Following the growth in adoption of blockchain technology, decentralized applications (dApps) have experienced an increased use case in; decentralized finance(DeFi), gaming, and social networking. To utilize these applications one is required to have adaptable cryptocurrency wallets. However, given the substantial availability of these wallets, integrating them into each application is cumbersome for developers. This calls upon a crypto bridge to connect these self-custody crypto wallets and decentralized Web3 applications. WalletConnect is one way to achieve this.
WalletConnect is an open-source protocol that enables users to link their mobile or hardware wallets to decentralized applications(dApps) using a seamless and secure link. This is achieved by leveraging QR technology and encryption, which make user connection easier and more secure by safeguarding their private keys.
What is WalletConnect?
Ultimate decentralized finance (DeFi) dApps such as Uniswap have integrated popular cryptocurrency wallets like MetaMask within their platform. But what happens when the crypto wallet you intend to use isn’t listed among the supported crypto wallets for a dApp? This is where WalletConnect comes in.
To gain more understanding of cryptocurrency wallets, we recommend this insightful article
WalletConnect is a crypto bridge in the Web3 space that allows users to connect their self-custody crypto wallets to decentralized applications(dApps). Its ability to integrate wallets is achieved by utilizing JavaScript, Swift, and Kotlin software development kits (SDKs). On average, over 450 dApps offer WalletConnect as a login option allowing users to access over 300 wallets at a single integration. MetaMask, Rainbow, Trust Wallet, Argent Wallet, and Ledger are some of the compatible wallets. Since its launch in 2018 by its developer Pedro Gomes, WalletConnect has grown to become the decentralized Web3 communication protocol.
How Does WalletConnect Work?
They works as a secure bridge between crypto wallets and decentralized applications(dApps). This is achieved by scanning a QR code or a deep link with a default WalletConnect URI. When this is done a secure mobile linking is created if the counterpart accepts the connection request.
After you are connected this protocol offers additional useful features such as:
Multi-chain support
This protocol allows the connection of multiple chains simultaneously. This feature allows developers to have smooth management and interaction with multiple blockchain networks.
Chain Agnosticism
It is designed to incorporate a variety of blockchain networks. This indicates that it is possible to use it whether you are working with Solana, Ethereum, or other chains. In addition to this, the protocol’s official website promises a future where it will be able to integrate even more chain networks.
Platform agnostic
As an additional feature, this protocol can be used across different desktop, mobile, and gaming applications.
How To Connect dApps And Wallets Using WalletConnect?
Using WalletConnect is a simple process that requires one to access a dApp from its official website and linking it to a crypto wallet. Below is a step-by-step guide on how to do this:
Open the Official dApp website
In a new tab, visit the official dApp website that is compatible with WalletConnect. Ensure you are using the official domain for a safe and confidential transaction. From the upper right corner of the dApp website a ‘Connect’ button will appear.
For an introductory guide to decentralized applications(dApps) read this article.
Connect with WalletConnect
On the top right corner of the dApp website click the ‘Connect’ button. This will open up a pop-up window which offers a variety of linking options. Select WalletConnect, and a QR code will appear on the screen.
Scan the QR code using the mobile Wallet
From your phone, open the WalletConnect-compatible mobile wallet. Most mobile wallets have an icon with the shape of a hollow square, which when you tap the mobile camera activates to QR code scan mode. However if you can’t find this icon, go to settings menu and search for ‘scan QR code’ option.
Allow permission to connect
Once you have scanned the QR, the dApp will ask for permission to connect to your wallet. After the connection has been established, you will be able to interact with the dApp using your mobile wallet.
Begin trading
Once logged in, you can now interact with the dApp using your mobile wallet and execute various activities such as staking, trading and transferring funds. You can also swap, borrow or lend your crypto from the dApp by filling in the details of assets you intend to exchange.
Always remember to follow best security measures while interacting with your wallet and utilizing dApps to secure your funds. You can make sure that you verify a swap from the dApp before finalizing it and also confirming transactions from your connected crypto wallet.
Once the transaction is successfully completed, disconnect WalletConnect from your crypto wallet. This can be done either from the mobile wallet or the dApp website.
What Blockchains Does WalletConnect Support?
WalletConnect protocol allows users to connect their wallets to a wide range of chains with no limit to the number of chains it can link a wallet into at a go.
Examples of these chains are; Ethereum, Cosmos, Polkadot, Near, Solana, Celo, and the Binance Smart Chain.
Is WalletConnect safe?
WalletConnect is probably considered one of the most safe and personalized wallet networks within the Web3 space. The protocol is considered to be safe for the following reasons:
- It establishes a secure(encrypted) connection: Information shared between wallets and dApps is encrypted symmetrically with a key that can only be obtained by the two entities.
- Developers can host their bridge servers to themselves: Although a public bridge server is used to handle the information between wallets and dApps, WalletConnect allows developers to host their own bridge servers. This allows them to provide full security for themselves.
- Request for approval of a transaction: While using a dApp connected via WalletConnect to complete a transaction, approval of the transaction is confirmed from your crypto wallet. This ensures that no funds from your wallet are spent without your approval.
- WalletConnect does not require your seed or recovery phrase to log in to a dApp: Also in recent developments the protocol has developed a seed phrase-free hardware wallet.
- Private keys are stored within your wallet: This protocol does not keep your data in its servers but instead they remain in your wallet. This prevents their exposure to any protocol.
WalletConnect assures its customers efficiency, convenience and security, however there are always risks encountered when sending crypto assets to a smart contract. Therefore it is essential for you to do your own research before choosing a dApp and proceeding to make transactions.
This insightful article guides you on how to do your own research and its importance.
Conclusion
As decentralized finance adoption continues to grow, utilization of Web3 protocols also expands. This presents a significant and potential untapped market for WalletConnect to integrate connections between dApps and crypto wallets. Given its safety, efficiency, and convenience, this protocol becomes the well-liked utility within the DeFi dApp community.
