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TRUST WALLET REVIEW







FRIDAY, SEPTEMBER 11, 2020


TRUST WALLET REVIEW



 


TRUST WALLET REVIEW




We could start our Trust Wallet review off with something like This is very easy
to use and understand, with both an intuitive user interface and a whole lot of
useful features designed with the user in mind. But this doesn’t tell you much,
does it? In fact, it seems that a lot of the analyses of this product an
interested party can come across online sound very much alike. What is even
worse, they don’t give enough concrete information, even if they are not paid
ads. But don’t worry, we will save you the trouble of figuring out which texts
and comments are useful and which can be discarded as irrelevant. We will do
that by giving you all the information you need to get started and by answering
all of your questions, of course. We will start with the ‘why’, i.e. with one of
the reasons for creating this type of product in the first place.

Ethereum has the second biggest market cap in the crypto world and keeps drawing
more and more investor attention. Because of this, its use has skyrocketed, and
a need for a secure wallet has appeared. For those of you who are in this group,
as well as those who are new to this issue, we have prepared a detailed review
on one of the most used Ethereum wallets – Trust Wallet. So, why should you
care?

In order to compete with the design and usability of its competitors, Trust
Wallet is designed with ease of use in mind, so its interface is simple and
clean. The wallet is designed specifically for Android and iOS devices (iPod
Touch, iPhone and iPad) and makes buying and storing Ethereum and ERC20 tokens
extremely easy. You can import your existing wallet and move your coins to this
cryptocurrency wallet instantly and effortlessly. It supports almost every
blockchain in the Ethereum group, including Ethereum Classic and Callisto. The
wallet works with any ERC223 and ERC20 token, plus you can access more than
20,000 Ethereum-based tokens through Trust Wallet app. In this review, we will
focus on Trust Wallet’s app, especially it’s security, and explain some of the
services integrated with the app – but first we want to tell you a short story.


THE STORY

At one point in time, the entire Ethereum market was being taken over by
something called ERC20 tokens. We will cover those a bit later, but they were
the starting point in creating this piece of software – the creators (the
company’s founder is called Viktor Radchenko) wanted a wallet and a tool that
could work with ERC20 tokens comfortably. The process of adding these tokens
manually is very difficult, and the product’s ability to automatically detect
them generated a few thousand users in a matter of weeks. Now, the thing that
makes the Trust Wallet app both stable and light is the fact that it is entirely
written in native code – Java for Android and Swift for iOS. At the time, this
was unlike anything on the market. The next step was allowing users to use the
tokens, which is usually done through decentralized applications or DApps, so
another native solution that would connect the wallet with those was created. We
will discuss that in the next part of our Trust Wallet review, so read on.






Trust Wallet Home Page


A FREE APP: TRUST WALLET APP

Available for both iOS and Android, the application is the property of a company
called Six Days LLC (US office) and is available in ten languages besides
English (Arabic, Japanese, Russian, Traditional Chinese, Simplified Chinese,
Spanish, French, German, Italian and Vietnamese). Regarding software
requirements, the iOS version works with devices running on iOS 10.0 or a later
version, and regarding hardware, it is compatible with iPhone, iPad and iPod
touch. The app stores your Ethereum tokens securely, as well as all tokens under
the already mentioned ERC20 and ERC223 standards. Since there are thousands of
those available, you can store a LOT of different tokens in your Trust Wallet.
In addition, the company offers a Web3 browser that allows for easy access to
decentralized apps from your device. The wallet simultaneously emphasizes both
security and an open source database. The latter allows for extra code auditing,
but also the fact that the app is, at least for the moment, free for download.
The app includes several key features, such as real-time portfolio valuation and
push notifications to notify you of transactions happening at your address. One
of the company’s partners is Open Sea, and Trust Wallet recently integrated
their API, in order for their users to be able to enjoy native support. Besides
Open Sea, their partners include Kyber Network, Changelly, CanYa and POA
Network.

