Blockchains are decentralized, and so are the assets residing on them.
This nature of the industry comes with the additional responsibility of taking care of your decentralized assets by taking care of the private keys.
But taking care of private keys is no easy task.
None of you have done it before. You are just not used to it, and I know this.
But the decentralized economy which is being created doesn’t care, whether you are used to it or not. You can lose all your assets at once if the private keys are lost.
In the past decade, several solutions, such as hardware wallets and cold storages, have been proposed, but they haven’t helped achieve the escape velocity cryptosphere is looking for.
Meet Trustology, whose mission is to solely accelerate the adoption of cryptoassets by developing unique and creative crypto custody solutions.
One such product by them is TrustVault.
Allow me in this review to introduce you to its features and revolutionary approach for accelerating the crypto economy, which is stuck as of now:
- What Is TrustVault
- How TrustVault Works?
- TrustVault Team
- Trustology Solutions
- Feature Highlights Of TrustVault App
Introduction: What Is TrustVault?
It is not difficult to understand that we need better crypto custody solutions, which are safe as well as fast enough.
TrustVault does just that.
TrustVault is the manifestation of Trustology’s mission and is a high-end custodial wallet to secure and manage cryptoassets for individuals and businesses.
Not only this.
This wallet solution is insured as well as goes beyond traditional ‘cold storage’ at ‘hot wallet’ speed to help you securely access your cryptoassets. (less than one second to transfer)
Well, let me elaborate on this in the next section…
How TrustVault Works?
To put it simply, TrustVault is both a hardware and a software wallet but custodial in nature, making it one of its kind in the market. It is a hot wallet cum hardware wallet really with end-to-end hardware security without compromising speed, access, or user experience.
So if you are someone who doesn’t want the headache that comes with securing your private keys and hardware wallet, TrustVault is for you.
This is enabled through TrustVault’s unique infrastructure, which leverages hardware security modules (HSMs), secure data centers, and multiple levels of encryption to mitigate security risks.
All this while TrustVault enables users to execute transactions directly through their mobile device or via API integrations, thereby reducing the transactional delays caused by manual processing and keep the user experience simple enough.
Moreover, TrustVault offers its users a segregated account structure with a unique user key per account, eliminating many of the risks long associated with omnibus account set-ups.
But don’t worry if you didn’t understand any of its architectural details because you are in safe hands.
All you need to understand is when you open the TrustVault account; you are hiring Trustology to take care of your cryptoassets in the best possible manner.
This happens with you opening a TrustVault account and entering this arrangement between a client (you) and a service provider (Trustology) to send, receive, and keep your digital assets safe on your behalf.
TrustVault Team is comprised of highly experienced ex-bankers and blockchain technology providers who have proved their mantle for decades in world-class institutions such as JPMorgan, PWC, the Enterprise Ethereum Alliance, UBS, BNY Mellon, and RBS.
Some of their featured leadership is here:
Now they are taking on the world of decentralized finance by building solutions to address the genuine concerns that stand in the way of widespread blockchain adoption, now and in the future.
Trustology’s target audience is both individuals and businesses of crypto. Without engaging with both sides, one cannot accelerate crypto adoption, and at Trustology, they understand this.
- TrustVault For Individuals
TrustVault for individuals is a custodial wallet for everyone, which they can use directly on their phone. This is a secure-enough and highly user-friendly way of accessing, transferring, and storing your cryptoassets.
Using their plan, you can secure Bitcoin, Ethereum, and ERC20 tokens without hassle as well as can view your portfolio balance and transaction history in your native fiat currency. The wallet currently supports securing 8 ERC-20 tokens – DAI, ZRX, HOT, BAT, MKR, OMG, REP, and LINK. But users can transact in any ethereum based or ERC-20 based transaction
TrustVault individual accounts use a 3-stage signing process to ensure your private keys are linked as well as locked to your identity.
So when you create a transaction using TrustVault- they validate and sign it on your behalf with private keys that are already safeguarded under their 3-stage architecture.
Furthermore, this a wallet that keeps getting better; right now, MetaMask integration is live for individuals to access Ethereum DApps securely.
