The fourth quarter of 2021 saw a startling 902% growth in new installs for the top 20 cryptocurrency applications, highlighting the rising popularity of these programs. In order to access and utilize the capabilities of these decentralized apps (DApps), users must have appropriate blockchain wallets. Adding several crypto wallets to every application is challenging. WalletConnect serves as a bridge to swiftly connect different DApps to blockchain wallets as a consequence.
WalletConnect is a helpful tool for connecting with DApps when users are unable to use PCs or laptops while on the road. Over time, it may maintain top-notch security while minimizing time and effort.
How Does WalletConnect Work?
An open-source protocol called WalletConnect aids in establishing connections between different crypto wallets and DApps. The protocol creates a distant, secure connection between the apps and wallets. It creates a symmetrically encrypted connection using a shared key between two peers. WalletConnect, to put it simply, creates a bridge that joins any mobile wallet with any decentralized online service.
Users may use WalletConnect to link more than 450 DApps, like Uniswap and Aave, with more than 170 wallets that are WalletConnect-compatible, including MetaMask and Trust Wallet. When one peer scans the QR code (or deep link) with a standard WalletConnect URI, a connection between DApps and wallets is formed when the counterparty accepts such a connection request. WalletConnect makes it simpler to establish a trustworthy and secure connection when it is integrated into a specific DApp. Compared to installing MetaMask or any other cryptocurrency wallet, this is significantly safer.
WalletConnect is a new blockchain-based solution that allows consumers to have full control over their personal information and finances. The WalletConnect platform uses the Ethereum blockchain and is powered by the wallet.com API.
It’s more than just a wallet. It’s your wallet, so you can design it how you want it to be.
The platform was designed with security in mind, and users will be able to verify their identity with biometric data or a password before making any transactions.
They’ll also be able to enjoy all of the perks of having an account like:
-Being able to use your credit or debit card (or both) on the WalletConnect platform
-Being able to store multiple cryptocurrencies in one place
-Having access to your cryptocurrency wallet anywhere in the world
Upgraded Features in WalletConnect 2.0
The following infrastructure enhancements are promised by WalletConnect 2.0 over its v1.0 features:
Chain Agnostic: WalletConnect 2.0 will be able to function on any blockchain that the user chooses, such as Ethereum or Cosmos.
Multi-Chain: WalletConnect 2.0 provides multi-chain integration, which means that users may link a single wallet to several chains at once in addition to supporting various chains.
Decentralized Messaging: Users will have control over who may send messages to their wallets using encrypted wallet-to-wallet communication.
Push notifications: The push notification capabilities in WalletConnect 2.0 will alert customers to incoming transactions.
How to Use WalletConnect to Connect DApps?
Connecting DApps to WalletConnect is a quick and easy procedure. Nevertheless, the procedure varies based on whether you’re using a desktop or a mobile device. Make sure the DApp you choose supports WalletConnect before you start. To use WalletConnect in your DApps, follow these four steps:
Launch a Compliant DApp
In your mobile or desktop browser, launch the mobile or web DApp that you want to connect to. Verify that the specific DApp is compatible with WalletConnect. You may test using this online example application before you begin at https://example.walletconnect.org/.
Set up Your Wallet
Since virtually all DApps on Ethereum now feature a Connect Wallet option, let’s use Uniswap as an example (or similar). Choose this alternative by using your wallet. If your DApp supports it, you’ll be able to connect via WalletConnect.
For Desktop
Choose WalletConnect, then use your wallet to scan the presented QR code.
For Mobile
If you’re using a mobile browser, you may choose your preferred wallet after choosing the WalletConnect option in your DApp. Choose your favorite wallet from the list that is provided to connect.
You can proceed to approving your DApp when this has opened your wallet.
Enable the DApp
Your chosen or preferred wallet will open up when you scan the QR code. A pop-up will appear asking you to confirm the connection to the selected wallet. The DApp can successfully access and interact with your wallet after you give permission for the connection.
Now, you may use the DApp to withdraw money or other assets (such as tokens) from your wallet up to the cap you’ve specified.
Verify the transaction
Now that you’re linked, your DApp may use WalletConnect. A pop-up requesting your consent for the transaction will show when you make a transaction inside the DApp. Click Confirm Swap after reviewing the transactional information. A pop-up window asking for your confirmation of the transaction will then display in your wallet. After verifying the information, simply click Confirm.
To provide the safest and most secure transactions possible, every user can link DApps with WalletConnect through its relay server.
How safe is WalletConnect?
In general, mobile applications are less secure than hardware wallets. Hardware wallets have clear security policies and tailored security features that make it possible for them to communicate and store user private keys more securely.
WalletConnect, on the other hand, creates a safe, secured link between your wallet and DApp. With a shared key that only these two parties have, all data sent between the wallet and DApp is symmetrically encrypted. The main key isn’t shared with the bridge server, regardless of whether you scan a QR code or utilize a deep link with a mobile wallet. In other words, the key isn’t disclosed to any other parties, including the intermediary carrying out the secured transaction.
How to Use WalletConnect to Ensure the Safest Connection
Before validating the transaction, make sure the recipient address and transaction amount are accurate. In order to prevent the WalletConnect App from changing the transaction information and transmitting a fraudulent transaction, this is necessary. DApp developers have the option of hosting their own bridge servers or intermediates to completely protect themselves against fraud.
Additionally, after completing your transaction, it’s a good idea to disconnect your wallet from the DApp. Additionally, you need to confirm that the URL you are using to access the DApp is safe and reliable.
