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What Is WalletConnect? The Ultimate WalletConnect Guide

2022-08-01 07:18:35

HODLing isn't the only thing you can do with your cryptocurrency nowadays, thanks to dApps (decentralized apps). Decentralized finance, gaming, and markets are just some options available. An essential step in using an Android dApp is linking your wallet and allowing the app to make signed payments. WalletConnect is one way to accomplish this.

WalletConnect is a bridge between Decentralized Applications (dApps) and crypto wallets. To send transaction requests to your Wallet, the dApp will need your approval through WalletConnect once you've granted a connection request from the app.

WalletConnect

WalletConnect is the Web3 communications protocol that allows wallets and apps to communicate securely, and it was co-founded in 2018 by CEO Pedro Gomes. Interoperability between devices and Web3's fast-emerging products and experiences has been made possible through more than 170 different wallets and 450 applications. It was in March 2022 that Union Square Ventures and 1kx led WalletConnect's Series A investment of $11 million to build out a messaging layer for Web3.

Why should you use WalletConnect to connect to dApps?

Until recently, Ethereum developers had to create separate integrations for each Web3 crypto wallet to allow users to log in.

The early adopters of new wallets were penalized as a result of this. MetaMask, the default wallet, monopolized the Ethereum ecosystem because developers were reluctant to create niche wallets with limited user bases.

WalletConnect solved this problem by allowing consumers to access 300+ different wallets for the price of one. More than 300 dApps, including some of the most popular ones like Uniswap, OpenSea, and Etherscan, already support WalletConnect as a login option.

By making it simple for developers to make their apps available to people using a variety of wallets, WalletConnect has sparked an explosion in wallet design and functionality. This protocol embodies the spirit of cryptocurrency's decentralization and openness to new possibilities in the lives of its users.

How to Use Walletconnect?

Connecting to a dApp via WalletConnect is different on mobile and desktop browsers. On the other hand, both are straightforward and won't require much time. Go back to the beginning and attempt all the steps again if you're having trouble connecting. Before following the steps, ensure your wallet is compatible with WalletConnect.

1. Open the dApp

To connect to a dApp, open it up in a new tab. We'll utilize PancakeSwap as an example. You should be able to find a [Connect] button in the upper right corner of most dApps.

2. Connect with WalletConnect

On desktop browser:

Using a desktop browser, click the [Connect] button. A pop-up window will present that gives you various options for linking your wallet. To get a QR code, click [WalletConnect].

On mobile browser:

Use your WalletConnect-equipped mobile wallet to scan this QR code. We'll use ViaWallet (upgraded to CoinEx Wallet) to connect in this case.

3. Give permission to WalletConnect

Go to the top right scan icon in ViaWallet on your phone. Press it, scan the QR code and give permission to connect with the PancakeSwap.

While using WalletConnect, look at how to confirm transactions. In PancakeSwap, let's assume, set up an easy conversion from BNB to BUSD. Click [Confirm Swap] once I've double-checked everything.

You'll be prompted to confirm the transaction in a pop-up window in your wallet. Make sure your transaction is correct before pressing the "Confirm" button on your screen.

Compatibility of WalletConnect:

Compatible dApps

  • Etherscan
  • Uniswap
  • OpenSea
  • Curve
  • dYdX
  • ...

Compatible wallets

  • MetaMask
  • Rainbow
  • Trust wallet
  • Uniswap Wallet
  • Viawallet (upgraded to CoinEx Wallet)
  • ...

*Coinbase Wallet doesn't support connecting with WalletConnect.

Compatible chains

Using WalletConnect with the BNB Chain is impossible. It supports Ethereum, Cosmos, Polkadot, Near, Solana, or Celo chains, and there is no limit to the number of chains that WalletConnect may link a wallet to at once.

WalletConnect supported dapps and wallets

Is WalletConnect Safe to Use?

Yes! A symmetric key is used to encrypt data exchanged between dApps and wallets. These two organizations can only obtain this key. The wallet receives the key straight from the dApp. There are no intermediaries, whether consumers scan the QR code or link directly to a desktop wallet.

The server does not get the key needed to decode the information while a public bridge server handles the info. In addition, developers can host their bridge servers to provide complete security for themselves. WalletConnect doesn't need your seed or recovery phrase to log in to a dApp, which is a great feature.

WalletConnect provides its customers with convenience, efficiency, and security. This is why so many individuals throughout the world have started implementing it into their systems. Without a shadow of a doubt, WalletConnect's popularity will soar from here on out. A significant part of the crypto world, and with the rise in popularity of Bitcoin, such platforms are becoming more relevant in the public sector.

In the DeFi dApp community, WalletConnect is a well-liked utility. It just takes a few minutes to understand, but once you do, you'll be able to use a wide range of services. WalletConnect makes it possible to utilize dApps on the move, even if you don't have a smartphone with a Bitcoin wallet installed.

FAQs

1. Is WalletConnect an App?

There is no WalletConnect app. You can use those supported wallets to connect with WalletConnect by scanning the QR code.

2. Will WalletConnect ask for a seed phrase or private key?

WalletConnect won't ask for your private key. Any website that asks for a private key is a scam. WalletConnect.com is the only official WalletConnect website.

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