Repository
https://github.com/TrustWallet
If there is still a well-informed person out there still doubting the potential of cryptocurrency and blockchain technology, trust me, technology is a long one for him to catch. Being in its infancy, the cryptocurrency industry is already boasting of a market cap of over $300 billion. That is not a figure that a random sector that was founded roughly 10 years ago can boast of. This is the world cryptocurrency!
There have been many debates on whether the digital currency has what it takes to become the next generation global currency and chase out fiat currencies. Many industry leaders from finance sector claim that cryptocurrency is not strong enough to overtake fiat currencies especially with its leading feature that has become a formidable force stopping its mass adoption - volatility. What these anti-cryptocurrencies need to understand, is that the continued rise and fall of crypto coins values cannot stop it from taking over the global financial markets. It is just a matter of time. Besides, it has gone too far within a very short period.
The Challenge
Its quick rise to fame, continued mass adoption and dominance in the business world has made cryptocurrency a target for tech fraudsters and internet scammers alike. The industry has recorded various cases of serious theft and hack attacks on various reputable exchanges. This has resulted in the loss of billions of dollars over the years. What is more, the traders are usually the one to take the lion share from these heartbreaking occurrences since digital currency does not have enough backing to give its traders insurance.
I am still a budding crypto trader and I only have few coins on my portfolio, enough to gain trading experience, not enough to make fortune. However, despite being a new adopter of this next-generation technology, I have lost a few coins myself due to the unreliability of some crypto wallets that I have used. I have learned my lessons already and now I know the importance of using a very secure and reliable wallet that gives users rest of mind. I learned about Trust wallet a few months ago and it has been a blessing for me.
Trust Wallet overview
Trust wallet is a private and secure wallet that supports storing, sending and receiving of multiple cryptocurrency coins with a range of other functionalities. Trust wallet currently supports various major currencies and is widely recommended for Ethereum network’s ERC20 tokens. As well, there is constant updating as regards adding new coins on it.
Trust wallet supports and has functionality for users to trade their assets on Binance DEX which is added as an in-app exchange. It has full security audited system thereby creating a very secure environment for frictionless crypto trading. It does not store keys elsewhere apart from users’ devices thereby giving us the full control over our digital assets.
From my experience using this wallet, I can say that it has a better transaction fees structure compared to many of its competitors. I know of some wallets that I do not like to transact with due to their complex charges. As a trader, one of the features I look after on wallets is simple trading fees.
Various components of the app
A universal wallet that supports a range of cryptocurrencies
Trust wallet supports storing, sending and receiving of various cryptocurrency tokens from the major ones such as BTC, XRP, LTC, ETH, to the minor coins such as TRX, ETC, WAN, ICX, VET, DASH and many more. I do not need to have multiple wallets installed on my mobile device to watch and manage my digital assets portfolio anymore. All it requires me is to create a wallet for each of these coins on my Trust Wallet app. The app will, therefore, monitor the addresses and get me notified me on all activities around them.
DApp browser
Trust Wallet has an in-app DApp browser that allows users to securely access various decentralized apps in the blockchain space. I can easily explore and access these different DApps directly through the browser without the need of exiting Trust Wallet. What is more, I can easily access external exchange wallet DApps in which I have some assets stored. This gives me maximum control and better management of my cryptocurrencies portfolio.
Binance DEX – An in-app exchange
Binance DEX is a decentralized exchange that is built on Binance chain and uses Delegated Byzantine Fault Tolerance to manage and control transactions. This is a transparent exchange, a non-custodian of users’ funds that rather ensures that assets sty between users’ wallets. Binance DEX also has a native currency, BNB that was first published on Ethereum network and this is now being burned on Binance chain. This highly exceptional exchange is seamlessly added as a component on Trust Wallet thereby giving us the ability to trade tokens without having to transfer them to exchanges. This gives me total control over my assets.
A-class security
Despite being a non-custodian of users’ assets, Trust Wallet utilizes the service of a leading security firm to audit users’ activities within the app. This ensures that there is no room for malicious transactions that can cause a loss of funds. As well, this particular component ensures the integrity of the application.