Additionally, the wallet provides users with a unified wallet address for
managing tokens, including Ether(eum). More specifically, this means that you
can use the same address you use for sending and receiving Ethereum for
participation in ICOs or airdrops. In case you’re not familiar with the latter,
an airdrop is basically a way for a company to increase awareness of their
product by distributing their tokens. It can be free, in which case users are
awarded tokens just for being a part of the company’s network, and it can come
as an award, mostly for user actions such as tweeting or posting on Facebook
(basically, spreading the word on the product or service by sharing
information). Here comes the part where Trust Wallet comes in – due to the fact
that exchanges are not capable of working with tokens, you need a dedicated
wallet specifically designed for ERC20 and ERC223 tokens.

Let us pause here for a moment. Since Trust Wallet airdrops are one its main
advantages, we will go over the tokens in more detail before diving into the
browser, fees, and so on.






Trust Wallet Features


TOKENS, TOKENS, TOKENS

The Ethereum world holds two types of native assets. If you are already familiar
with the difference between Ethereum coins and tokens, feel free to skim this
part of our Trust Wallet review. However, we urge you not to skip it entirely,
since we will talk about the advantages of using this product with regards to
both coins and tokens. So, as you probably know, Ethereum is not just a network
that you use as a system for digital currencies, but also a platform – this
means other applications can be built on it. The main difference between a coin
and a token is whether it is used in the network or an application. In essence,
Ether (a coin) is used within the Ethereum network, and an Ethereum-based token
is used with the application.

Now, in order to get a better understanding as to why you would need a wallet
such as Trust, we need to go over the basics of an ERC20 token, or to be
precise, the ERC20 set of standards for applications that are built on the
Ethereum network. In order to acquire tokens, you will need to exchange coins
such as Ether (ETH), Bitcoin (BTC) or Ripple (XMR), because they can’t be bough
directly with fiat currency. When you have your coins, you can go about a few
different ways to get to tokens, such as though a cryptocurrency exchange. Like
in the old days (and ‘old money’), the safest way to ensure you don’t lose your
money is to withdraw it and transfer the amount to a secure location. To
continue with the real-world analogies, this would be a (digital currency)
wallet. Wallets allow you complete control over your coin and token portfolio by
creating their digital representation, with special security features added to
the mix. They differ in terms of security and anonymity levels, as well as
available features; and while you do have to decide for yourself which option
suits your personal needs best, an online wallet such as Trust could very well
be it. The wallet is designed to help you store your keys online, similar to a
personal cloud, and unlike cryptocurrency exchanges, where your keys are stored
with other people’s keys. What you need to know from all of this is that Trust
Wallet supports the ERC20 standard, which in turn allows the wallet to store
your Ether and tokens.






Trust Wallet Tokens


TRUST DAPP BROWSER

Earlier this year, Trust introduced its DApp Browser, which allows the user to
interact with decentralized applications directly from their device, in a safe
and secure way. Why didn’t they just use existing solutions, such as MetaMask?
Besides being significantly slower, MetaMask was limited to web users, so the
team behind Trust Wallet decided to use their best bet again and build a fast
and completely native solution.

They came up with a fully functional Web3 browser able to interact with any
decentralized application, with a mobile-optimized integrated interface.
However, since each decentralized application is unique, it has to go through a
vetting process, as well as be optimized for the Trust Wallet app. After this is
done, the application becomes a part of the Marketplace, a place where every
developer can list their own DApp for everyone to use and evaluate. This is an
open-source repository, and the list is constantly expanding. The team tests and
optimizes listed application in order to make sure they work on Trust Browser on
both Android and iOS mobile devices. But do you have to pay anything for that?
The next part of our Trust Wallet review will give an answer to that.






Trust Wallet DApp Browser


SO, THE APP IS FREE, BUT WHAT ABOUT THE SERVICE?

