Cryptocurrencies are becoming increasingly popular. To access and use the functions of decentralized applications (DApps), users need a wallet-compatible blockchain. Integrating multiple cryptocurrency wallets in every application is a difficult task. Therefore, WalletConnect serves as a bridge that easily connects blockchain wallets with multiple DApps.

What is WalletConnect?

WalletConnect is an open source protocol that helps implement established connections between different cryptocurrency wallets and DApps. The protocol establishes a remote, encrypted connection between the wallet and the application. WalletConnect uses keys to develop a symmetrically encrypted connection. Simply put, WalletConnect forms a bridge, connecting any mobile wallet to a decentralized web application.

With WalletConnect, users can connect over 170 WalletConnect-compatible wallets, like MetaMask and Trust Wallet, to over 450 DApps, like Uniswap and Aave. This connection between DApps and wallets is initiated when a person scans a QR code using the standard WalletConnect URI and is established when the partner approves that connection request. When WalletConnect is integrated into a specific DApp, creating a secure and trusted connection becomes easier. This is much more secure than implementing MetaMask or any other cryptocurrency wallet.

WalletConnect 2.0 features

WalletConnect 2.0 promises infrastructure improvements over v1.0 features:

  • Chain Agnostic: WalletConnect 2.0 will be able to work on any blockchain.

  • Multi-chain: WalletConnect 2.0 enables multi-chain integration — meaning the protocol not only supports different chains, but also allows users to connect one wallet to multiple chains simultaneously.

  • Decentralized messaging service: Encrypted wallet-to-wallet messaging will give users control over who can send messages to their wallets. Recently, WalletConnect teased Web3Inbox, a wallet-to-wallet exchange.

  • Push notification: WalletConnect 2.0 will have push notification features to notify users of incoming transactions.

Some wallets compatible with WalletConnect:

  • Metamask

  • ‍Rainbow

  • ‍Crypto.com DeFi Wallet

  • ‍Argent Wallet

  • ‍Gnosis Safe MultiSig Wallet

  • Trust Wallet

  • Ledger

Is WalletConnect safe?

Mobile apps are generally not as secure as hardware wallets. Hardware wallets often come with specific security solutions that allow for more secure storage and interaction with users' private keys.

However, WalletConnect establishes a secure, encrypted connection between the user's wallet and the DApp. All information transmitted between the wallet and the DApp is symmetrically encrypted using a shared key that only these two parties own. Whether you scan a QR code or use a mobile wallet link, the master key is not shared with the bridge server — meaning the key is not leaked to any third party, including the intermediary performing the transaction. secure translation.

Instructions for using WalletConnect

Enter a dApp that supports WalletConnect. The DApps and wallets chosen in this guide are Uniswap and Rainbow. Click “Connect wallet” to get started.

Next select WalletConnect from the options displayed. A QR code will pop up on the screen. WalletConnect defaults to users logging in through a mobile wallet. Therefore, if planning to use a desktop wallet, click on “Desktop”.

Open your wallet on your phone. Select the empty square icon on the top right as shown below, scan the QR code. If this icon does not exist, go to settings and find “Scan QR code”.

So you have successfully logged in to the dApp through your wallet.

Conclude

WalletConnect is a popular product that has especially become a boon to the world of DeFi DApps. It simplifies the confusion and complexity involved in connecting different wallets with DApps that support multiple chains. Additionally, WalletConnect's upgrade to v2.0 will provide an even more user-friendly interface.

With cryptocurrency wallets becoming increasingly popular and complex, WalletConnect provides a one-stop solution for users to securely perform cryptocurrency transactions and create interaction between any DApp and any wallet.