A crypto wallet plays a crucial role for users who want to interact with Web3 applications. Additionally, crypto wallets serve as entry points for users to use decentralized apps (dApps) on Ethereum-based blockchains. However, various blockchain wallets are present nowadays; programmers find it difficult to support these wallets in their dApps due to the programming requirements. This is where WalletConnect comes into the scene.
WalletConnect offers a solution that helps the developers to link dApps and wallets effortlessly. In this article, let’s understand WalletConnect in depth.
What is WalletConnect?
WalletConnect is a single-integration and open-source protocol. Developers can use WalletConnect to let users from 166 wallets to log into decentralized applications they have developed. These programs, commonly known as dApps, are hosted on decentralized networks like the Ethereum Virtual Machine.
Since WalletConnect is open-source, no private keys are ever disclosed, and the connection is secured. Additionally, anybody can help build it or include it in their dApp.
Features of a WalletConnect
- Chain agnostic:
As of now, WalletConnect supports a wide range of various chains. This implies that WalletConnect can be used, for example, when working with Ethereum or Solana. WalletConnect’s official website also states that the protocol will eventually be expanded to allow even more chains.
- Multi-chain integration:
In addition to the protocol supporting several chains, it also allows multi-chain integration. This implies that the wallet may be concurrently connected to several chains.
- Platform agnostic:
Moreover, WalletConnect is platform-independent. This implies that the protocol can be used on multiple platforms, including desktop, browser, mobile, and gaming software.
How to use a WalletConnect (on both Desktop and Mobile dApp)?
Following are instructions on using WalletConnect on desktop and mobile dApps:
Step 1: Open an appropriate dApp
Choose the dApp you wish to use on your desktop or mobile browser.
Step 2: Link Your Wallet
Today, almost all dApps on Ethereum have a ‘Connect your Wallet’ feature or a similar option. So use your wallet and choose this option. You will be able to link via WalletConnect If the dApp supports it.
On Desktop – After choosing WalletConnect, scan the displayed QR code with your wallet.
On Mobile – If you’re running a dApp on your mobile browser, you’ll get an option to “Choose your preferred wallet” after selecting the WalletConnect option in the dApp. Then, you are only required to tap on the icon next to the wallet you want to connect to.
Once your wallet is opened, you may proceed to authorize the dApp.
Step 3: Authorize dApp.
Your wallet will then send you a notification asking for your permission to connect to your wallet.
When you give a dApp authorization, you provide access to your wallet and the ability to withdraw assets (i.e., tokens) up to the specified limit.
dApp authorization can be withdrawn at any moment.
Step 4: Confirm the transaction
You will be linked, and now the WalletConnect should be accessible to you.
When you use the dApp to perform a transaction, a popup will display in your wallet asking for your consent to make the transaction.
You should pay network fees (“gas”) as with any other transaction.
If you don’t intend to use the dApp anymore after that, don’t forget to disconnect your wallet from it.
Quick tips for securely using WalletConnect
Your connection to a dApp is secured when you use WalletConnect, and your private key is never disclosed. But security issues still need to be addressed.
Here are some tips for enhancing user security:
- Verify that you are using the genuine dApp.
By looking at the URL, you can be sure you’re using the actual dApp. Attackers have been known to fabricate bogus websites in an effort to steal your tokens.
Avoid hitting the first link in your search results (mainly if it’s a paid advertisement); this is another strategy to lower the danger.
- Limit the quantity of tokens that can be approved.
Unfortunately, dApps frequently request your permission to possibly withdraw an almost infinite quantity of tokens from your wallet. This is because they want to simplify the experience by minimizing the number of transactions you make.
Is WalletConnect safe to use?
Yes! Data is symmetrically encrypted before being transported between dApps and wallets with a key that only these two entities have.
The dApp sends the key directly to the wallet. There are no middlemen, whether consumers opt to deep connect via a desktop wallet or scan the QR code.
A public bridge server handles the information transfer between the two, but the server is not given the key that is required to decode the data. Additionally, developers have the option of hosting their own bridge servers for total security.
The brilliance of this design is that WalletConnect can log in to a dApp without requiring your recovery phrase or seed.
WalletConnect is a well-liked tool in the DeFi DApp community. It simply takes a few minutes to learn how to use, giving you access to a wide range of services. In addition, WalletConnect is a helpful tool for accessing DApps while on the go as crypto wallets become increasingly more portable.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.