What is TrustlessBank?
TrustlessBank is an Android and iPhone app that is currently available in multiple countries including Canada, the U.K., the Netherlands (iOS only) and Thailand with plans to expand world-wide in the near future. TrustlessBank is a Lightning Network-, Ethereum Plasma-, and PSD2-enabled wallet for over 10 different fiat and crypto-currencies including Libra, Lightning Network Bitcoin, Ethereum, TrueUSD, and CNY. The wallet was developed with user autonomy and decentralization in mind.
TrustlessBank is the missing piece in the crypto world: a decentralized method of exchange between various currencies. It is a cross-chain protocol combined with an inter-liquidity network that connects ledgers and lets the supply and demand of the network flow across the entire ecosystem. Users of TrustlessBank have full autonomy over their private keys as they are held within the user’s wallet — there is no centralized authority that holds the user’s cryptocurrency on their behalf. Furthermore, users can contribute to the TrustlessBank network by becoming liquidity providers and receiving remuneration in return for their services. Even if a user does not choose to become a liquidity provider, they will still benefit from the growth of the network in the form of lower fees and quicker transactions.
Multiple cryptocurrencies are handled by the TrustlessBank app with minimal custody and knowledge. When a user initializes their wallet, a seed phrase generates the private keys (à la BIP39) for the cryptocurrencies supported by the wallet. This process happens completely locally, with no information being passed online to the network. When a user wishes to make a transaction within a blockchain or make a swap between blockchains, they sign a transaction using their locally-stored private keys and the TrustlessBank wallet communicates it to the relevant blockchain(s). The wallet is engineered to accommodate any new updates made within a supported blockchain. It satisfies the principle of least privilege for the user; the user only submits the minimum information required to process a transaction and does not surrender any information that could jeopardize the ownership of the user’s assets.
Users are able to swap between currencies with cross-chain atomic swaps. While there are a number of projects that also have this functionality, TrustlessBank surpasses them in speed. Furthermore, users will be able to purchase cryptocurrencies with fiat through the mediation of third-parties that have API access to the TrustlessBank protocol. The TrustlessBank wallet currently supports the fiat currencies of 5 different countries in the form of stablecoins, cryptocurrencies whose value is pegged to the foreign exchange price of a given asset (in this case, fiat currencies). TrustlessBank has secured a partnership with one of the most prominent and transparent USD-backed stablecoins, TrueUSD, allowing for TrueUSD to route subscriptions and redemptions through the TrustlessBank platform.
TrustlessBank has created a network of users who transact directly with one another on a wallet-to-wallet basis. By utilizing the blockchain, transactions are processed and validated by the entire network, rather than a centralized entity. Furthermore, the transactions between users on the network can be mediated by the liquidity provided by other users on the network.
Who will use TrustlessBank?
Retail users would be attracted by the convenience and flexibility offered by the TrustlessBank app, which allows them to hold their currencies in a single wallet (while not compromising security or autonomy) and to swap them for one another. Furthermore, TrustlessBank would allow retail users to act as liquidity providers for the network via a smart-contract, allowing them to earn returns in exchange for temporarily locking their funds.
TrustlessBank is also extremely useful for high net-worth individuals, as it benefits those who require significant amounts of liquidity (such as institutions and large-scale investors) and those who require a secure place to store their digital assets
By implementing TrustlessBank protocols, cryptocurrency exchanges can enjoy two distinct types of benefits: Firstly, becoming a liquidity provider allows the exchange to charge constant fees to the network and manage excess capital by routing it through TrustlessBank. Secondly, an exchange could offer TrustlessBank’s leasing services to its clients and traders, who can deposit their non-trade portfolio to receive a share of the fees from the network.
The TrustlessBank protocol will be used to connect liquidity providers with various end-users, such as ATMs; the TrustlessBank Protocol would provide the API layer connecting the liquidity pool to the ATM, helping businesses manage and settle their funds easily. The TrustlessBank cross-chain protocol could also allow users to instantly swap one asset with another via the ATM.
TrustlessBank is also useful for OTC brokers; brokers can connect to a large OTC pool, allowing for smooth scaling and the ability to perform cross-chain exchanges. The brokers are thus able to access a wider variety of cryptocurrencies and fiat currencies. The maximal usage of blockchain technology allows for secure and transparent operation.
Crypto-payment gateways or merchant services could connect with TrustlessBank to gain liquidity for the real-world payments that they process. This would allow both the user and the merchant to determine which currency or currencies to transact in, a feature that is especially useful for merchants and buyers who are limited by local regulations that govern which cryptocurrencies they have access to.
In closing…
TrustlessBank is the only lightning network-enabled multi-coin wallet available. Users of TrustlessBank will be able to hold their own cryptocurrencies with minimal privileges and knowledge being given to central parties, allowing them control over their own assets. Transactions — which occur in the form of wallet-to-wallet cross-chain swaps — are processed and verified in a decentralized manner by the entire network.
Aside from being a secure place for users to hold their assets, TrustlessBank and its protocols help mediate relationships between different end-users. With an active development team, a secure niche, and savvy management, TrustlessBank is poised to become a household name in the cryptocurrency space.
The founders of TrustlessBank have always been motivated by the notion that an individual should have full autonomy over their own funds. This emphasis on autonomy led them to craft a platform where an individual alone holds the right to prove ownership of their assets. Should an individual wish to exchange one asset for another, TrustlessBank will identify an appropriate counter-party and facilitate the transaction on a wallet-to-wallet basis. The TrustlessBank network is designed in such a way that it provides liquidity to those using it and, as it grows, its users will be able to pay fees that ideally suit their priorities (whether they be speed, affordability, or some combination of the two).
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