Trust Wallet has announced the launch of a new governance mechanism that would enable holders of its native token (TWT) to participate in voting on proposals for its development, updates, and other matters.
Trust Wallet, a mobile wallet application for ERC20/ERC223 tokens, made this announcement via an official tweet. It noted that “Trust Wallet Governance is here! $TWT holders can now vote on proposals for Trust development, updates and more.”
Trust Wallet Governance is here! $TWT holders can now vote on proposals for Trust Wallet development, updates and more.
The first voting opportunity is live now! ⬇️https://t.co/vP2mPHFsXi
— Trust – Crypto Wallet (@TrustWalletApp) October 18, 2020
According to the mobile wallet, the governance mechanism would allow all TWT holders to decide on any proposals that the Trust team or the community creates on the governance portal. It was also pointed out that voting on the platform would require no fees.
However, via its announcement, Trust disclosed that the amount of TWT in a user’s wallet would determine the weight of the particular user’s vote. Meaning that 1 TWT = 1 vote, so users with more TWT possesses more relevance on the platform.
According to the mobile wallet, the only requirement for a user to participate in its governance is the mobile app. Specifically, users need version 5.3 for iOS, 1.9.6 or above for Android, and TWT BEP20 on the Smart Chain Wallet.
It worth noting that the first Trust governance vote is currently live. TWT holders are voting to decide if Filecoin (FIL) should be integrated onto the Binance Smart Chain.
The first Trust Wallet Governance vote is live! 🛡️
— Trust – Crypto Wallet (@TrustWalletApp) October 19, 2020
Trust Wallet burns 89 billion TWT
Similarly, in a bid to reduce the total amount in supply and increase the value of its token, Trust Wallet recently burned 89 billion TWT. This action was announced as the token was integrated into the Binance Smart Chain.
The company said, “As TWT continues to become a more established token, we took some time to study the market and evaluate the current tokenomics of TWT. The total supply began as 90 billion TWT, and despite continuous token distribution, less than 1% of the total supply was circulating.”
It then added, “We, therefore, made the decision to burn 89 billion TWT to reduce the total supply to 1 billion TWT. This means that around 25% of the total supply is now distributed.”
Many experts applauded this move, and Binance founder and CEO Changpeng Zhao (CZ) also lauded the move. He said Trust Wallet’s move to burn that amount of TWT takes courage. He also stated that the wallet team had matured enough to make this decision.
In his address, Viktor Radchenko, founder of the mobile wallet app, noted that the move would enable TWT become a powerful community.
About Trust Wallet
Trust Wallet is an open-source mobile wallet app that enables users to transfer, receive, and save digital currency. The firm was launched in 2017 but was procured by Binance on Jul 31, 2018. Notably, the mobile wallet app is available for both Android and iOS devices.
Built on a Web3 browser that enables users explore dApps directly, the mobile wallet app offers users a built-in decentralized exchange through its collaboration with Kyber Network.
At press time, according to Coingecko, TWT was trading at $0.109967, with a 24-hour trading volume of $1,465,046. Additionally, for a more in-depth analysis of the mobile wallet app, check out the Altcoin Buzz overview.
For more news on the mobile wallet app and other cryptocurrency-related stories, visit the Altcoin Buzz YouTube channel.