The Silicon Valley venture capital firm Andreessen Horowitz (a16z) released a report on Tuesday covering the current state of crypto adoption. It highlights Ethereum as the leading blockchain network for developer support but contains very little mention of Bitcoin’s growth. The Potential of Web 3 The VC firm broke boiled down its report into five key takeaways about the current state of crypto. It began by suggesting that the industry is in the middle of its fourth ‘price innovation’ cycle.…
An unspoken law of cryptocurrency states that your investment is as safe as the wallet in which you store it. With hackers raking in billions of dollars every year from naive or unassuming investors, there is no reason for you to settle for anything else than the best possible crypto wallet.
There are too many storage solutions for cryptocurrencies out there to establish which one is the very best. However, we can take them for a ride and see if they practice preach’s security.
In this Trust Wallet review, we look at one of the most popular mobile wallets on the market. Is this software wallet a worthy opponent for the hardware options, or is it just a fashionable choice?
What is Trust Wallet?
The Trust Wallet app is available for free, and it works on devices that run Android (5.0 and up) or iOS (10 and up).
The creator of Trust Wallet is Viktor Radchenko, a US-based Ukrainian software developer with solid experience building apps on Ethereum. His initial plan was to create a mobile wallet for ERC-20 tokens only. However, in time the project evolved to support coins from other blockchains too, including Bitcoin.
Radchenko started working on the wallet in 2017, and his progress did not go unnoticed. Less than a year later, Binance acquired the project and its parent company Six Days LLC.
The more tech-savvy users will appreciate Radchenko’s decision to leave the code completely open-source. This way, they will be able to peek into the complex mechanisms that power it.
Trust Wallet is audited by security company Stateful and has an ongoing collaboration with the Kyber Network that enables users to buy coins through the platform’s decentralized exchange.
Trust Wallet Features
Trust Wallet has, in its collaboration with Binance, an advantage that few other mobile wallets can enjoy. The most popular crypto exchange in the industry enhances the wallet’s reputation and credibility. It is one of the reasons why Trust Wallet has more than 5 million users at the moment.
Still, it doesn’t mean that Trust Wallet is entirely bulletproof. Here are some of its “earthly” features:
Trust Wallet is a non-custodial wallet, which means that it does not store user data, and it does not require to pass a Know Your Customer (KYC) verification when you set up an account.
Contrary to other mobile wallets, you do not have to save your private key on the company’s servers. Instead, you can store the private key directly on your device.
You can opt for fingerprint scanning, and pin code features built into the app to enhance security. The wallet does not provide Two-Factor Authentication (2FA). However, it provides a convenient backup feature in the form of a unique 12-word recovery phrase, which you will have to store securely and never share with anyone else.
Trust Wallet is free to download and install on your phone. You will only be paying fees when you start using it for transactions, which will differ from case to case.
Trust Wallet users benefit from a clean and intuitive interface that is ridiculously easy to navigate. Even beginner investors in cryptocurrency can master it in just a few hours of use.
Most mobile crypto wallets provide an easy chat feature that should get you out of the most difficult situations, especially when you have limited time to solve an issue.
Trust Wallet does not offer chat support. When you need help with a problem, the app redirects you to a troubleshooting guide and a FAQ section. If you cannot find a solution to your puzzle there, you can open a support ticket and wait for their customer service agents to get in touch with you.
Staking enables you to use your digital assets as crypto deposits to validate new blocks on blockchains that support the Proof-of-Stake (PoS) algorithm.
Trust Wallet helps you lock some or all of your assets for staking purposes, and in return, earn a part of the block rewards automatically.
At the moment, you can use the wallet to stake cryptocurrencies like Tron (TRX), Tezos (XTZ), Cosmos (ATOM), VeChain (VET), Callisto (CLO), Kava (KAVA), TomoChain (TOMO), IoTeX (IOTX), and Algorand (ALGO).
The DApp Browser
This feature enables Trust Wallet to become a part of the Marketplace and to offer its users a long list of DApps that they can access freely on their phones. Such applications may include gaming platforms and DeFi protocols.
The Bottom Line – A Trust Wallet Review
If you are looking for a secure mobile wallet, you surely cannot exclude this wallet from your choices. This software storage solution is backed by Binance and has a growing number of supported assets. So, it won’t surprise anyone if the 5 million users will increase evermore.
Trust Wallet tries to evolve past the definition of a regular crypto wallet. Its latest generation features that include staking and a DApp browser are clear signs that the wallet aims to become an all-inclusive platform for cryptocurrency investors.
If we were to nitpick through the Trust Wallet features, we would probably mention the slow customer support and the lack of a Two-Factor Authentication option. Other than that, we can conclude that Trust Wallet is a solid option for storing your digital assets. And, if you want to enhance their value without trading or hodling, you can do so through the wallet’s innovative staking feature.