Regarding Trust Wallet fees, we have more good news – although the company
reserves the right to change this in the future, Trust Wallet does not charge
any fees for any of its services at the moment. So, instead of the service fees,
we will discuss some of the services themselves. As we already mentioned, Trust
Wallet fully supports any tokens on the Ethereum network that complies with
ERC20 and ERC223 standards. Some of the popular ERC20 tokens included and
supported are Augur, EOS, OmiseGO, Qtum, Bat, TenXPay, and Kyber Network. When
trading tokens here, you have several options. You can send your tokens to an
exchange, or use services such as ShapeShift, which exchange Ethereum and tokens
directly. However, the easiest way is through the Dapp Browser, which allows you
to work with your tokens straight from your wallet. If you have any further
questions regarding all of the above, have come across any issues with the Trust
Wallet app or simply wish to give feedback, you can contact their community
either through the app itself, or send them an e-mail.

We have so far covered all the basic information a potential user needs to
understand the pros and cons of this type of online cryptocurrency wallet in
this Trust Wallet review. However, its main advantage still needs to be
addressed. It is the security that makes its users call it the next best thing
after using a hardware wallet.

Security

The name of the wallet should already hint at the creators’ wish to put user
security and anonymity first. One example of their wish in practice is the fact
that Trust Wallet’s system has been audited last year by a leading security firm
in order to ensure complete data integrity, and their complete review is
available online, on the wallet’s webpage. More specifically, a company named
Stateful performed an in-depth review of both iOS and Android Trust Wallet
applications, including codebase and architecture, as well as app testing. The
company behind this whole project, Six Days LLC, implemented some of the
recommendations regarding private key encryption at rest and in transit, secret
key generation as well as derivation, and private key backup and recovery. The
wallet has a server-free environment, meaning every app is installed locally
(thanks to the native coding), and this infrastructure allows for your keys to
be stored locally as well.

The code is open-source, continually audited by the community as well as
officially, by specialized companies. It features a decentralized exchange
provided by their partner, Kyber Network, within its network, so users can make
instant trades. You can further personalize your Trust Wallet by adding
different biometric marker systems for authentication, including fingerprint
scanning or a simple PIN. You can add an extra security layer by enabling this
requirement even when your mobile device is unlocked. You also get use the
‘watch function’ here, which allows you to view your funds without exposing the
private key by keeping the mode view-only. In essence, you monitor your digital
assets while keeping your private keys secure. Trust Wallet is a client on the
Ethereum network that stores your keys locally and allows for various ways of
securing access to your private address. Compared to its competition, it has a
superior protection against phishing attacks – in order to steal your
information and access your funds, someone would have to steal your device and
break both your phone password and Trust app passwords. The open source codebase
is continually audited by a community of security experts, and they allow for
the wallets to be recovered quite easily, through a backup that can be stored
either digitally or on paper. The company never accesses its users’ wallets or
ask for any personal information.






Trust Wallet Tokens


IN CONCLUSION

Congratulations, you’ve reached the end of our Trust Wallet review and now know
all about the secure, easy to use mobile wallet for Ethereum that supports all
ERC20 and ERC223 tokens. Some of the company’s further plans for development
include implementation of a decentralized cryptocurrency exchange, publication
of Trust SDK, creating a marketplace for ICOs and building a platform for
decentralized mobile apps, so why are you still waiting? Besides offering pretty
intuitive interfaces, this product allows you to store private keys on your
device, which probably makes it almost as safe as a hardware wallet, due to its
bank-level security. All web interactions are protected by encryptions which we
can safely describe as military-grade level. Both FaceID and TouchID are
available for protection if you are not a fan of classic passwords. Sending and
requesting Ethereum (ETH) and storing and tracking ERC20 tokens has never been
easier. In short, Trust Wallet is perfect for you if you need an online mobile
wallet app for Ethereum, with a DApp browser built in and automated token
contract detection. Download Trust Wallet easily either from Apple Store or
Google Play and you will have the most secure way to store everything related to
the Ethereum platform!




CLICK HERE TO ACCESS NOW









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  Trust Wallet review We could start our Trust Wallet review off with something
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