Cryptocurrency Exchange

Cosmos (ATOM) Earns Support From Binance Trust Wallets

On 9th May 2019, Binance’s Trust Wallets made an announcement on their Twitter official handle about the latest support for Cosmos. According to the Twitter post, the users can now enjoy sending or receiving ATOMS from a click on their mobile wallets. The announcement was well received with two hundred forty-two like, along with 63 re-tweets which ware followed by thirteen comments in the time span of 24 hours.

Cosmos is a network based on decentralization that offers a secure and scalable ecosystem for various blockchains. This platform acts as a catalyst for various blockchains to interconnect and interoperate. This radical concept and ecosystem offer a new approach to the crypto economy. The native token of this decentralized platform is ATOM. As per the official blog of Trust Wallets, ATOM is,

[…] the native staking token used by so-called “Hubs,” the genesis being called “The Cosmos Hub,” the first public proof-of-stake (PoS) blockchain based on a Byzantine fault tolerant (BFT) consensus mechanism (Tendermint Core).

The company states that its objective is to simplify the process of “multi-asset wallets.” The platform supports various cryptocurrencies that include- Bitcoin BTC, Ethereum ETH, Litecoin LTC, Tron (TRON), Ripple (XRP), and several ERC 20 based tokens. The company thinks that the addition of the Cosmos wallet is a very crucial step in order to achieve its objective. According to Trust Wallet’s Founder- Viktor Radchenko,

‍Cosmos is a leading blockchain in PoS protocol that aims to become the ‘Internet of Blockchains.’ We are excited to work together to bring staking and delegation mechanisms to all Trust Wallet users in the most accessible way on their mobile devices. […] The Tendermint team was also able to build and deliver powerful technology with the new consensus mechanism Tendermint, a fork of which is currently used in Binance Chain infrastructure.

Trust wallet is owned by Binance. Binance is an established name when it comes to top crypto exchanges on an international level. The crypto wallet has been making rounds of news lately due to some other reasons too. A few days ago, AAPL App Store dismissed the proposal of an update to the Binance owned ‘Trust Wallet.’

Why such censorship? Well, the reason is simple. It is because, the lack of complete control over the decentralized applications that are supported by Trust Wallet, it is a way of making Binance’s Trust Wallet spill out all the decentralized apps that it will permit the users to access on the platform. The founder of Trust Wallet- Radchenko says that the acceptance of the Trust wallet on the App store is possible only if the company shares the list of the decentralized applications. On this matter, the founder of Trust Wallet said in his Tweet,

Only one solution has been given by Apple: Remove access to decentralized applications, no questions asked. […] “It is not something very new or surprising, it has been an issue for all the DApp browsers for the past 2 years on the App Store.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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