WalletConnect makes it easy for you to connect dApps to your mobile or desktop wallets. Let’s start with the misconceptions; WalletConnect is not a Decentralized Application (dApp) but an open-source protocol that enables you to connect different supported dApps to your wallet.
With that out of the way, WalletConnect is a vital tool for the Decentralized Finance (DeFi) ecosystem because it increases the interoperability of dApps that you can use with your mobile and desktop wallet.
Let’s change another misconception you might have about WalletConnect; “how do I install Walletconnect?” WalletConnect is not an app like we stated earlier, so you don’t need to install it. All you need is to download a mobile or desktop wallet that supports the WalletConnet protocol. You can check if your wallet supports the WalletConnect protocol here.
Using WalletConnect, there are two ways to connect decentralized applications to your mobile wallet; through QR code scanning or deep linking.
How to Use WalletConnect
There are just four steps to walk to use WalletConnect on your mobile or desktop wallet.
Step 1: Open the compatible dApp you want your wallet to connect to. Click the “connect” button; the location of the “connect” button might differ based on the dApp, but most are placed at the top right corner.
Step 2: The next step is to connect your wallet. As stated earlier, you can connect either using deep linking or QR code scanning for both desktop or mobile.
For mobile or desktop wallets, select WalletConnect in the dApp, then use your desktop wallet to scan the QR code displayed on the dApp. You can also select the image that corresponds to your wallet on the dApp drop-down menu. Either way will get the job done.
Step 3: Authorize dApp. You will receive a notification from your wallet (mobile or desktop) asking for approval for the connection of the dApp to your wallet. Allowing a dApp means you permit it to access your account and conduct transactions. However, you can withdraw the authorization for dApps at any time.
Step 4: The last step is to confirm transactions. When you make a transaction with a dApp, a popup will appear asking for your approval for the transaction. Note that there will also be a gas fee associated with making a transaction in your wallet, as with every other transaction.
What are the Security concerns with Using WalletConnect?
First, you should know that using WalletConnect is secure. When you use WalletConnect, your connection to a dApp is encrypted, and no one can gain access to your private key. The main security issue with using WalletConnect is connecting a cloned version of a dApp. Using a faked or cloned app is a common approach used by attackers. Therefore on your path, all you have to ensure is that you are using the right dApp, and then you don’t have to bother about the security of your wallet.
If you’d like to dive deeper into WalletConnect, the team has a fully featured webpage with documentation that can be accessed by going to; https://docs.walletconnect.org/