AMA RECAP : CRYPTO CHALLENGERS x TRUST WALLET
Venue : CryptoChallengersD
Date : 17 AUG 2022
Time : 12:00 PM UTC.
Guest: ROBERT WATKINS
They shared detailed information and his opinions about the project TRUST WALLET
SEGMENT 1 INTRODUCTION.
Trust Wallet is the best Ethereum wallet and cryptocurrency wallet to store your favorite BEP2, ERC20 and ERC721, tokens. Download the Android Trust Wallet and IOS app today! 🔥
hey Crypto Challengers, I’m looking forward to answering your questions. Little background on me. I have worked in digital marketing for 13 years across different types of companies. I’m super excited to share with you all a bit of insight into what we are building at Trust Wallet
1.Can you please introduce your project and the service you provide to the crypto community?
Trust Wallet is a non-custodial crypto wallet that gives users complete control of their private keys. Your seed phrase is never stored with Trust, giving users the highest level of security possible. 🔐
We’re also the official decentralized wallet of Binance. Trust Wallet does all the hard work typically associated with crypto wallets for you, meaning there’s no need to mess around manually adding new networks, token contract addresses, or other technical details. Power users of course also can tailor the wallet to their exact needs.
2.What is Trust Wallet Mission?
Simplifying the crypto wallet experience from beginning to end. We believe Crypto needs to be more accessible for new and old users, so that’s a big part of our mission.
We want to give people the ability to create wallets without limits. You’re free to set up a wallet anywhere you want.
No restrictions — total freedom.✊
We have more than 60 millions downloads and average over 10 MAUs worldwide
3.What’s the difference between a custodial and a non-custodial wallet?
Trust Wallet is a non-custodial wallet, meaning users have full control over their private keys and seed phrase, and therefore their funds. When users create a wallet, they link it to a unique private key that is only accessed through a 12-word seed phrase. Those 12 words are the essential key to your wallet that should never be shared with anyone.
Imagine that the 12-word secret phrase is like a password to a safe where you hold your crypto. So when you share it with some that person can access the funds and essentially steal your crypto.
On the other hand, custodial means that a third party holds the private key for your wallet and is hence responsible for its safety and your funds. For instance, when you create a Binance account and store your crypto there that wallet is custodial.
Therefore, there is no need for any third-party service to manage your funds or perform any related activity, you are in full control of your crypto. Wholesome users prefer having their wallets managed for them, we let people who want to manage it themselves do it in a simple and accessible way.
However, the main responsibility that our users have is to store their seed phrase securely. The best way is to store it physically either written down or even engraved onto metal. This should then be stored in a safe and secure place you can trust.
You also need to be extremely vigilant and aware of bad actors, who aim to steal your crypto. Make sure to never trust fake customer support accounts as for your seed phrase, any dodgy phishing links, and scammy airdrops.
You may even have people pretend to be friends of yours or other acquaintances (social engineering). Remember, the most successful scams are the ones that are hard to spot… so be hyper vigilant!
The big advantage for the Trust Wallet ecosystem is being multi-chain. We have full adoption for over 68 chains such as BSC, AVAX, and FTM and recently we adopted KCC. As recent times have shown, multichain provides the best opportunities for users to access earning opportunities no matter where they are.
Moreover, we have full adoption for over 1 million tokens that you can store safely in your wallet. If your go-to token is not on the list, our users can of course add a custom token and store it safely.
Furthermore, we have a large variety of tools like Staking, where you can earn interest on your crypto holdings. You also have the ability to do in-app swaps and access crypto services through our Dapp browsers including PancakeSwap, Uniswap, and many more.
4.And so what are the advantages of using Trust Wallet compared to a custodial wallet?
The number one In-app utility is the DApp Browser through which you can access the whole world of crypto. If you’ve ever had to try connecting to a DApp through a browser by scanning a QR code through wallet connect, you’ll know how troublesome this can sometimes be.
We had to pause the in-app browser for a year for our IOS users due to Apple restrictions, but now it’s back and better than ever. So, if you have an iPhone and haven’t used Trust Wallet in a while, make sure to check it out. The IOS users can again enjoy the world of Defi!
With the Dapp Browser being at your fingertips, you can start earning interest and returns with just a few clicks. Users can access Dapps through the Dapp Browser which connects their funds with the service. You then have the ability to access services like DEX swaps, farms and liquidity pools, and staking pools.
Moreover, by connecting with a DEX like Pancakeswap, users can swap their funds like BNB for small market cap coins with the potential for large returns at high risk., Always bee aware, however, of the risk management as it is a high-risk swap, DYOR.
It’s very important to note that Trust Wallet gets its pricing data from CoinMarketCap. Therefore, sometimes there is a difference in the prices of low market cap coins due to Dapp slippage. Therefore, always be aware of these possible price differences and make sure to check your pricing directly from a DEX for more accurate information on low market cap coins.
