Trust Wallet, Binance’s Official User-Controlled Wallet, Adds Zilliqa Support

On Tuesday (June 11), the team behind Binance's official non-custodial wallet app, Trust Wallet, announced that it had added support for Zilliqa (ZIL).

What Is Trust Wallet?

Trust Wallet, which was first released (for Android) on 25 October 2017, was acquired by Binance in July 2018. Originally it only supported Ether (ETH) and Ethereum tokens, but after it got acquired by Binance, support for other coins started to happen, and it turned into a multi cryptocurrency wallet. Trust Wallet also has an integrated full-featured Web3 browser (called "Trust Browser") that allows the user to interact with decentralized applications (DApps) directly from within the app.

Some of Trust Wallet's key features include:

  • Ability to participate in any ERC20-based or ERC233-based initial coin offering (ICO) or airdrop. (Note that you can easily adjust gas price, gas limit, and data/message.)
  • Fully audited by a leading security firm.
  • Support for 32 blockchains—including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, Stellar (XLM), Litecoin (LTC), Ethereum Classic (ETC), TRON (TRX), Wanchain (WAN), Dash (DASH), ICON (ICX), EOS, , Kin (KIN), Nimiq (NIM), Aion (AION), Tezos (XTZ), Dogecoin (DOGE), Binance Chain (BNB), Cosmos (ATOM), and Qtum (QTUM)—as well as 20,000+ ERC20-compatible, ERC223-compatible, or ERC721-compatible Ethereum tokens (such as Basic Attention Token or Augur).
  • Access to your wallet from various cold storage wallets, such as Ledger, Trezor, and KeepKey devices, without needing to reveal your private key via a "view-only" mode.

What Is Zilliqa?

Zilliqa is "a scalable, secure public blockchain platform." More importantly, it is one of the first public blockchain platforms that has already implemented sharding; on its testnet, Zilliqa has managed to achieve a throughput of over 2,828 transactions per second (TPS).

This is not Visa-level speed (around 24,000 TPS), but it is much faster than, say, Ethereum (20 TPS), Dash (48 TPS), Litecoin (56 TPS), and Bitcoin Cash (on average, up to 61 transactions per second). Zilliqa says that this kind of speed "enables new use cases that have high-throughput demands that were not previously possible on legacy public blockchain platforms."

What is interesting about Zilliqa's scalability is that "the throughput scales almost linearly as the number of nodes scales, ensuring that Zilliqa’s capacity can continue to grow to meet demand." This is known as linear scaling.

In case you are wondering where the name Zilliqa comes from, here is how "The Not-So-Short ZILLIQA Technical FAQ" explains it:

"ZILLIQA is a play on silica. Just as silicon powers the computing industry, the team hopes ZILLIQA will power the next generation of high-throughput applications."

Zilliqa uses Proof of Work (PoW) for "miner verification to prevent Sybil attacks" and Practical Byzantine Fault Tolerance (pBFT) for consensus. This gives Zilliqa "a far lower energy footprint" than legacy proof-of-work blockchains (such as Bitcoin and Litecoin). The Zilliqa team says that it might one day "replace PoW with a stake-based mechanism for Sybil resistance," but it would "still continue using pBFT as the underlying consensus protocol."

Support for Zilliqa in Trust Wallet

In a blog post published yesterday, the Trust Wallet team announced that they are now supporting Zilliqa (ZIL). They pointed out that Zilliqa is "the first public blockchain platform that implemented sharding - a technology that enables new use cases that have high-throughput demands that were not previously possible on legacy public blockchain platforms."

What is interesting about the timing of this announcement is that it comes just one day after Amrit Kumar, President and Chief Scientific Officer of blockchain startup Zilliqa, announced that smart contract functionality had gone live on the Zilliqa mainnet and explained why this was a big deal "not just for Zilliqa, but for the blockchain infrastructure industry as a whole."

Yaoqi Jia, the CTO of Zilliq, said:

“Given our commitment to end-to-end security, we are excited to partner with Trust Wallet. Their offering provides not only an accessible platform for traders, but also a secure and reliable storage options for mainnet ZILs.”

And Viktor Radchenko., Founder of Trust Wallet, had this to say:

“I am very excited to see Zilliqa integrate into Trust Wallet as the first sharding enabled blockchain platform in production that could potentially scale to support real world use cases."

Over on Zilliqa's blog, Aparna Narayanan pointed out something very interesting about Trust Wallet:

"This will be the first time they are supporting Schnorr Signatures, having worked with the Zilliqa tech team to enable this feature."

 

Featured Image Courtesy of Binance