What is Trust Wallet Token
What is Trust Wallet Token (TWT)
The TWT token from the Trust Wallet cryptocurrency wallet is considered by many to be a great option for their spot portfolio. Everyone refers to the fact that new smart wallets appear regularly and each time with better functionality, so the value for their coins will increase.Although Trust Wallet appeared back in 2017, and only in 2021 it became a leader crypto wallet. This article will review the TWT token, talk about its prospects and identify patterns in the change in its value.
The Trust Wallet token (TWT) is an utility token which can be considered sort of reward and incentive for thousands of mobile cryptocurrency wallet users. It supports various native assets, such as those on the Ethereum, TRON, and Binance blockchains.
Trust Wallet token holders can enjoy various benefits, such as receiving discounts on purchases and cryptocurrencies' decentralized exchange (DEX) services. Moreover, users can also take participation in the wallet's governance and voting on upgrades.
Initially, the TWT Coin was issued as a BEP-2 asset on the Binance Chain platform. After, in October 2020 the token was re-issued as a BEP-20.
Cryptocurrency Trust Wallet (TWT) - what is it?
To begin with, let's say that TWT is a Trust Wallet token and was created only to reward users of the product. Therefore, it is not used outside of the Trust Wallet ecosystem.
Trust Wallet is a multi-currency crypto wallet that gives users full control over their digital assets, from cryptocurrencies to NFTs, in other words, it is non-custodial.
Trust Wallet is an official Binance crypto wallet and currently supports more than 65 blockchains including Bitcoin, Ethereum, Ripple, as well as over 4.5 million crypto assets, including NFTs. Moreover, it even includes access to decentralized applications (DApps).
However, being connected to Binance does not make it centralized, you do not need an account on the exchange to use the wallet, and even more so you do not need to pass KYC to work with it. This wallet app can be downladed on Android and IOS free. It has a simple, clear and interactive user interface that has helped the platform reach over 10 million active users.
The functionality of Trust Wallet is impressive:
Own Web3 browser for interacting with DApps; Support for NFT assets; Support for most blockchains, including EVM-incompatible ones, Metamask; Inside the application, you can buy/stake/swap/sell cryptocurrency; No transaction fees within the Trust Wallet network.
As you understand, all of the above makes the Trust Wallet project a serious player in the market, which is difficult to compete with.
Project Features:
Has an open source code. This ensures compatibility with different electronic wallets. Thanks to a clear interface, even beginners in the field of trading can work on the platform. Protocol information is updated daily, making the acquisition transparent and virtually guaranteed to make a profit. Thanks to the presence of a built-in wallet, the platform greatly simplifies transactions between users. Equally important is the full support from Binance, which is one of the largest and most proven trading services.
Who is the founder of Trust Wallet?
In 2017, Viktor Radchenko founded Trust Wallet in Mountain View, California. Initially, Trust Wallet Token was created as an experiment. Its main goal was to reward users who benefit by regularly making transfers between themselves and increasing its performance with their activity. Thanks to the creation of cryptocurrency, they have significantly increased their activity.
Initially, the developers offered Trust Wallet Token in the amount of 90,000,000,000 units, but the amount was too large, which could lead to depreciation. Then the creators of the project decided to destroy most of the coins, leaving only 1% of the original volume.
Such a move allowed a positive impact on the increase in value. Thanks to this, she has become popular among leading investors and traders who want to earn income on her course.
What makes a Trust Wallet token unique?
The Trust Wallet token is a utility token that acts as an added value to the users of the Trust Wallet app. It does not have any other functions outside of its ecosystem.
As a BEP-20 asset, the Trust Wallet token can be transferred to other wallets that support the Binance Smart Chain. It can also be used for in-app purchases and DEX discount trades. Furthermore, it gives users voting rights and control over the development of the app. Since it allows users to participate in the DEX market, it has continued to develop its own speculative value.
One of the first decentralized applications (DApps) and smart contract tokens to be launched on the Binance Smart Chain was TWT. Because of its high-performance blockchain, it can be transferred with very low fees and fast confirmation times.
One of the first blockchain-based tokens to be launched on the Binance Smart Chain is TWT. This platform is designed to provide high performance and low fees for users who are involved in the development of decentralized applications and smart contracts.
The Trust Wallet Token is backed by a robust Proof of Stake (POS) consensus mechanism, which is designed to protect the network from various threats, such as 51% and Sybil attacks.
It's also protected by the generous bug bounty program of Binance, which provides a reward of up to $10,000 for anyone who discovers a security vulnerability in the platform.
As a BEP-20 asset, TWT is also backed by the software used to manage it. This includes a 12-word recovery phrase and a passcode lock for Trust Wallet.
Where to buy Trust Wallet Token (TWT)?
The Trust Wallet token can be bought and sold on various platforms, such as decentralized exchanges and centralized exchanges. Some of the most liquid exchanges for TWT are Binance and coin-changer.net . It is currently trading against other cryptocurrencies such as Tether, Bitcoin, Bitcoin Cash, and Binance Coin.
How to earn TWT?
You cannot mine TWT cryptocurrency. It is received for participating in the referral program, quizzes that developers regularly arrange. It can also be received as a reward for making transactions.
The scope of application is diverse:
use within DeFi applications; rewarding other participants in the system to raise their rating; receiving discounts during exchange operations.
The project team promises to actively work to increase the value of the coin. At the same time, developers regularly remind that these indicators largely depend on user behavior. The more actively they make transfers, the faster the price of the cryptocurrency of the same name grows.
TWT storage and maintenance
It is recommended to keep TWT on one of the specified wallets - Trust Wallet or Binance Chain Wallet. In the second case, you can automate the work process by installing an extension for the Chrome browser.
It is important to come up with a password that meets the requirements, enter a verification phrase that cannot be disclosed to third parties. It is recommended that you store your passwords and passphrases in a safe place that cannot be accessed from the Internet.
Large amounts are best kept in cold wallets that can be temporarily disconnected from the Web and provide protection from third-party attacks and malware. It is recommended not to use exchange wallets, although Binance guarantees a high level of confidentiality.
TWT es very easy for beginners to work with, but why? The cryptocurrency is open source and is traded on one of the most famous exchanges, Binance, which provides full support for traders.
Advantages and disadvantages of TWT
The advantages include stability and active development. A high perspective suggests that it is possible and even necessary to invest in the acquisition of a coin for those who want to receive a stable income from the exchange rate difference and safely store savings.
A minor drawback is the impossibility of trading on most of the existing sites. One of the largest cryptocurrency exchanges where operations are carried out is Binance, which provides comprehensive support to users. In the future, the creators promise to introduce protocols that allow you to trade the coin on other popular services. Moreover, this prospect looks quite realistic.
Conclusion
In conclusion, we can add that a huge "plus" for TWT's growth is the quality technical product behind it. Trust Wallet is the top among crypto wallets with its multi-million audience. But it is important that in terms of functionality it is the undisputed leader. Support from Binance, low capitalization of the coin, as well as discounts and bonuses that give TWT owners more comfortable trading - all this is the key to success for the future TWT token.