5.Could you explain the capabilities and utility of TWT?
Fiat buying utility: TWT has fantastic utility as it provides lower commission rates for crypto purchases via the TW ecosystem. We have the ability to make the in-app purchases of crypto via our amazing providers Moonpay, Ramp, Simplex, Transak and Mercuryo. They provide the ability for card or bank crypto purchases at the lowest rate within a few clicks. This way you do not have to go to any exchange to make simple crypto purchases.
Internal BNB to TWT swap: In Trust Wallet you can easily swap from BNB to TWT with just one click and get your hands on TWT tokens.
Supply: We have a supply of one billion TWT. We’ve already distributed around 25–30 percent of the tokens. Much of the supply goes on incentivizing people to be a part of this community, get educated about the product, and about crypto in general.
Governance: Through our governance mechanism, we’re able to educate our community and give them a voice to be heard. You can vote on proposals and even raise them yourself. Therefore, community voice is a number 1 priority for us.
When we ran a couple of proposals by community members, they ended up having the most votes of any other proposals in the crypto ecosystem. This, of course, means we did well, and that we’re helping people learn about governance and running in a DAO-like fashion.
6.As a user what are the main functions of Trust Wallet?
Staking features: Trust Wallet makes it easy to stake crypto with just a few taps on your smartphone. The mobile wallet allows anyone, from anywhere in the world, to buy and stake cryptocurrency in a secure manner, all from the app.
Crypto staking has two aspects. First, it can refer to the locking up of a blockchain’s native digital asset to receive rewards. Staking is typically done in blockchains that leverage Proof-of-Stake (POS) as a consensus mechanism. By doing this, you help the network run smoothly and validate transactions.
The Proof-of-Stake is a consensus mechanism first witnessed in Peercoin (PPC). It was created by a pseudonymous developer by the name of Sunny King in 2012 as an alternative to the growing list of concerns levied against Proof-of-Work (PoW) as a consensus mechanism.
Staking can also be done when providing liquidity. In this case, you receive rewards that come from the transaction fees other users pay to use your liquidity. This process is sometimes known as liquidity mining.
Staking enables crypto holders to essentially “earn interest” on their digital asset investments. However, it’s important to note that APY is variable and typically a reflection of network traffic. There are also always risks involved, such as the security of the smart contract you invest in.
Crypto investors who stake can earn investment income (on top of potential capital gains) on their staked digital assets. Participating in crypto staking typically does not require specialized equipment.
In fact, it’s much cheaper to do than PoW mining. Crypto staking allows users to interact with blockchain technology in an engaging manner, which often leads to greater knowledge of the industry. This is especially true of masternodes and the world of DeFi liquidity staking.
The market can of course move in a manner adverse to the value of your staked coins. What is worth 1k today may be worth $100 tomorrow. This is true of all cryptocurrencies. Many staking opportunities require you to lock your coins for a certain period of time. You then are unable to access your coins in the lock-up period.
If you need the money for an emergency, you will be unable to access your assets. If the price of the coin crashes, you also can’t access it to sell. Alternatively, you may gain access, but incur a fine, which significantly slashes the value of your original investment.
OSMOS adoption: Is a great example of governance adoption. After the creation of a proposal asking to introduce OSMOS staking, Trust Wallet implemented the feature. This shows our dedication to real governance that lets users make the changes they want.
Trust Wallet has the best platform for BNB staking in the decentralized wallet ecosystem. This is due to us having the highest number of validators that provide sweet APR. We even have TW’s own BNB staking pool to help ensure our overall success.
7.So as I understand, I can trade NFTs using Trust Wallet, right?
We think Trust Wallet has the best NFT layout in terms of UI/UX in thee whole industry built into the wallet’s core. The intuitive, gamified design of Trust Wallet allows even the most non-techy crypto newcomers to start using cryptocurrency and exploring the world of NFTs.
We have full support for Ethereum, BSC, and Solana NFTs, and many more blockchains are coming to Trust Wallet. This will also include a recent adoption for Polygon NFT’s
Most leading NFT marketplaces allow you to connect using your Trust Wallet. You can directly buy, sell, and mint NFTs on numerous leading NFT marketplaces through Trust Wallet’s Dapp browser. By enabling easy access to a wide range of NFT-powered DApps, Trust Wallet users can stake non-fungible tokens to earn yield.
So, instead of purely holding onto your NFT collection, you could stake a select few NFTs to earn yield on your crypto art or collectibles, providing you with a crypto income stream. Trust Wallet users can do this directly with the app by connecting to NFT farming DApps with just a few clicks.
8.Can you share security tips on how to use Trust Wallet to avoid scams?
Never Share your recovery phrase with anyone or tell anyone where to find it. Moreover, do not keep it on a computer or have a screenshot of it. This will increase the chance of you losing your funds if someone accesses your data. Store it on a piece of paper or other durable, physical format like engraved or punched metal.
