Just like the title says, what does it means to be a decentralized app?
Does it means that it runs on its own Trust Wallet blockchain? …or it does run in any other blockchain like ethereum or the Binance Chain or the Binance Smart Chain?
Can we call Trust Wallet a Dapp? …I have tried to search for a Trust Wallet Dapp in some Dapp explorer web pages like Dappraddar but it does not appears in any under the BSC category.
So how Trust Wallet is a Decentralized app?
Hello Cape,
Trust wallet is not a dApp.
dApps are decentralised applications built on blockchain.
7 Reasons Why You Should Use Trust Wallet
In simple terms, TrustWallet is the following:
Trust Wallet is an phone app with multi coin wallet supporting majorly used blockchain wallets and they are constantly adding support for more. It supports displaying and showing NFT (What Are Crypto Collectibles and Non-fungible Tokens (NFTs)?
It has a dApp browser which lets you access various dApps built on the Blockchains.
What is a DApp?
It has inbuilt Dex which supports token swap within Blockchains and across chains currently between BEP2 and BEP20.
What Is The DEX Inside Trust Wallet?
How to make a Crosschain Swap on Trust Wallet
There are times when you are required to use your wallets on a PC so for that, Wallet Connect is available
How to Use WalletConnect With Trust Wallet
Trust this clarifies some of your doubts mate.
Please feel free to search for relevant posts and read through them. There are posts covering almost everything related.
In addition to what @vipul19 has said, Trust Wallet is a wallet for storing your assets. It is called decentralised wallet because you don’t use username and password to create an account (eg. Binance, Coinbase etc). Your account is created and retrieved using your 12-words recovery phrase, meaning only you have control over your assets which is in opposite to centralised wallet that if you lose your password you can still recover your assets using “forgot password” option.
Thanks!!!, I think I had readed some of this time ago, but seems I missed the important part: “it just gives the user access”
…that is the plain difference between being an application that gives you decentralized access to decentralized blockchains, that makes it a also decentralized application but without being a Dapp.
…I had the wrong idea that all decentralized applications were in fact Dapps!!! …and that was killing me to understad hoiw things really works.
I Appreciate your help.
Thanks!!! …I was so confused with this “decentralized” concept. I was getting somethings a little bit wrong.
I am new in Cryptocurrencies, starting by this august, and I have readed a lot but this Dapp, Defi, Blockchaine, Desentralized concepts, somehow relate to echother and confuse you a little.
Your explanation makes everything line up now. As Trust Wallet is basically a decentralized access to decentralized networks (Blockchains) trough the use of your mnemonic phrase. No Password/User, So Claer Now!!!
I appreciate your help.
I am glad to be of help. Please stick around to read more about various projects. If you wish to track the market, check Coinmarketcap or Coingecko.
Good luck and stay safe.
Please remember one MOST important thing. If you are using a wallet, there will be a recovery phrase / seed phrase (12 and more random words). Never ever share with them ever. Nobody at Trust wallet will ever ask you that. Sharing that will mean handing over access to your funds forever.
Some important posts for you to read:
Private Key and Recovery Phrase. What’s the Difference?
That was very elaborate…and explanatory
Thanks for the recomendations, you all do a great job explaining all this new things to people.
For me was a little late as I have been tricked by sammers already. Looking for information about the Elrond network in the official Telegram Group (which is full of scammers) I was contacted by a fake administrator and told to move my cryptocurrencies (Links and Bands at that time)from Binance into Trust Wallet which I did (That was how I first learned about Trust Wallet by the way) then he told me to activate my Trust Wallet ONLINE account (which does not exist but I did not know it yet) entering my seed words. Then he moved all the cryptocurrencies out of it.
I am rebuilding my portfolio and I am much more prepared now. Thanks God it happened when I was just starting buying my first coins a couple of moths ago, and it was not much yet in the wallet. But the experience was traumatic, I almost quit this criptocurrency thing.
Then I remembered that it was not the first time Iost money doing business and probably it wont be the last. So I restart building my portfolio and I am very happy with it.
Thanks for your time and the effort you all do here, it will help a lot of people to avoid being scammed.
and for last, to all new people getting into cryptocurrencies:
AVOID TELEGRAM GROUPS ABOUT CRYPTO!!! THEY ARE FULL OF SCAMMERS!!!
…at least until you know very well the tools, programs and exchanges you are using.
I feel sad for you my friend that you lost your hard earned money to a scammer, but i feel happy for you that you did not let that incident decide how you move forward in the Crytpo world. Cheers to the courage and wishes for everyone’s funds safety.
Please I need help I wrote ny 12 recovery phrase on a piece of paper and trying now to import it after loosing my phone and it shows me invalid mnemonic please can someone help me out please
Try input them with space between them and spell them correctly.
Thank you for your kind reply. But I have done that and still have difficulties accessing my funds
HI GUYS
I have couple of BNFTs in bsc-explorer , but i dont see them in my trustwallet
can someone post tutorial on how to withdraw or send [collectibles
Hi admin. Please help me. My theta now showing up in trust wallet. But me received. Its still appear 0. Help me, please
Hola amigo yo perdí mis 12 palabras y Quiero recuperar mi billetera me ayudas porfavor
Hola amigo yo perdí mis 12 palabras y cerré la app me ayudas a recuperar mi billetera porfavor
Hi although many has provided detailed answers to your question but I would like to add a few more things to let you understand it in a simple language.
Basically trust wallet is just a window to blockchain which provides you a user interface through which you can interact with cryptocurrency and blockchain. Your funds are never stored in trust wallet nor they have access to your funds. Your funds are stored in the blockchain and you have access to them via your private keys and recovery phrase(12,15,18 or 24 words). That’s why it is called decentralised means not controlled by any central authority. Even if trust wallet shuts off still your funds are safe, if you have that recovery phrase.
Coming to dapp provided by trust wallet, those apps you can access from normal browser as well and then you connect it to a wallet to access to your funds or sign a contract for staking or swapping etc. Trust wallet provides those in it to giver user a simple way to interact with those apps while those apps are not of trust wallet. It just allow you easy access to use them. While dapps like pancake swap doesn’t hold your funds they just chatge a small fee and allow tow users to swap currencies with each other amd during whole this swapping pancake or uniswap doesn’t hold your crypto unlike traditional exchanges. That’s why they ate called decentralised exchanges.