Trust Wallet Token price

TWT

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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 it 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 gone on to develop value of its own 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.

As part of the transition to Binance Smart Chain, 99% of the original TWT token supply was burned and 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 TWT tokens are earned by Trust Wallet users for completing various tasks, such as by participating in referral campaigns, taking quizzes and completing tasks within the app — like cryptocurrency staking and trading.

As per the official source, 40% of the TWT token supply will be targeted towards user acquisition, 15% will be distributed to the Trust Wallet community, 30% will be held in reserve and 15% is allocated to developers. As of October 2020, Trust Wallet has not yet published the full tokenomics or emission schedule for the Trust Wallet Token.

Based on Binance Smart Chain, the Trust Wallet Token is backed by a rigorously tested proof-of-stake (POS) consensus mechanism. This is used to protect the network against a range of 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.

Trust Wallet Token is available to purchase and trade on a variety of platforms — including both 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).

Looking to buy cryptocurrencies like Trust Wallet Token with fiat? Find out how here.

Trust Wallet was founded by Viktor Radchenko in 2017. Based in Mountain View, California, Radchenko previously held development and engineering roles at several tech firms, and also 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.”

The platform was acquired by Binance in July 2018 for an undisclosed sum. The full Trust Wallet team is not public, but it is known to comprise over 20 individuals.

Binance Coin (BNB) is the cryptocurrency that powers the Binance Smart Chain.

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