Trinity Protocol has officially released the Trinity Wallet App. Trinity uses state channel technology to create private payment channels and real-time transactions. Trinity developed its wallet application as part of its mission to “become a universal scaling solution for any blockchain.”
State channels act as an off-chain mechanism designed to achieve real-time payment, low transaction fees, scalability, and privacy protection of NEO MainNet assets. A state channel network can be seen as a secondary protocol layer that consists of private payment channels, with transactions settled on the main blockchain. Opening a state channel between two participants is done by scanning a QR code with the counter party, setting a password for the channel, and choosing a time frame (1 – 30 days) for the channel to remain open.
Once a state channel has been confirmed and added to both parties devices, the Trinity utility token (TNC) is used to pay for network transaction fees. The users’ TNC balance can be seen in the deposit box or ‘Channel Balance.’ Once opened, both parties will be able to conduct multiple in-channel payments during the time the channel is open.
At any point, either party has the ability to terminate the state channel, where the ‘Channel Balance’ from the state channel will be given back to each users “On Chain Balance.” Furthermore, incentives will be put in place to encourage users to utilize the off chain transaction channels, a feature unique to the Trinity Wallet App when compared to other wallet applications.
Trinity has released an iOS and Android version of the Wallet App. The Android version is available for download from the Trinity website, whilst the iOS version is currently awaiting approval from the Apple App Store. The iOS version will also enable a payment password through the Face ID or Touch ID function of the Apple phones.
Read the full Trinity Wallet App announcement here:
For more information about Trinity Protocol visit one of the links below.
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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