fbpx
Altcoins

Freewallet All Set to Launch a Mobile-Based Cryptocurrency Wallet Dedicated to TRX

One of the leading companies in the world of mobile-based cryptocurrency wallets, Freewallet, is all set to launch its newest mobile wallet on the android platform, TRON Wallet, solely dedicated to the exchange and storage of TRX cryptocurrency.

The co-founder of Freewallet, Alvin Hagg stated in a report that:

We have always tried to be the first to support coins that make an impact on cryptocommunity. TRX is the 11th cryptocurrency right now and we are proud to help holders to make transactions right after mainnet launch.

Previously, Multiwallet, the flagship cryptocurrency wallet developed by Freewallet, did not include the support of storing TRX cryptocurrency, which is the world’s 11th largest cryptocurrency as per market value. After the launch of TRON Wallet, support for TRX is also intended for Multiwallet.

Currently, Multiwallet integrates the supports of various cryptocurrencies in its framework, and supports the management of multiple cryptocurrency coins, in order to exchange and support them in one portable place. As for TRON, only the support for android is provided as of yet, but Multiwallet has been integrated with support for both iOS and Andriod.

TRX is the official cryptocurrency coin of TRON, a blockchain-based decentralized project aimed at utilizing the benefits of cutting out the middleman through a peer-to-peer network, in order  to provide its user with the most transparent, secure and cutting-edge cryptocurrency-based financial platform. On the other hand, Freewallet, has been active in the development of cryptocurrency wallets since 2016, has been a spearhead in this sector. It has also been leading the arena with the development of mobile-based wallets for quite a long time.

Since mobile wallets are the most secure medium of storage when it comes to storing cryptocurrencies, this move is seen as super beneficial for the user market of TRX. Mobile wallets provide security on a level that cannot be matched with any other device. The environment provided by smartphones, termed as the Trusted Execution Evironment (TEE), for storing crytocurrencies has its own memory and persistent storing, and is not under the control of the operating system (OS) of the smartphone. Any action to access these wallets, stored in the Trusted Execution Environment, by the malicious programs trying to access it are immediately restricted. Special system calls are needed to get access to these wallets and are done by the OS. If the programs trying to access these wallets are not included in the trusted list of programs, access to the cryptocurrency stored in the wallets is immediately denied. Regarding the security provided by smartphones’ TEE, Joel Snyder, a senior IT consultant and publisher at Samsung Insights, stated in paper that:

It comes down to the Trusted Execution Environment (TEE) in the smartphone. The TEE is a separate execution environment with its own memory and persistent storage, completely isolated from the rest of the device. The Android OS can’t reach into the TEE, even if the former is completely compromised. The only way to get to and from the TEE is with an API that calls small applications running in the TEE “trustlets.” With a properly written wallet that uses trustlets to manage the keys, security is seriously tight.

With TRX getting its own mobile based wallet, the convenience provided to the user of TRON is also increased. Instead of carrying heavy pieces of hardware disks and  SSDs around, user can simply access their mobile in order to play with the world of TRX.

As stated by Joel:

Smartphones also edge out, from a convenience point of view, so-called hardware wallets — offline devices that look like USB drives or other disconnected protected storage. Although hardware wallets are the best choice for long-term cold (offline) storage of cryptocurrency, they lack the convenience of a local smartphone application, making them poorly adapted for frequent use.

As the cryptocurrency environment is filled with a plethora of lapses in regards to security and fraudulent activities, the need of the hour is to maintain a certain level of security standard all across. With almost all the major cryptocurrencies having stable and secure mobile-based cryptocurrency wallets, the need of a TRX wallet was inevitable, and Freewallet is the first one to fully support the TRON coin (TRX). This step might see a sudden increment in the market stability of TRX, as more people entering the cryptocurrency world, looking towards using TRX would like to gain access to a secure and transparent storage system.

In a nutshell, the smartphone-based wallet system is the most secure when it comes to handling cryptocurrencies, and with TRX getting its own wallet, the future for cryptocurrency security is more consolidated.

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Close