DeFi Wallets

WalletConnect: Open protocol for connecting Wallets to Dapps

Pinterest LinkedIn Tumblr

WalletConnect is an open protocol that links wallets to decentralized applications(dApps) using QR code scanning or deep linking. A user can securely interact with any decentralized app through their mobile devices. This makes WalletConnect wallets the most secure option, unlike the desktop or wallets that rely on browser extensions.

Please keep in mind that WalletConnect is not classified under the applications category but rather a protocol that relies on various decentralized applications and wallets. All you need to do is install any of the mobile wallets that support WalletConnect protocol, and you are good to go.

Supported Wallets & dApps 

Wallets: A good number of iOS and android wallets support the WalletConnect protocol. Scan a QR code from your desktop to start using a dApp on your mobile. Some of the wallets are: Trust, Argent, Metamask, Rainbow, Pillar, Walleth & Atomic Wallet.

Decentralized Applications: Some dApps that support WalletConnect are: Uniswap, Zerion, OpenSea, 3Box, Rarible & Gelato.

Advantages of WalletConnect

  • You can interweave through the decentralized applications without downloading any wallet to use on your desktop.
  • It is secure since the connection is always encrypted.
  • Exposure to a new user within the blockchain is more friendly and offers easy access to dApps interaction.
  • It is open-source software; therefore, anyone is eligible to take part in improving development.

WalletConnect establishes a link between two devices. Here, it asks for a connection by one peer and responds to that connection.

How to request a connection

  1. The decentralized app asks a link by posting an encrypted payload
  2. The association then details to the bridge server
  3. For the establishment of a connection, WalletConnect’s standard uniform resource identifier format is put into action. 

Steps to setting up a connection

  1. The other peer confirms the uniform resource identifier using the QR code.
  2. It then deciphers the connection request payload.
  3. The wallet shows the user request details offered by the decentralized app.
  4. It will either approve or reject. If there is a rejection, the bridge will be disconnected, and if approved, the decentralized application will receive the offered account from the wallet.

Setting up the WalletConnect

Before you begin, you may need a virtual mobile wallet. You can download it from the Google Play Store app. After downloading it, follow these steps:

  1. From your desktop browser, visit https://example.walletconnect.org/ Click on “Connect to WalletConnect.”
  2. A QR code will then be displayed. The code is scanned through a different device to interact with the decentralized application on the desktop.
  3. You then go to Trust Wallet on your phone. Click on the Collectibles option, then it will display the QR code scan, and below it, you will see “WalletConnect.” Prompt it to scan the QR code.
  4. After that, a message will pop up and prompt you to approve. Click on “Approve.”
  5. Your mobile device is now connected with WalletConnect, and it will show the necessary information. 
  6. You will then be able to see your balance and actions from the desktop.

Conclusion

The ability to make a mobile wallet with decentralized apps on desktop interactive makes WalletConnect unique. It is also easy to use. Furthermore, it can be built by any developer. In case you would like to connect, WalletConnect is available on Twitter, Telegram, Reddit, and YouTube. Join the forums and contribute in any way you think would be useful to the community.

Write A Comment

chainlink
Chainlink (LINK) $ 20.60
yearn-finance
yearn.finance (YFI) $ 24,808.00
ethlend
Aave [OLD] (LEND) $ 2.07
uniswap
Uniswap (UNI) $ 17.33
havven
Synthetix Network Token (SNX) $ 6.35
uma
UMA (UMA) $ 10.84
compound-governance-token
Compound (COMP) $ 221.38
maker
Maker (MKR) $ 2,626.53
wrapped-nxm
Wrapped NXM (WNXM) $ 65.27
0x
0x (ZRX) $ 0.897482
loopring
Loopring (LRC) $ 2.20
republic-protocol
REN (REN) $ 0.746513
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.45
numeraire
Numeraire (NMR) $ 37.64
band-protocol
Band Protocol (BAND) $ 6.20
terra-luna
Terra (LUNA) $ 68.00
yfii-finance
DFI.money (YFII) $ 2,829.82
sushi
Sushi (SUSHI) $ 5.92
balancer
Balancer (BAL) $ 16.50
thorchain
THORChain (RUNE) $ 8.67
reserve-rights-token
Reserve Rights Token (RSR) $ 0.037608
ampleforth
Ampleforth (AMPL) $ 0.925412
nest
Nest Protocol (NEST) $ 0.007973
serum
Serum (SRM) $ 4.33
keep-network
Keep Network (KEEP) $ 0.744702
augur
Augur (REP) $ 17.55
curve-dao-token
Curve DAO Token (CRV) $ 3.80
kava
Kava (KAVA) $ 4.04
bancor
Bancor Network Token (BNT) $ 3.50
just
JUST (JST) $ 0.062828
gnosis
Gnosis (GNO) $ 411.51
force-protocol
ForTube (FOR) $ 0.070151
cream-2
Cream (CREAM) $ 29.87
melon
Enzyme (MLN) $ 91.19
tellor
Tellor (TRB) $ 38.91
akropolis
Akropolis (AKRO) $ 0.025927
aurora-dao
IDEX (IDEX) $ 0.278038
nectar-token
Nectar (NEC) $ 0.115536
bzx-protocol
bZx Protocol (BZRX) $ 0.284156
airswap
AirSwap (AST) $ 0.336710
switcheo
Switcheo (SWTH) $ 0.010846
orion-protocol
Orion Protocol (ORN) $ 6.65
dforce-token
dForce Token (DF) $ 0.156668
meta
mStable Governance Token: Meta (MTA) $ 1.05
pnetwork
pNetwork (PNT) $ 1.03