As the cryptocurrency market expands and introduces new products, services, and features, choosing a crypto wallet that is perfect for you becomes an ever-pressing question. After all, the wallet you use decides everything: from storing options, exchange possibilities to accessibility into new segments like DeFi.
But before all, the primary keyword for crypto wallets is flexibility. Understanding that flexibility means everything for the average blockchain enthusiast, we at Shrimpy have decided to answer one of the biggest questions asked by investors new to crypto: What is Trust Wallet?
Trust Wallet is a prominent crypto wallet solution that gained wide adoption among beginners and veterans alike by leading the way with its focus on innovation. The wallet that we are going to describe to you today is a full blockchain suite, providing access to a wide range of services. It allows you to buy cryptocurrencies via fiat onramps, exchange existing assets, store NFTs, and even earn crypto through staking.
Our goal is to provide you with an insightful impression of Trust Wallet's capabilities in order to assist you with choosing the right crypto wallet. By the end of this article, you should have a good understanding of not only what Trust Wallet is and how it works but what makes a crypto wallet great as well. So to begin, we'll start by describing the importance of cryptocurrency wallets.
Why do Cryptocurrency Wallets Matter?
Two aspects are important when describing crypto wallets: security and flexibility.
Security matters because it determines a wallet's safeguarding capabilities against hackers. A hardware wallet can, for example, leave out important security features that allow malicious actors to unlock access to the wallet once they obtain physical access. Likewise, a software wallet that stores access to private keys on online servers can practice negligence by not ensuring that its security mechanisms are powerful enough to fend off online attacks.
Flexibility, on the other hand, determines a wallet's overall functionality, primarily its range of product diversity. For all we care, a crypto wallet can fulfill the basic function of storing cryptocurrencies and doing it in a secure way. But what if we want more? Users naturally expect more features because:
Competitors always work on introducing newer tools for the sake of attracting more customers, making other products obsolete.
Users are inclined to seek products that evolve along with the market.
If it does not negatively affect security or any other aspect, a wider range of features is always more than welcome.
In the context of crypto, flexibility boils down to the degree to which it is possible to interact with the market directly from your wallet. Let's take staking as an example. A great app would allow its user to stake on a Proof of Stake (PoS) network without having to move his assets at all.
Or in the context of DeFi, the wallet would alternatively enable users to take out crypto loans or yield farm directly from the app. In a different sense, we can consider any kind of decentralized application (dApp) for this matter. As long as wallets integrate dApps and provide users with access to their services, we can confidently claim that the wallet is flexible.
Taking these examples into account, it is relatively easy to imagine what flexibility means for a crypto wallet. So let's cut to the chase and see how that turns out in practice by reviewing Trust Wallet.
What is Trust Wallet?
Trust Wallet is a decentralized mobile software wallet that provides non-custodial crypto asset storage, meaning that users hold full control over their cryptocurrencies. The product is widely known for its extensive coverage of cryptocurrencies and blockchain networks. At the time of writing, Trust Wallet supports 53 blockchains and more than 250,000 assets.
Apart from storing cryptocurrencies, some of which you can see in the image above, Trust Wallet also provides you with access to their ecosystems. The most popular way of doing so is by actively supporting a network through the act of staking. As a reminder, staking is a consensus mechanism on Proof of Stake networks where investors stake their assets, effectively lending them in order to gain governance power and generate income.
At the time of writing, Trust Wallet supports staking for the following blockchain networks:
Before we continue with showcasing the product's more complicated features, let's quickly summarize what makes Trust Wallet a great solution for storing cryptocurrencies. In total, the wallet offers six main benefits:
Straightforward onboarding process with ease-of-use oriented user interface
Access to decentralized applications via an on-board dApp browser
Security mechanisms greater than average for a software wallet
Ability to store NFTs and other collectibles
In-app price tracking and charts viewing
Exchanging cryptocurrencies directly from the wallet
In the following sections, we will talk more about these benefits and features. For the moment, let's continue by explaining what the dApp browser is all about.
Trust DApp Browser
Trust Wallet's DApp browser is a fully functioning Web3 browser that enables customers to interact with any decentralized applications directly from the wallet itself. By doing so, users do not have to leave the application or move their funds onto dApps.
