WalletConnect Protocol Review 2023 : Features And Safety

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WalletConnect Protocol Review 2023 : Features And Safety

I this WalletConnect review for 2023. We will take you through an overview of the most popular communications protocol for Web3.

WalletConnect is a kind of API that connects your cryptocurrency wallet to decentralized applications (dApps). This allows you to use your crypto assets no matter which wallet you use and which dApp you want to use.

So, let’s dive into this WalletConnect Review to help you work out whether WalletConnect is the right crypto wallet for you.

walletconnect-review
Source : WalletConnect

WalletConnect is sometimes mistakenly thought of as an app, when in fact it’s a protocol for connecting apps and your wallet. Because it’s open-source, it’s more of a standard than any other wallet out there.

The problem it solves in the market is that many crypto-currency wallets can’t do anything other than store and send or receive your crypto-currency assets.

Whereas on dApps, you need to access a wallet to do anything: think of exchanging or staking your crypto assets.

These were more or less separate universes, which have been linked by WalletConnect Protocol.

When we say wallet, we’re not just referring only to the WalletConnect browser extension, but also to hardware wallets like Ledger.

The applications in question are not only financial Web3 applications, but also Web3 games.

Is WalletConnect Useful for Users Or Developers?

As a user, since WalletConnect, you have more choice in choosing the crypto-currency wallet that’s right for you. Before WalletConnect, you couldn’t always connect every wallet to every dApp.

For developers, it was also difficult: they had to hard-code support for all these wallets. WalletConnect now takes care of this for them.

What Wallets are engaged in the WalletConnect protocol ?

WalletConnect support more than 300 wallet in there official platform, Some of them are browser extensions like :

You can find all WalletConnect supported wallets here

WalletConnect features : 

Feature Description
Sign API Allows dapps to request that the user sign a transaction or message, enhancing security and trust in blockchain interactions.
Auth API Enables dapps to verify wallet address ownership through a single signature request, simplifying user authentication and login processes.
Chain Agnostic Designed to work seamlessly with any blockchain, eliminating the need for separate integration code and ensuring compatibility with multiple blockchain networks.
Source : WalletConnect

Why use the WalletConnect Protocol?

You have ethereium on your metamask wallet and you want to get the return on your defi application. you use Walletconnect to connect the two.

You want to exchange cryptos on pancakeswap in your browser. the cryptos in question are on your Trustwallet application. connect them to WalletConnect and you’re ready to go. 

Is WalletConnect a Safe Protocol?

Even if you want to make the least change on your wallet , WalletConnect does not have the permission to do so . For example if you want to connect your wallet and a decentralized application In this case you should give permission for every transaction you make. Meaning Wallet connect is a safe protocol ?

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