What Is WalletConnect? What NFT Buyers Must Know About This Web 3 Standard

WalletConnect is the next-generation protocol for connecting a crypto wallet with any Dapp on any blockchain. It facilitates multi-blockchain transactions without chain switching. 

Cryptocurrency wallets are the gateways to decentralized apps (Dapps) developed on blockchain networks like Ethereum. Furthermore, Wb3 apps will also require you to connect a crypto wallet with the app so that you can interact with it. 

Since the number of blockchains is growing, so do the dedicated wallets. At some point, it becomes confusing for both the Dapps developers and users to remember the compatibility of wallets with Dapps. WalletConnect emerges as the universal solution to the crypto wallet and Dapp connectivity.

The WalletConnect protocol will help you secure your crypto assets while treading the Web3 universe. It’s also useful to understand how it works if you’re buying NFTs or using Web 3.0 wallets.

What Is WalletConnect?

WalletConnect lets you easily and quickly sync your crypto wallet on a smartphone with Dapps like OpenSea on a computer web browser and make secure transactions. 

You don’t need to share the private wallet key with the Dapp through the internet. Therefore, interception and hacking are virtually impossible. Also, you don’t get surprised just before making the transaction that a certain Dapp doesn’t support your crypto wallet. 

If the Dapp and wallet show the WalletConnect logo, then you are good to go. Since this Dapp to wallet pairing protocol is open-source and Web3 ready, most developers prefer using it. So, you’ll find an increasing number of Dapps (>100) and digital wallets (>100) talking to each other through WalletConnect.

WalletConnect makes blockchain and Web3-based app development easier than ever. It offers a cross-platform software development kit (SDK) for Android, iOS, and web browsers. Dapp developers can easily attract the global crypto investors by building their apps using WalletConnect’s development tools, because:

• Integration requires a few lines of code.
• SDKs are available for leading programming languages like JavaScript for web apps, Swift for iOS apps, and Kotlin for Android apps.
• More than 150 wallets support the WalletConnect protocol, and hence you can expect traffic from all these wallet providers.
• Your wallet’s usability also increases since 163 Dapps also hosts the same protocol.           

Why Should You Use WalletConnect?

Whether you use Dapp for crypto transactions or develop Dapps and wallets, the reason to use WalletConnect is simple; it’s convenient and easy to use. Here are some more reasons that you should know:

1. There is no need to use any browser extension from the user’s end since the protocol directly connects Dapps with wallets. 
2. Developers only need to integrate one protocol in their Dapps or wallets. There’s no requirement for manual integration of every wallet or Dapp.
3. You don’t get caught up in between strategic transactions because of Dapp and wallet sync expiring. Connect once and make millions of transactions without going through the process of re-authorizations.
4. WalletConnect is user-friendly and doesn’t exhaust you with technical steps. It’s as simple as connecting your WhatsApp mobile with your PC web browser. All you need to do is scan a QR code or use a deep link. Deep links send you to an app instead of a website.
5. Since it’s an open-source protocol, developers don’t need to pay to use its SDK for Dapp or wallet integration. Also, Dapps and wallets don’t need to pass on the fee to their consumers. Hence, the cost of Dapps or wallets usage decreases substantially.
6. It uses the Waku communication layer. It’s a decentralized financial messaging system based on Web3. Hence, wallets or Dapps don’t need to depend on a centralized server to communicate the transaction messages.
7. WebConnect sends many digital signals in the form of a single complex signal to increase internet bandwidth capacity. Thus, it’s the perfect protocol for scaling up decentralized finance (DeFi) apps, Dapps, and wallet apps.
8. WebConnect also utilizes smart caching technology to deliver error-free transaction messages in most congested networks.
9. It breaks you free from the restraints of platform-specific services. Transact on or interact with Dapps on any platform like smartphones, desktops, web browsers, gaming apps, and so on.                

Is WalletConnect Reliable and Safe?

With WalletConnect, you don’t need to share the private key of your wallet over the internet or through messaging platforms. Thus, there is virtually no risk of someone hacking that digital signal and stealing your coins. 

WalletConnect utilizes a Bridge server to connect two devices or two apps through a remote connection. Once the connection has been established, the protocol transmits symmetrically encrypted data between apps or devices.

To unencrypt and read the transaction message at the recipient’s end the app will need a decryption key. The decryption key isn’t transferred directly to the target app, instead, it’s shared between the apps. 

Then, through deep linking or QR codes, apps or peers can communicate to decrypt the final message. Hence, intercepting and decoding such partial deciphering codes is virtually impossible at the user level. 

Also, if you integrate WalletConnect with your Dapp, it enforces the incoming wallet app to comply with your marketplace’s login policies. Thus, being a marketplace manager, you ensure only legitimate crypto investors are entering the platform.

WalletConnect indeed comes with all the necessary security protocols that make it ready for the Web3 iteration of the internet. However, you also need to practice standard security measures like verifying the recipient’s identity and not connecting your wallet to devices you don’t own.       

How Does WalletConnect Work?

When Dapp/wallet app developer integrates their apps with WalletConnect, they create a dedicated pairing interface. The interface shows you a QR code when you initiate the Dapp and wallet sync. Once you scan the QR code using your wallet app, you create a bridge between two platforms.

The Dapp won’t be able to initiate transactions automatically when you merely set up a pairing. You also need to manually confirm the cryptocurrency buying or NFT coin minting transaction from your wallet app on the smartphone. 

Some Dapp interfaces may also show you a deep link with a standard Uniform Resource Identifier (URI) from WalletConnect. You need to copy the link and paste it into your web browser to access a native app and approve the pairing.     

How to Use WalletConnect

WalletConnect isn’t any app, it’s a message communication protocol for blockchain and Web3 apps. You may find apps online with the same name but they are simply fraudulent. Don’t install those apps or else you could end up compromising your cryptocurrencies. You don’t need to do anything extra to use WalletConnect. 

Let’s say that you’re visiting an NFT marketplace that supports WalletConnect to buy a Cool Cats NFT. Also, consider that your crypto wallet, say the Argent Wallet, supports the same protocol. Simply, head over to the Connect Your Wallet section of the marketplace and click on the WalletConnect logo. 

Now, use your wallet connect mobile app to scan the QR code and pair the wallet with your favorite NFT marketplace instantly. So, if you don’t see the name of your wallet as the supported wallet app for a Dapp platform but you know that both of them support wallet connect, you can easily transact without getting another wallet app.

Developers need to visit the WalletConnect documentation page to find the instructions for protocol integration. They can also get the required source codes from GitHub.   

WalletConnect Brings Ease of Use: The Final Word

WalletConnect isn’t an app you can install on your mobile or PC for NFT or crypto trading. It’s a communication protocol that connects Web3 apps, wallets, Dapps, and blockchains with each other so that you can securely transact in the cryptosphere. 

Additionally, devs can build easy-to-use Dapps for crypto enthusiasts using the SDK of WalletConnect. Now, the users only need to look for the WalletConnect logo in any Web3 app or Dapp to ensure that they can connect their wallets too.

Investing in crypto or NFTs isn’t limited to a marketplace and wallet app. You need to research the market with different tools. Here you’ll find the best NFT tools, especially useful for a new investor or buyer.