite, providing access to a wide range of services. By using fiat onramps, you can buy cryptocurrencies, exchange existing assets, store NFTs, and even earn crypto by staking.
In order to assist you in choosing the right crypto wallet, they would like to provide you with an insight into Trust Wallet’s capabilities. You should have a good understanding of not only what Trust Wallet is and how it works, but also why a crypto wallet is so great. As a first step, let’s explain how important cryptocurrency wallets are.
What is the purpose of Cryptocurrency Wallets? #
There are two important aspects of crypto wallets: security and flexibility.
The security of a wallet is crucial because it determines whether it can withstand attacks from hackers. Wallets that lack important security features are prone to being hacked once malicious actors gain physical access to the wallet. It is negligent for a software wallet that stores access to private keys on online servers not to make sure that its security mechanisms are powerful enough to protect against online attacks.
The flexibility of a wallet, on the other hand, determines its overall functionality, particularly its diversity of products. The basic purpose of a crypto wallet is to store cryptocurrencies securely. Suppose we want more? Here are some reasons why users expect more features:
- For the sake of attracting more customers, competitors always introduce newer products, making older ones obsolete.
- Consumers are inclined to seek out products that adapt to the market.
- As long as it does not adversely affect security or any other aspect, a wider range of features is always more than welcome.
The extent to which you are able to interact directly with the market through your wallet is flexibility in the context of crypto. As an example, consider staking. In a perfect application, a user could stake on a Proof of Stake (PoS) network without ever having to move his assets.
Users would be able to take out crypto loans and farm yields directly from the app in the context of DeFi. A decentralized application (dApp) can be considered in a different context. We can confidently claim that a wallet is flexible when it integrates dApps and permits users access to their services.
These examples demonstrate how a crypto wallet can be flexible. By reviewing Trust Wallet, we can see how that works in practice.
Trust Wallet: A Decentralized Mobile Software #
Trust Wallet is a decentralized mobile software wallet that provides non-custodial crypto asset storage, which means users retain full control over their cryptocurrencies. It is popular for its extensive coverage of cryptocurrencies and blockchain networks. Trust Wallet currently supports more than 53 blockchains and more than 250,000 assets.
As well as storing cryptocurrencies, you can also access Trust Wallet’s ecosystems by clicking the image above. The most popular way to do so is through staking, which is actively supporting a network. Staking, as a reminder, is a consensus mechanism for Proof of Stake networks where investors stake their assets, effectively lending them to gain governance power and generate income.
Trust Wallet supports staking for the following blockchain networks as of this writing:
Is Trust Wallet secure? #
This wallet is packed with features, offers a fluid user experience, and offers a range of services not commonly found in its competitors. Therefore, the only question left is: Is Trust Wallet secure?
Considering Trust Wallet’s decentralization, its developers have decided to make its code completely open-source. Interested parties, such as infosec experts, security professionals, blockchain developers, and even users, have access to the source code in order to check its quality and determine whether it is malicious or not.
Apps for iOS and Android have been tested and code reviewed by infosec firm Stateful. To date, Trust Wallet has not been exploited. Moreover, the community has not reported any funds being stolen by hackers. As mentioned earlier, users have the option of locking their wallets with a secret pin code or enabling fingerprint scanning in the event that their devices are stolen.
Device Support and User Interface #
Trust Wallet is exclusively a mobile application. It can be downloaded on either iOS or Android devices. As a mobile wallet, it is essential to understand the ease of use that one has when interacting with the app’s user interface.
Despite being minimalistic, the wallet is packed with features. Each feature is found in its own tab, and the most important tools are found at the top of the homepage. An overview of the user’s portfolio and its performance is provided by the interface. Additionally, you can select an asset to view its chart and historical price action, as well as other crucial information about the project and tokenomics.
This mobile application is incredibly easy to navigate, to say the least. Utilizing Trust Wallet is more than a comfortable experience, from the exchange and DEX tabs to the dApp browser. Although user experience is subjective, and it is up to each individual user to decide whether a cryptocurrency wallet is easy to use or not, we have found the platform to be exceptionally pleasant to use.
Trust Wallet is more than just a crypto wallet. Aside from offering standard storage services, the application also follows the latest trends in the cryptocurrency market, resulting in a versatile and feature-rich product.
By supporting a wide range of dApps and covering a wide range of blockchains, Trust Wallet allows its users to interact seamlessly with the volatile crypto market without ever having to leave the app. A user can purchase crypto directly from the wallet, regardless of whether he already owns any crypto. In the future, these assets may be traded on decentralized exchanges, staked, swapped, and traded on markets.
In terms of security, practicality, and user experience, the wallet performs equally well. Combining the factors previously mentioned, it is easy to understand why Trust Wallet is one of the most popular crypto wallets of 2021.