• Why d𝖔 we need a Crypt𝖔currency Wallet like Trust Wallet?

     

    Trust Wallet is a multi crypto private mobile wallet that helps you access your cryptocurrencies on the blockchain. Presently the wallet supports over 1M plus crypto assets, multiple (around 53) blockchains, has features to carry around NFTs, and also allows staking of your crypto assets. To better understand the wallet concept, you need to wrap your head around what is a software wallet? But before that let’s look at what cryptocurrency wallets are.

     

    What is a Private Cryptocurrency Wallet?

     

    Simply put, a private cryptocurrency wallet is like a key ring that stores a number of keys. You see, these wallets are decentralized applications that are programmed to connect you to specific blockchains. First, understand that contrary to popular belief, cryptocurrency wallets do not “hold” any coins. They are just a medium that allows you as the user to access your coins.

     

    Tokens or coins or cryptocurrencies never leave the blockchains. They just change addresses. Now as you opt for a particular wallet and intend to store some crypto in it, it will generate a number of private keys, public keys, and a wallet address. The public key is visible to all and when someone wants to send some Tokens with you, you provide them with that public key. Through this key, they can send crypto to your wallet address. Now if you want to send funds from your wallet, then to access it you will require a private key.

     

    Note: Never share your private key with anyone.

     

    Presently these private keys are on a particular seed phrase that is generated at the time in the wallet set.

     

    Now never forget this seed phrase, nor share it with anyone. Because of this seed phrase, you can access your wallet on multiple devices. And it is this seed phrase that allows you to recover your wallet.

     

    What are the Types of Crypto Wallet?

     

    There are three types of crypto wallets- software wallets, hardware wallets, and paper wallets.

     

    Software wallets like Trust Wallet are applications that are connected to the internet. They are also known as hot wallets. The reason would be that, unlike hardware wallets, the software wallets can be accessed anywhere with convenience.

     

    Trust Wallet is one such cryptocurrency private wallet that comes with the perks of software wallets in general and some additional functionalities from the Trust.

     

    Why do we need a Cryptocurrency Wallet like Trust Wallet?

     

    Not your keys, not your crypto.

     

    This is a well known phrase in the world of cryptocurrencies. You should always hold your cryptocurrencies on the blockchain and you should have the private keys to access the coin. You can’t trust any exchange with your hard earned money. Exchanges can get hacked, they can also freeze your account, and a lot of things can happen that is outside your control.

     

    Users have lost more than Billion dollars keeping their cryptocurrencies on exchanges.

     

    This is why you should have control over your cryptocurrency holdings. Holding your crypto on private blockchain and getting to access them when needed is why you should prefer cryptocurrency wallet like Trustwallet.

     

    Evolution Of Trust Wallet

     

    Trust Wallet was started by Victor Radchenko who was a US-based Ukrainian software developer. He had started out with an application that helped truckers to find parking lots and from there he went to build an application that held ERC-20 tokens acquired from Initial Coin Offerings.

     

     

    Within days the wallet started attracting popularity as people started using it for its ERC-20 functionalities and user-friendly features. Even the security level of this decentralized application was something to be reckoned with.

     

    And as it acquired a sort of mass adoption, it gained the interest of the big shot Binance. So in 2018, Binance acquired Trust wallet.