What is Trust Wallet Token?
The Trust Wallet Token or TWT is the utility token native to the Trust Wallet. The latter is a cryptocurrency wallet with over 25,000,000 active users. The current Trust Wallet Token was launched 3 years after the launch of the platform itself.
TWT is based on a BEP-20 token standard. It has several use cases, all of which are connected to the ecosystem of Trust Wallet.
The core function of the Trust Wallet Token is to provide utility to the platform users. It’s mainly used to incentivize them via exclusive discounts and bonuses on in-app purchases and DEX services.
In addition, holders of the Trust Wallet Tokens receive governance rights. This means that they can vote on proposals related to the future development of the platform.
Currently, TWT is a BEP-20 token, however, it was initially launched as a BEP-2 token. This change was implemented in late 2020.
There is a total supply of 1,000,000,000 Trust Wallet Tokens. They have been allocated as follows:
- 40% - User Acquisition;
- 30% - Reserve;
- 15% - Developers;
- 15% - Community.
As of July 2022, only ¼ of the total supply is part of the circulating supply. This number will increase as wallet users acquire more tokens by completing special actions. It's possible that as the token becomes more scarce, the Trust Wallet Token price will increase.
It’s important to note that the initial total supply of TWT was 90,000,000,000. However, the developers came to the conclusion that they won’t be able to distribute all of these tokens even if they had 50 years, therefore, the total supply was cut down by 99%.
In addition, holders of the token can earn 25 TWT by referring their friends to the platform. Another 25 TWT will be given to their friend.
Other ways to obtain TWT include completing special actions on the Trust Wallet platform such as trading, staking, and participating in events.
Users can hold the Trust Wallet Token in the Trust Wallet or any other wallet with Binance Chain asset support.
Since TWT is a cryptocurrency, its price tends to fluctuate. In order to make an informed purchase decision, you can have a more in-depth look at the Trust Wallet Token price history or the current TWT price on the graph above.
What are the Main Features of Trust Wallet Token?
As discussed in the What is Trust Wallet Token section, Trust Wallet is a digital wallet for digital assets such as cryptocurrencies and NFTs. It’s running on the BNB Smart Chain. As of June 2022, the platform supports 65 blockchains and more than 4,000,000 digital assets.
However, Trust Wallet is not just a platform for storing digital assets. Besides being a multi-coin digital wallet, it also serves as a Web3 browser called the Trust DApp Browser. This means that users can explore the dApp page to find new dApps directly on Trust Wallet.
Trust Wallet provides users with the opportunity to buy crypto assets with a debit or credit card with a minimum of 50 US Dollars.
Moreover, trading on Trust Wallet is facilitated by the Binance DEX.
Trust Wallet comes in the form of a mobile app. It can be downloaded from the App Store for iOS devices and Google Play for Android devices. A desktop version of the platform was announced in 2019, however, there haven’t been any updates on the matter as of yet.
Trust Wallet uses a seed phrase to protect the funds of its users. In addition, users themselves can strengthen this protection by setting up a passcode security lock.
Trust Wallet is secured via a Proof-of-Stake (PoS) consensus algorithm. The latter is used on the Binance Chain on which Trust Wallet is deployed.
This provides users with the opportunity to earn crypto rewards by staking their digital assets for crypto rewards. There are 6 cryptocurrencies that can be staked: Algorand (ALGO), Cosmos (ATOM), Tezos (XTZ), TRON (TRX), Ontology (ONT), and VeChain (VET). This list is subject to change as the developers add more cryptocurrencies to stake.
In 2020, Trust Wallet announced that it was added to Binance’s Security Bug Bounty program which is a program where independent developers who locate vulnerabilities within the code are rewarded with BNB. These BNB rewards can be worth up to 10,000 US Dollars.
Trust Wallet has been audited by Stateful, Six Days LLC, and CertiK.
Who Developed Trust Wallet Token?
The Trust Wallet Token crypto project was launched in late 2017. Its co-founders are Victor Radchenko, Boris Butakov, and Maxim Rasputin.
There are over 20 professionals working behind the Trust Wallet platform.
Victor Radchenko stayed with the project even when Binance took over the platform in 2018. However, in March 2022, he resigned from his position as the project’s CEO. This position will be taken up by the platform’s Marketing Vice President - Eowyn Chen. Radchenko has vowed to continue to support the project from the sidelines as a mentor.
Before you make any decisions, don't forget to check out the current Trust Wallet Token price on the graph above.
