It seems there is a growing demand for cryptocurrency wallets which support both ERC20 and ERC223 tokens. With the ERC223 token standard starting to gain traction, wallet providers will need to start paying close attention to it moving forward. Trust Wallet positions itself as the go-to solution for these particular tokens, and it seems other service providers will follow its example in the future.
The Trust Wallet in a Nutshell
It is evident that new cryptocurrency wallets will be met with a fair amount of skepticism first and foremost. Even though Trust Wallet has some positive reviews on its website – and there have been no reported issues so far – not everyone is sold on this wallet. For those still on the fence about this product, the source code is on GitHub, as this is not a closed-source wallet solution.
Trust Wallet aims to support all current and future tokens created on top of Ethereum. As such, its developers implemented support for two popular token standards. Both ERC20 and ERC223 are supported at this time, which is a positive sign. There are a fair few other wallets supporting ERC20, but when it comes to ERC223, the choices are a lot more limited.
As one would expect from a mobile wallet, Trust Wallet ensures that one’s private key is only stored locally. This means the company has no access to this critical information, yet it also means users will need to make proper backups in case of something going awry. It also seems Trust Wallet will not gather user data for their own purposes, as information is kept private and secure at all times.
There are some interesting features to take note of as well. Trust Wallet incorporates a decentralized exchange within the wallet. This is achieved through its partnership with Kyber Network. Being able to complete instant exchanges between various tokens without relying on an external service is a pretty big development overall. We can only hope to see more wallets integrate this functionality moving forward.
It also seems Trust Wallet will let users interact with decentralized applications directly. This can be done with the built-in Web3 browser, which gives users direct access to the DApps in which they are interested. It is a positive development overall, as most people struggle to wrap their heads around DApps and how to access them. Having this functionality within one’s wallet simply makes sense.
Trust Wallet may be one of the more valuable additions to the Ethereum ecosystem in recent months. Solutions like these give users access to all features the network has to offer, regardless of one’s technical knowledge or coding skills. All of these technologies are pretty intriguing, but unless people can use them, they hold very little appeal. Applications like this one may pave the way for wider adoption.