This article brings you highlights from the first Ask Me Anything (AMA) session hosted by Viktor Radchenko (the founder of Trust Wallet, Binance's official cryptocurrency wallet), which was livestreamed on Monday (March 11th).
Trust Wallet, which was first released (for Android) on 25 October 2017, was acquired by Binance in July 2018. Originally it only supported Ethereum (ETH) and Ethereum tokens, but after it got acquired by Binance, support for other coins started to happen, with the latest announcement in this area coming on January 9th, when we found out that both the iOS and Android versions of Trust Wallet had been updated such that they supported Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC). And on January 24th, in a blog post titled "Trust 2.0 - Making Crypto More Accessible", the Trust Wallet team explained where things stood as of late January 2019 and what new features were coming during the remainder of the year.
This is how Binance notified people about Viktor's AMA session:
.@vikmeup founder of @TrustWalletApp will be here for a live video AMA on March 11th at 2:30AM UTC! Wondering how Trust Wallet will integrate @Binance_DEX or when in-app fiat to crypto? Make sure to tune in!— Binance (@binance) March 10, 2019
Comment your questions for Viktor below and he will answer them live! pic.twitter.com/sRbYVgXq3m
In this AMA session, Victor answered questions (taken mostly from social media platforms, as well from Binance's Telegram channels and YouTube live chat) on a wide variety of topic related to Trust Wallet. Here are some of the key highlights:
- Binance controls most of the direction of software development.
- One major goal is to make as many cryptoassets accessible as possible on Trust Wallet in order to avoid the need for one wallet per coin.
- Focus is on development, not on monetization.
- Initially, the only cryptoassets available on Binance DEX will be tokens created on the Binance Chain platform, but perhaps in a few years, Binance DEX will support coins/tokens from other blockchains.
- Once their main library, "Wallet Core" gets released, any blockchain will be able to add support for its coin to Trust Wallet. A few examples of projects working with this library are Zilliqa (ZIL), Tezos (TEZ), Ontology (ONT), and Decred (DCR).
- Why Trust Wallet does not show private keys? Their goal was to simplify things for users by requiring them only to secure their backup phrase.
- When is XRP being added to Trust Wallet? It is already available in beta (trustwallet.com/beta), and many more coins are being added in coming weeks (e.g. Tezos support should be available in 1-2 weeks).
- Will Trust Wallet only support Binance DEX? The team is not constrained to using only Binance DEX.
- When will the coin swap feature be available? In 2-3 weeks. How will this work? They will connect to third-party providers such as Changelly or ShapeShift to allow in-app coin swaps.
- Support for the Bitcoin Lightning Network will be added before the end of the summer.
Featured Image Courtesy of Binance