The popularity of cryptocurrency applications is growing, and users must understand how Walletconnect works in order to access and use the functions of these decentralized apps (DApps). This Walletconnect review will explain how Walletconnect acts as a bridge to connect blockchain wallets to multiple DApps.
WalletConnect is an open-source protocol that aids in the implementation of established connections between various crypto wallets and DeFi DApps. The protocol connects the wallets and apps via a remote, encrypted connection.
You can check out this great article on What are Decentralized Applications.
It creates a symmetrically encrypted connection between two peers by using a shared key. Simply put, Walletconnect serves as a link between any mobile wallet and any decentralized web application. Walletconnect was founded in 2018, and its headquarters are in Switzerland.
Users can use WalletConnect to connect over 170 WalletConnect-compatible wallets, such as MetaMask and Trust Wallet, to over 450 DApps, including Uniswap and Aave. When one peer scans the QR code (or deep link) with a standard WalletConnect URI, the connection between DApps and wallets is established when the counterparty approves such a connection request.
When WalletConnect is integrated into a DApp, it becomes easier to establish a reliable and secure connection. This is far safer than installing MetaMask or any other cryptocurrency wallet.
How Walletconnect works
WalletConnect allows you to improve transaction security without disclosing any personal information about the parties involved. In comparison to browser extensions, this protocol is much more private and secure.
WalletConnect’s Mobile Linking technology is used to connect crypto wallets or DApps. This feature allows DApps and WalletConnect-compatible wallets to communicate with one another. Because there are several steps involved, the protocol’s actual process may differ slightly between web and mobile browsers.
Consider a connection between a DApp on a website browser and a crypto wallet on a smartphone to demonstrate the mechanics of WalletConnect.
The first step is to go to the DApp’s official website and look for the option to connect a crypto wallet. Then, select the option to connect a crypto wallet and WalletConnect as the facilitator. Following that, a QR code will be generated.
You can then go into the connected crypto wallet app and access the settings menu. To create a new connection, select WalletConnect from the menu. Then, scan the QR code on the browser. Following that, the protocol will redirect you to the DApp and give you the option to connect or link the previously accessed digital wallet.
After that, you can begin a transaction. To do so, select the option you want to trade and the number of tokens you want to swap. For example, if you want to exchange ETH for BNB, simply enter the number of ETH to exchange.
The final step is to validate the swap. When the price of an item in a transaction changes, you will receive an alert and must click Accept. Please keep in mind that transactions can take several seconds to complete.
When the transaction is complete, disconnect WalletConnect from the selected crypto wallet. The Disconnect option is located in the top right corner, next to the wallet icon. If you do not use a website browser and instead make a transaction with your smartphone, the process may be shortened and may not include scanning the QR code.
Walletconnect review: How to use Walletconnect
Connecting DApps with WalletConnect is a simple and quick process. The process, however, differs depending on whether you’re using the Walletconnect desktop extension or the mobile app.
Before you begin, make sure the DApp you’ve chosen supports WalletConnect. With this Walletconnect review, you’ll understand how to use Walletconnect with Trust Wallet. Follow these four steps to get started with WalletConnect in your DApps:
Select a Compatible DApp
Choose a DApp that is Compatible
In your mobile or desktop browser, open the mobile or web DApp to which you want to connect. Check that WalletConnect is compatible with the DApp in question.
Connect Your Wallet
While we’ll use Uniswap as an example, almost all DApps on Ethereum today have a Connect Wallet option (or similar). Choose this option with your wallet. If your DApp supports it, you’ll be able to connect using WalletConnect.
Walletconnect for Desktop
Select WalletConnect and use your wallet to scan the QR code that’s displayed.
Walletconnect for Mobile
If you’re using a mobile browser, you’ll see an option to choose your preferred wallet after selecting the WalletConnect option in your DApp. Choose your preferred wallet to connect from the list that appears.
Authorize the DApp
When you scan the QR code, your preferred wallet will open. A pop-up will appear asking you to approve the connection to the selected wallet. After you authorize the connection, the DApp will be able to access and interact with your wallet.
The DApp can now be used to withdraw your tokens from your wallet, up to the limit set by you.
You have now been connected and are ready to use WalletConnect on your DApp. When you make a transaction within the DApp, a pop-up will appear requesting your approval.
After reviewing the transaction details, click Confirm Swap. Then, in your wallet, a pop-up window will appear asking for your transaction confirmation. After reviewing the information, simply click Confirm.
With these steps any user can connect DApps to WalletConnect via its relay server, ensuring the most secure and encrypted transactions.
Walletconnect API is easy to use and navigate and includes all necessary tools in its API. Walletconnect comprises four core components and associated APIs:
- Sign: is a remote signer protocol that allows web3 wallets and Dapps to communicate securely.
- Auth: Auth is an authentication protocol that can be used to log into apps using blockchain wallets.
- Push: A push notification protocol that allows apps to notify users of off-chain and on-chain events.
- Chat: Chat is a direct messaging protocol that allows wallets to communicate with one another.
Walletconnect review: Walletconnect Compatible Wallets
Walletconnect continues to expand the interoperability of the Web3 space by providing the best tooling and infrastructure for Wallets to deliver an outstanding user experience. Walletconnect supports over 170 wallets. This Walletconnect review displays some of the Walletconnect compatible wallets which include:
- Rainbow Wallet
- Trust Wallet
- Argent Wallet
- Safe Wallet
- Spot Wallet
- Bitkeep Wallet
- Bitpay Wallet
You can check out this great article on What Wallets are Compatible with Walletconnect.
Is Walletconnect Safe?
WalletConnect creates a secure, encrypted link between your 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 have.
The primary key is not shared with the bridge server, whether you scan a QR code or use a deep link with a mobile wallet I.e., the key is not leaked to any third party, including the intermediary carrying out the secured transaction.
To further improve your safety
- Before confirming any transaction, double-check the recipient address and transaction amount. This is to ensure that the WalletConnect App is not tampering with the transaction details in order to send a malicious transaction.
- It’s also a good idea to disconnect your wallet from the DApp once you’ve completed your transaction. You must also ensure that you are using a secure, trusted URL to access the DApp.
Walletconnect review: Bottom line
This Walletconnect review displays a well-known, distinct product that has proven to be a boon to the world of DeFi DApps. It reduces the confusion and complexity associated with connecting various wallets to DApps that support multiple chains. Furthermore, the WalletConnect v2.0 upgrade will provide an even more user-friendly interface.
With cryptocurrency wallets becoming more popular and complex, this Walletconnect review provides a one-stop solution for users to securely conduct crypto transactions and interact with any DApp and any wallet.