Ease of use, efficiency, and safety are what WalletConnect offers for its users. These attributes contribute to the reason why many people have started using it in their system worldwide. There is no doubt that the popularity of WalletConnect is bound to increase from here onwards. It plays an important role in the crypto world, and with the increasing popularity of cryptocurrency in recent times such platforms are gaining more relevance in public sectors.
As one can probably tell by its name, WalletConnect is a platform that is developed in such a way that it joins and connects the decentralized apps with crypto wallets. It comes off as a surprise to many that people do not tend to make use of it as much as they should. It is a very useful app that can be very beneficial for those who need to get the hang of the crypto market. Although it would not be wrong if stated that it is possible to connect an Ethereum wallet with an Ethereum dApp, the only drawback that this might have is that it will lack the convenience and ease of doing one’s tasks.
To resolve the issue of lack of convenience and to bring about a better and more helpful way for the people is the platform’s main objective. Interoperability has been increased imminently because of the open-source protocol that WalletConnect has to offer for its users. This works in a way to join the gap and build a connection between a wallet and dApp with the use of QR scanning and/or deep linking. The end goal is to connect the user with a trusted and secure platform through their mobiles.
WalletConnect gives an individual one-tap access to the wide range of DeFi platforms and web Dapps. It acts as a convenient open-source tool that provides the feasibility of financial management to its users by connecting an individual's mobile wallet to decentralized applications. Therefore, individuals should opt for wallet connect for their routine activities. It will help them to manage their financial resources through their mobile phones or computers, which further increases the convenience for the users.
The communication that takes place between a web frontend and mobile wallets happens with the help of a bridge server. The purpose of the bridge server is the transmitting of messages, however, they are programmed in a way that the message cannot be read and remains anonymous. Every piece of information and data is encrypted via session data using the QR code or through the deep link between the wallet and dApp.
Some people might find it interesting that in order to attain the maximum level of the open-source protocol, wallet connect provides no active token that has to be utilized. The reason for this is that the protocol does not operate on a blockchain hence it will be unnecessary of having a native asset. In addition to this, no charges are applied when one is making use of this protocol. This is considered to be an effective yet interesting approach that has the potential to bring a positive change in the industry.
There are multiple ways in which one can interact with dApp, a few of them are using an extension like Metamask, or via a mobile wallet, even Ethereum browsers like Cipher and Status can also do the job. The only drawback of this is that the funds remain on only one platform, making it hard to switch from mobile to a desktop. Exporting a recovery phrase may cause severe security implications as well. This is not the case with WalletConnect. All a user needs is one device, such as a mobile wallet to keep their funds. This will enable that device to interact with any dApps on multiple platforms, including a desktop. It keeps the funds where they originally were and still provides the user with the option to switch between different dApps.
With this app, the signature that is needed after a transaction has to be entered through the WalletConnect app on your phone. The things that you need to keep an eye out for are to make sure and double-check whether the transaction that is being sent is to the right person (intended recipient). Furthermore, one needs to keep in check the fact that the transaction is not being changed and being submitted a wrongful payment (intentions of sending the funds to malicious sources) back. This is completely dependent on the security app one uses.
Moreover, it keeps the user’s password safe and does not share it with MyCrypto. But it should be taken into account that hardware wallets are far safer and more trustworthy than mobile apps, the reason being that these hardware wallets have a very intricate and well-developed security-oriented-hardware. This enables the user to have full trust in it and maintain an easier interaction with the user’s private keys. Many reported incidents of cyber-attacks and fraud over digital crypto wallets have raised concerns about the safety and security of an individual's digital assets. Hence, platforms like WalletConnect come in handy to counter this issue.
To conclude, it is clear that WalletConnect has a lot of benefits to it. It has proven to be a useful source for many and has enhanced convenience, ease of use, and interactivity for its user. The regular users of crypto can use WalletConnect in their daily routines, ensuring a hassle-free transaction and conversion of different digital assets. Many users are hopping on the bandwagon of WalletConnect, as the platform provides the desired level of security and reliability in the crypto market.