Fake supports: Social engineering hacking is huge and one of the more difficult ones to tell when done in a clever way. The days of fake prince scams are over, and now you’re more likely to be socially hacked by someone pretending to be customer support, an admin, or even a friend.
Anyone willing to send you money for free, asks for your recovery phrase, or sends your phishing links isn’t to be trusted. Remember there is no free money in the world.
A dusting attack refers to a relatively new kind of malicious activity where hackers and scammers try to break the privacy of Bitcoin and cryptocurrency users. They achieve this by sending tiny amounts of coins to their wallets.
The transactional activity of these wallets is then tracked down by the attackers, who perform a combined analysis of different addresses to deanonymize the person or company behind each wallet. This information can then be used in targeted social engineering hacks.
Being a Trust Wallet owner comes with a level of responsibility, but we have great customer support that helps our users. If you follow our tips we already mentioned, you’re off to a great start.
9.What’s next for Trust Wallet? Any exciting product updates that you want to share?
We are working hard to adopt more blockchains into our product exosystem as well as to improve the User Experience for both Android and IOS applications. We have been listening to our community. Therefore, our priority right now is to fulfill the steep demand for Web Extensions for desktop users.
Our tech team is working extremely hard to build a high-quality Browser Extension that will be a great addition to our mobile application.
SEGMENT 2 TWITTER QUESTIONS.
1.What are you doing to help safeguard our wallets from stealth or unsolicited NFT that are targeted towards stealing NFT in TWT? If nothing, can’t it be kept hidden?
Aha, this has been a highly requested feature from our users. We thank you for this question.
Have you ever gone to check your NFT stash in your Trust Wallet and seen a bunch of random NFTs in there you don’t remember buying? Well, you’ve been airdropped some NFTs!
Although this may sound great, these NFTs are either sent to you for marketing purposes, as invitations to scam events or fake versions of real NFTs.
As such, Trust Wallet has added a new feature within the app to allow you to hide and report scam and unsolicitedly airdropped NFTs. Either way, if you see an NFT in your wallet that looks like a scam and you don’t remember buying it — it’s best to just hide and report it with our new feature — for optimal crypto security, to ensure you don’t get scammed.
You can read the full announcement here https://community.trustwallet.com/t/new-feature-release-hide-report-scam-nfts/519307
2.Is it possible also to put some authenticator factor for transacting in Trust Wallet for security purpose also?
We already do! iOS supports FaceID for both unlocking your wallet and for Transaction signing. Android also supports Biometrics for unlocking and Transaction Signing.
This provides some protection against an unauthorized person somehow getting your phone and accessing the wallet to send funds to a different wallet. So if you go to a friend’s house, leave the phone unlocked on the table, your friend won’t be able to move your funds through your trust wallet app. This is the scenario that it protects. However, 2FA and FaceID are NOT bulletproof for all security scenarios.
You should always double check you’re sending to the right address, Biometrics doesn’t help you in these scenarios where you’re sending to scam/fraudulent addresses. We are working to add more security features to protect you from these cases in the near term. Security features have always been high priorities for us.
For people asking this question, usually they are thinking “If I have 2FA, when scammers move my funds, I will be able to prevent it by not confirming it”. This works with a centralized system with centralized account management (account/password). However, this doesn’t work in a decentralized system, as of now.
3.I’m a TrustWallet user for quite a while but I just don’t understand how can I send BTC and eth to the same wallet as they are 2 different chains? Can you explain?
Great question! First we need to explain how a multi-chain crypto wallet works.
A Multi-chain crypto wallet connects to multiple blockchains like Bitcoin, Ethereum, Binance Smart Chain, and many more. This provides users with the ability to manage multiple crypto assets that reside on different blockchains using a single wallet.
Take Trust Wallet as an example. Trust Wallet allows you to store over 6 million crypto assets including NFTS. It is able to do that because it is integrated with 68 different blockchains including Bitcoin and Etheruem, thereby giving users the ability to view and manage their crypto assets that reside on these blockchains.
4.Trust Wallet has an important place in the Web 3.0 ecosystem. But some websites only support Metamask. So what are your plans to gain more users and be a supported wallet on all platforms?
We are actually excited to announce that we will be releasing an open beta for the browser extension, which will be available to the public in the next 4 weeks. However, it will still a beta version, so don’t have too high of an expectation for a perfect product.
Our goal is to put it out and the beta process will help us learn and improve on the capability of the extension with on-going critical user feedback, which will enable us to pivot the product to serve you, the users, better. So please share your usage feedback to us, we especially want to hear your pain points, so we can find solutions better
I’m looking forward to hearing all your thoughts on the browser extension in the near future.
Download Trust Wallet and enjoy the adventures you can on with web3