BITSONIC’s Cyrpto School Part 6 — Trust Wallet Token
Bitsonic’s Crypto School introduces promising overseas projects that investors may want to know about.
Part 6 begins with Trust Wallet Token.
What is Trust Wallet Token?
Trust Wallet Token (TWT) is not a security token but a utility token used within the Trust Wallet app. TWT is used to provide incentives to all users of Trust Wallet. Through this, they aim to strengthen the Trust Wallet community and provide quality information.
What are the incentives provided by TWT?
TWT is a governance token. So, anyone can use it to make decisions such as adding tokens and apps, supporting new blockchains such as Polkadot.
It is used to conduct reviews and promotions within the DApp browser provided by Trust Wallet and further strengthens the DApp ecosystem by rewarding the DApp developer with TWT.
It is also used as a commission fee when using a wallet or DApp in Trust Wallet, and it can be converted to BNB or ETH for other network fees.
BEP2 based token
TWT is a token issued on the BEP-2 based Binance Chain. It is the same concept as ERC-20, the most commonly used to issue general tokens within Ethereum. In such a manner, BEP-2 is in Binance Chain, and TWT is based on BEP-2. Therefore, users cannot send and receive TWT through general wallets. TWT can only be sent or received in an exchange on which TWT is listed or a wallet that supports BNB chain.
TWT in the future?
TWT is promising in the future because Trust Wallet that issued TWT is a subsidiary of Binance Exchange.
In July 2018, Binance acquired Trust Wallet based in San Francisco, USA. Since BinanceDEX (Binance’s decentralized exchange) opened in April 2019, it has served as a bridgehead between Binance Exchange and the DApp ecosystem established by Binance.
Since it was ‘officially listed’ on BinanceDEX for the first time and has not held a pre-sale yet, the distribution amount increases through airdrop through the Trust Wallet community. Therefore, TWT listing on Binance can be expected to some extent.
For more details, check out the Trust Wallet Token community below!