Getting started with Trust wallet
Trust Wallet is available for Android and iOS devices and can be downloaded directly through this link.
There is no much to talk about on setting this wallet app up. An average trader already knows how to set up a wallet and transfer funds. I will still mention some things.
On the first launch, Trust Wallet will ask you to either create a new wallet or login to your already created account. As a new user of this app, you want to create a new account. So, click on the option that gives you access to do this.
On the next screen, you will be told to be prepared to back up your wallet by saving the 12 words that are going to be displayed to you as arranged. Mark the required button and click on Continue.
The next screen will display the 12 words to you and ask you to save it somewhere exactly as arranged. The app does not allow taking a screengrab for security reasons, so ensure that you save the words somewhere. The good news here is that the app allows you to share it out from the screen. Hence, you can save it as a draft on your email or save somewhere on your device. I would very much like to show us all these but since the app does not support taking a screen grab, I will not be able to.
After providing the words in the arranged manner as requested in the subsequent screen, you should be directed to the main window.
Features of Trust Wallet
Based on my experience using this wallet, I have come to understand how the features listed below benefit me and other users of the app.
Best for ERC20, ERC223 and ERC721 based ICO or airdrop
I am someone that usually engages in legit airdrop campaigns and I have benefited a lot from this. In as much as a coin is already listed on exchanges, joining its airdrop campaign to earn some free money is not bad. Although many traders see this as a waste of time, one can still make decent earnings through airdrops. Trust wallet has a gas price and limits configurations functionalities, thereby giving market statistics on coins that are published on Ethereum network’s ERC20, ERC223 and ERC721. These functionalities make Trust Wallet the best among its competitors for airdrop campaigns participants.
Simple, attention to details and intuitive design
As a developer, you don’t want to create a complex design that chases users away in the name of making the system multifunctional. I get turn off when I see a software system that is too hard to interact with regardless of its functionalities. I am guessing that I am not the only person that feels this way and that is why the team ensures that this app is as simple as a wallet app can ever be. I like the fact that it brings users attention to details and makes trading easy for both veteran traders and newbies.
Additional security
Trust Wallet has added security functionality for the users. I was able to access another level of encryption by setting a passcode through which I make entry to the whole application. This protects the app from being accessed by uninvited guests and secures my assets.
To access this functionality, go to the app settings and enable the Passcode as shown below.
Create a passcode and repeat it in the next screen as instructed and that is all.
Now you can set the auto-lock action to immediate or choose other time options. I use immediate anyway, as I believe this to be the best option to protect my assets. Click on auto-lock and select your preferred option as shown below.
For devices that have biometrics functionality, you can access the app by using the fingerprint.
Server-free and allows storing keys on the device
One of the advantages of Trust Wallet’s server-free infrastructure is that it gives users total control of their funds. I think this is one of the solutions to the problem of hacking attacks on exchanges. With this, traders no longer need to be worried about cyber thieves and just focus on securing their mobile devices and wallet apps from being accessed by other people. I hope that other wallet DApp developers adopt this great initiative.
Detailed information on transactions
Trust wallet provides full transaction details and history, assets values, and the total portfolio price. This helps us in tracking every activity around our digital assets and helps in price prediction.
Project updates
The first version of Trust Wallet was released in October 2017 and has since been succeeded by various other releases each with newly added features. The latest version comes with features such as improved stability and performance improvements. This update, V. 1.7.010 was released in July 2019, just a few days ago and this app has gotten over 100,000 downloads in total. Being an Open Source project, it is constantly being updated by reputable volunteers contributing to it through the project’s Github repository. If you will like to contribute to it anyway, please check out their repository or join their Telegram group.
Conclusion and rating
Trust Wallet is a massive project, a very outstanding app with multiple functionalities. Its simplicity is one of the enviable features that set the standard for it. With its unrivalled features, I will always choose this app over its competitors. I would, therefore, give it the full 5 stars.
Resources
All the images used in this post are screenshots from my usage using this app. As well, the content is written from my research, knowledge and the personal experience from the use of this app.