Trust Wallet Token, or TWT, is a simple BEP-20 utility token that provides a range of benefits and incentives to Trust Wallet users. Trust Wallet itself is a mobile cryptocurrency wallet that supports dozens of popular native assets, in addition to popular tokens on the Ethereum, Binance and TRON blockchains.
Holders of TWT tokens unlock a variety of benefits when using Trust Wallet, including discounts on in-app cryptocurrency purchases and on 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 BNB Smart Chain in October 2020.
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, 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.
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 BNB 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.
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.