Did you miss the Binance Awards 2021 event? We can boldly say you missed out on a lot of things. But not to worry, we are always here to provide you with the detailed summary of all you missed. The most notable and expected category of the BSC awards is “the wallet of the year” award. This is so because wallet security and interoperability are now a major criterion in the crypto-space.
Decentralization of cryptocurrencies brings immense responsibilities and risks to losing your crypto-assets. Users are one-half responsible for keeping their wallets safe while the wallet developers complete the other half. You are expected to keep your private key safe; by safe, we mean to keep it from everyone else but yourself. On the other hand, wallet developers provide safe linking with DApps and other safety measures so that your wallet cannot be easily hacked. One of such safety measure is additional verification from third-party apps such as Google authenticator.
As to which wallet won the “BSC wallet of the year award,” your guess is the same as mine – Trust Wallet. This is no surprise to many familiar with the BSC ecosystem as trust wallet gives you the access to explore various options on the BSC ecosystem ranging from DApps, NFTs, Buy and sell function, and most importantly, it secures your crypto assets. Another icing on the cake for Trust Wallet is the global popularity and the cross-chain support for the various token format.
How to Set-up Your Trust Wallet?
The first step to setting up your trust wallet is downloading the wallet to your device. Setting up a Trust Wallet is as easy as any other mobile or PC application you have used before, probably easier. The Trust Wallet app is available on all operating systems (OS); Android, iOS, and Windows. To download, you can visit any of the application stores based on your OS.
Launch the wallet when you finish downloading; you will get the option to “create a new wallet.” Once you click the option to create your wallet, it will display your seed phrase.
What is your seed phrase? Your seed phrase is 12-secret words generated from the private key of your wallet. With your seed phrase, you can always access your wallet if you lose access or want to log in to your wallet on another device. So, if anyone perhaps has your seed phrase, they will have access to your wallet. Therefore, your seed phase should be kept private. Also, if you lose your wallet and can’t recover your seed phrase, you lose all your crypto assets.
To iterate the importance of your seed phrase, the wallet prompts users to write or copy their seed phrase in the right order somewhere safe. After selecting the “continue” button, the wallet will ask you to provide the seed phrase in the right order. That is all you have to do to set-up your Trust Wallet. Is it quite easy, YES? We think so too.
How to Connect Token to Your Trust Wallet?
To connect BSC to your wallet, select the toggle button on the top right-hand corner of your wallet. This will provide you with a list of custom tokens available on the BSC network. For instance, search for “Smart chain” and flip the button in front, changing the color from dark grey to green.
Some tokens might not be on the list of custom tokens. To add them to your wallet, search for the token “contract address” on Coinmarkertcap (CMC) or bscscan, then copy it to the search button. It will provide the BSC token you are trying to add; flip the button so they can now display on your wallet tab.
However, some supported tokens still won’t show up in the search even with their contact address. Not to worry, Trust Wallet provides you with an option to “add a custom token.” To add a custom token, you only need to select the right network (Ethereum, Binance Smart Chain, Solana, and others) and input the contract address. Other fields such as the name, symbols, and decimals will auto-fill, and you can now view your custom token in your wallet tab once you click “done.”
How to Connect Dapps to Your Trust Wallet?
Trust Wallet has four lower navigation buttons. The first button is the tab for your wallet (it contains your custom token), the second button directs you to the built-in wallet browser, which also contains a link to top DApps supported by the wallet, the third button is the trade page where you can exchange token “only listed on the Trust Wallet,” the last button direct you the setting page.
To connect to your DApps, click the second lower button and select the DApps you would like to connect. For instance, if you click pancake swap, it directs you to the page where you can trade your tokens in various token formats. To change the default token format (Ethereum), click the Ethereum symbol at the top and select the new token format you need.
Trust Wallet will require your approval before connecting your wallet to any DApp to prevent the risk of hacks.
How to Check the Token Available in Your Trust Wallet?
Did you get a notification that you just received a new token and you can’t find them in your custom token? You don’t have to search through the enormous pile of token lists that the Trust Wallet provides. Consider this a quick hack to finding the entire custom token in your trust wallet.
Copy the public address of your wallet. To view your public address, click the “receive” button at the top and copy the long code it provides. Open any browser and search for bscscan. Copy your public address in the search button on the Bscscan page and click search. This will provide you with a list of all BSC tokens in your wallet.
For other tokens in other formats in your wallet, there is a “b” icon, which means blockchain scan at the top once you search. Click the icon, and you will view other token formats in your wallet.
In Conclusion
It is no great surprise that the Trust Wallet won the best wallet of the year award, considering the interoperability of the token format and ease of navigation. New users can set up their Trust Wallets in less than five clicks; this is less than most wallets require. Also, considering the security of your crypto assets, the Trust Wallet is surely a force to reckon with in the world of digital wallets, and we can expect to see more exciting updates. For other updates on what went down at the Binance Awards 2021, we have you covered for more exciting news.