The advancement in blockchain technology and decentralization have paved the way for growth in decentralized applications, opening use cases including decentralized finance, gaming, and networking. Integrating with these applications becomes impossible without a compatible crypto wallet.
The integration of each wallet with every decentralized application can be challenging, raising the need for a connecting link that bridges crypto wallets with decentralized Web3 applications. A WalletCoonect is introduced to serve the purpose. Continue reading the article to learn more about WalletConnect and their use cases in crypto.
Key Takeaways
- WalletConnect is a connectivity protocol that enables users to link decentralized applications with crypto wallets.
- To get connected with WalletConnect, the decentralized application and the crypto wallet must be compatible with WalletConnect.
- The crypto wallet can be linked to a decentralized application using the QR code mechanism or Deep linking technique.
What is WalletConnect?
WalletConnect is a crypto connectivity protocol that allows self-custody crypto wallets to connect and interact with decentralized applications without the requirement for sharing private keys or any sensitive data. By scanning the QR code, the decentralized application gets connected to the crypto wallet.
Currently, more than 6000 decentralized applications and 500 wallet applications are integrated with WalletConnect.
Features of WalletConnect
WalletConnect is an open-source protocol enabling secure connections between cryptocurrency wallets and decentralized applications (dApps). It facilitates seamless, encrypted interactions without exposing private keys.
Multichain support
The WalletConnect protocol allows the integration of multiple blockchain networks. Users can interact with different blockchains seamlessly and effortlessly for transactions. A user can use Solana, Ethereum, or other chains for interactions.
Transport layer security
WalletConnect is encrypted with transport layer security preventing the disclose of user’s private keys. It enhances security while transacting data from dApps to crypto wallets or vice versa.
Cross-platform compatibility
WalletConnect can be operated on different platforms, including mobile phones, desktops, and gaming applications.
QR code-aided linking
QR codes are used to link decentralized applications with crypto wallets, making the linking process easy and fast.
How Does WalletConnect Work?
WalletConnect uses a QR code or deep linking to enable the connection between a decentralized application and a crypto wallet. Users have to either scan a QR code or demonstrate a deep linking URL to set the connection. After a connection is established, the protocol transfers the request from the smart contract and transfers it to the wallet application for the user’s validation and approval.
By utilizing end-to-end encryption technology and transport layer security, the platform ensures secure exchanges of data, keeping the wallet’s private key secure. Once the transaction is approved and on the user’s request or during an inactivity period the connection is disconnected.
How to Connect Decentralized Applications with Crypto Wallet using WalletConnect?
Connecting decentralized applications with crypto wallets is simple using WalletConnect. Access the decentralized app from the official website and link it to the crypto wallet using a QR code or deep linking URL.
The steps involved in the process are;
1. Choose a decentralized application compatible with WalletConnect
Choose a compatible decentralized application and open its official website. Using an official website prevents chances of scams and fraud. Select the ‘connect’ option shown in the upper right corner of the website.
2. Connect with WalletConnect
Once you click on the connect button, a popup window with a variety of linking options is displayed. Choose WalletConnect from the list. A QR code is displayed.
3. Open the mobile wallet
From your phone open the crypto wallet app and scan the QR code displayed on the decentralized application’s official website. Either scan the QR code from the camera app or search ‘QR code scan’ in settings.
4. Grant the permission
Once the QR code is scanned, the decentralized application will request permission to connect to the wallet. After approving the request the connection gets established, allowing the user to interact with the decentralized application through the wallet.
5. Make trade
After logging in, an interaction with a decentralized application is made possible. Using your mobile wallets make trade including staking, buying, and selling of assets. One can also exchange crypto coins within the platform.
How Does WalletConnect Ensure Security?
WalletConnect is one of the most safe and reliable wallet networks within the Web3 landscape. It initiates end-to-end encrypted transactions preventing the chances of scams and hacks. It doesn’t ask for the user’s private key to authorize transactions within the network.
By providing authority for developers to establish their own bridge servers, the platform enhances security. In addition, WalletConnect requires approval from the user’s personal wallet to confirm transactions and eliminates the need for a seed or recovery phrase to log in to the decentralized application.
Final Thoughts
The advancement in blockchain technology expands the utility of decentralized applications including defi platforms, facilitating the need for integrating crypto wallets with decentralized apps. This will increase the scope of WalletConnect offering security, efficiency, and convenience to users. The number of apps connected to WalletConnect may increase dramatically in the coming years.