In the coming days, they plan to launch features such as Whitelists, Multi-sig, and Digital inheritance for family control, making it a perfect wallet for complete individual crypto custody and security.
- TrustVault For Businesses
TrustVault for businesses is an enterprise-grade wallet management platform to provide custodial crypto wallets to businesses of any size.
This will help any crypto business, including other custodial wallets, exchanges, hedge funds, private crypto fund managers, etc. to receive world-class crypto asset security at a fraction of the cost of crypto cold storage solutions.
Just for sneak-peak, TrustVault Business Accounts will be providing features like whitelist-blacklist, Geofencing, Time-locking, Escrow-locks, and other advanced biometric access systems for total safety of the cryptoassets at the institutional level.
But their Business Accounts are currently in BETA and scheduled for release in Q1 of 2020.
Feature Highlights Of TrustVault App
If you ask me personally, I am impressed by their mindset and approach, which they are bringing to the cryptosphere. We need such people who can bring freshness and advanced the cause of the crypto economy.
Some of the fresh features which they are advocating for are these:
- Low Latency
TrustVault will have low latency (send, received, manage with speed) because it is a custodial wallet. Still, with their advanced architecture, everything is automated with just the right amount of security you need to kick start mass adoption of cryptoassets.
- Supported Phones
As of now, TrustVault is available only for iPhones, but they are soon coming to Android too.
TrustVault supports iPhones with Touch/Face ID. The ones they support are iPhone 5S (2013), iPhone SE, iPhone 6, iPhone 6 Plus, and all iPhones newer than the ones I just mentioned.
This is because they rely on the “Secure Enclave,” which was introduced with the iPhone 5S in 2013.
- In-App Purchases Of Assets
Recently, TrustVault has integrated with MoonPay-a fiat-to-crypto payments platform. This will allow TrustVault users to buy their cryptocurrencies directly from their TrustVault wallet. Thus making it easy for users who can now go into their TrustVault app and instantly buy BTC, ETH, DAI, and BAT using ApplePay or their debit and credit cards via MoonPay.
- Secure Access To DApps
TrustVault is also the first custodial wallet to integrate with MetaMask to help its users access Ethereum DApps in a safe as well as decentralized way.
So forget about signing your transactions in the ugly and insecure web browsers instead Sync your TrustVault custodial wallet with MetaMask to sign and verify transactions as well as access your favorite DApps
It doesn’t matter if you are an average joe in crypto or an HNI; with TrustVault, everyone will have access to crypto-insurance as per the plans they choose.
This will protect your crypto assets against security breaches and theft of cryptoassets held in Business accounts.
- No More Carrying Around Of Hardwares
With TrustVault, you will eliminate the need for buying as well as carrying around your hardware wallets whenever you are on the move.
This is an essential step because you don’t want to get stuck on an Airport just for carrying around a hardware crypto wallet and TrustVault eliminates this possibility by turning your mobile into a hardware wallet when you install TrustVault app!!
- Never Lose Your Private Keys
Never lose your private keys with TrustVault; your account can always be recovered.
If you misplace your phone, download TrustVault on your new device, contact their recovery team, and complete an ID check to get your account back online quickly.
- Rapid Recovery & Customer Support
The crypto economy powered by blockchain-based smart contracts is all about automation. But I feel there has to be a certain level of human element to get the general masses used to it.
And there is no surprise, TrustVault understands this and hence deploys a dedicated support team to answer your questions, troubleshoot technical issues and take care of your account recovery with a smile.
“When it comes to crypto wallets, hot is the new cold. Industrial-grade security, but available to anyone. This is the kind of user experience breakthrough our industry has been clamoring for.” says Joseph Lubin Founder, ConsenSys, and also a backer of TrustVault.
This makes so much sense because crypto-economy hasn’t made the kind of progress it should have in the first decade, and the part of the puzzle is crypto custody with just enough security.
But now it looks like, Trustology with its TrustVault app has finally cracked the nut and is going about safeguarding cryptoassets in an entirely different way, which is the most effective and unique way to other companies in the niche sector.
So make sure you Try TrustVault’s Individual and Business accounts before it is too late…
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.