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What Is Trust Wallet Token (TWT)?
Trust Wallet Token (TWT) is a simple BEP-20 utility token that provides benefits and incentives to Trust Wallet users. Trust Wallet is a mobile cryptocurrency wallet that supports dozens of popular native assets and popular tokens on the Ethereum, Binance, and TRON blockchains.
Holders of TWT tokens unlock various benefits when using Trust Wallet, including discounts on in-app cryptocurrency purchases and the use of decentralized exchange (DEX) services. TWT holders can also participate in the governance of Trust Wallet and can vote on Trust Wallet update proposals, helping to shape the development of the app.
Trust Wallet Token was initially launched as a BEP-2 asset on Binance Chain but was relaunched as a BEP-20 token on Binance Smart Chain in October 2020.
Who Are the Founders of Trust Wallet Token
Viktor Radchenko founded trust Wallet in 2017. Based in Mountain View, California, Radchenko previously held development and engineering roles at several tech firms and co-founded Trucker Path in 2013 — the company behind one of the most popular apps for truckers and logistics firms.
Radchenko turned his attention to the mobile cryptocurrency wallet industry when he found that “app stores did not have any open source wallets for Ethereum and ERC20 tokens.”
Binance acquired the platform in July 2018 for an undisclosed sum, but Radchenko still works on the platform as part of the Binance team. The full Trust Wallet team is not public, but it is known to comprise over 20 individuals — many of which have overlapping roles at Binance.
What Makes Trust Wallet Token Unique?
Trust Wallet Token is a utility token designed to provide additional value to users of the Trust Wallet mobile app — it doesn’t have any utility outside of the Trust Wallet ecosystem.
Despite this, as a BEP-20 asset, Trust Wallet Tokens can be transferred to any wallet that supports Binance Smart Chain assets, where they may be exchanged against other assets or used as payment for services. Since it also confers voting rights and governance over the development of Trust Wallet and can be used for discounted DEX trades and in-app purchases, TWT has developed its value as a speculative instrument.
TWT was also one of the first tokens to launch on Binance Smart Chain (BSC) — a high-performance blockchain designed for smart contracts and decentralized applications (DApps). As a result, TWT can be transferred with extremely low fees and near-instant transaction confirmation times.
How Many Trust Wallet Token (TWT) Coins Are There in Circulation?
As part of the transition to the Binance Smart Chain, 99% of the original TWT token supply was burned. The new maximum supply was set at 1 billion TWT — of this, just over a quarter is currently in circulation.
The circulating supply of TWT will gradually grow as Trust Wallet users earn TWT tokens for completing various tasks, such as participating in referral campaigns, taking quizzes and completing tasks within the app — like cryptocurrency staking and trading.
According to the official source, 40% of the TWT token supply will be targeted toward user acquisition, 15% will be distributed to the Trust Wallet community, 30% held in reserve, and 15% will be allocated to developers. As of October 2020, Trust Wallet has not yet published the full tokenomics or emission schedule for the Trust Wallet Token.
How Is the Trust Wallet Token Network Secured?
Based on Binance Smart Chain, the Trust Wallet Token is backed by a rigorously tested proof-of-stake (POS) consensus mechanism. This protects the network against potential threats, including 51% and Sybil attacks.
It’s also protected by a generous bug bounty program operated by Binance, which pays up to $10,000 in BNB to anybody that discovers a vulnerability on Binance Chain and its core smart contracts.
Beyond this, as a BEP-20 asset, TWT is secured by the security of the wallet software used to manage it. For Trust Wallet, this includes a passcode security lock and a 12-word recovery phrase.
Where Can You Buy Trust Wallet Token (TWT)?
Trust Wallet Token is available to purchase and trade on various platforms, including centralized and decentralized exchanges. MXC and Binance DEX are among the most liquid exchanges for TWT. The token is currently tradable against a range of other cryptocurrencies, including Tether (USDT), Bitcoin (BTC) and Binance Coin (BNB).