For the time being, Trust Wallet's dApp offering is limited to two giant smart contract ecosystems: Ethereum and Binance Smart Chain. Each DApp is carefully vetted by the team, which works with the project's developers to ensure the best user experience possible. Once vetted and optimized, the application is integrated into the Web3 browser.
Let's say that you wish to execute a token swap on a decentralized exchange like Uniswap. By using the DApp browser, you can access Uniswap and use it just as you would on a desktop web browser. All you have to do is connect your wallet with Uniswap, select two assets to exchange, and confirm the transaction. The trade will then be confirmed using your wallet's funds, all while staying entirely on the wallet for the entire duration of this process.
The same can be done to:
Provide liquidity to a yield farming protocol like Yearn Finance
Swap tokens on a non-Ethereum DEX like PancakeSwap
Take crypto loans on platforms like AAVE
And the list goes on.
Non-Fungible Token Support
To pave the road towards widespread DeFi adoption, Trust Wallet has decided to add support for non-fungible tokens (NFTs). These tokens represent digital art collectibles that can be bought and stored for speculative purposes. Moreover, an NFT can also represent and verify ownership over any digital or real-world asset.
Trust Wallet includes support for both ERC-721 and ERC-1155 NFTs on Ethereum and BEP-721 and BEP-1155 on Binance Smart Chain. Users are free to move their NFTs or purchase new ones from crypto marketplaces like OpenSea from the dApp web browser.
Again, this additional functionality is what ultimately drags newcomers and veterans alike to Trust Wallet. By providing a sufficiently large product offering and staying up to date with the latest market trends, the team succeeds in ranking as one of the best crypto wallets in 2021.
Device Support and User Interface
Trust Wallet is exclusively a mobile application. It can be downloaded on either iOS or Android devices. Considering the fact that it is a mobile wallet, it is important to grasp the ease of use one has when interacting with the app's user interface.
We describe the wallet as being minimalistic yet feature-packed. Every feature is categorized and found in its respective tab, and the most important tools are found right at the homepage. The interface provides a clear overview of the user's portfolio and its performance. Moreover, it is possible to select an asset to view its chart and historical price action, along with other crucial information related to the project and tokenomics.
To say the least, Trust Wallet is an extremely navigable mobile application. Starting from the exchange and DEX tabs to the dApp browser, using Trust Wallet is more than a comfortable experience. User experience is subjective, and it is for each user to decide whether a crypto wallet is easy to use or not, but while reviewing the platform, we have found it to be exceptionally pleasant.
Is Trust Wallet secure?
Trust wallet has plenty of features, offers a fluid user experience, and provides a wide range of services not commonly found among its competition. With that in mind, there is only one question left to answer: Is Trust Wallet secure?
In the nature of decentralization, the project's developer team has decided to make Trust Wallet's code completely open-source. Third parties such as infosec experts, security professionals, blockchain developers, and even users are free to explore the source code online in order to check its quality or verify whether it is malicious or not.
Both iOS and Android applications have been tested and code reviewed by infosec firm Stateful. In the past, Trust Wallet has suffered no exploits. Moreover, there have been no reports of funds stolen by hackers from the community. It is also important to note that users have the ability to secure funds, in the case that their devices are stolen, by locking their wallets with a secret pin code or enabling fingerprint scanning.
Trust Wallet is not just an ordinary crypto wallet. Apart from offering standard storing services, the application also does an incredible job at staying up to the latest trends in the cryptocurrency market, creating a versatile and feature-rich product in the process.
From widespread dApp support to extensive blockchain coverage, Trust Wallet succeeds in enabling its users to interact with the diverse crypto market without having to ever close the app. Even if the user does not own any crypto, he is able to purchase them directly through the wallet. These assets can later be exchanged on decentralized exchanges, traded on markets, token swapped, staked, and so on.
Once again, we have to mention that the wallet fares equally well in terms of security, practicality, and user experience. Combined with the factors previously mentioned, it is easy to understand why Trust Wallet ranks as one of the most highly popular crypto wallets in 2021.
About The Author:
Marko is a crypto enthusiast who has been involved in the blockchain industry since 2018. When not charting, tweeting on CT, or researching Solana NFTs, he likes to read about psychology, InfoSec, and geopolitics.