Many innovative solutions in the cryptocurrency world can genuinely make a difference. On paper, WalletConnect is one such solution with tremendous potential. Connecting wallets to dApps can open an entirely new world of interoperability.
The WalletConnect Vision
As the name suggests, WalletConnect is designed to bridge the gap between decentralized applications and cryptocurrency wallets. It may seem odd that this type of functionality isn’t more commonly used than it is today. At the same time, it is often possible to connect an Ethereum wallet to an Ethereum dApp, albeit the convenience may leave somewhat to be desired at times.
Changing this narrative is the main order of business. WalletConnect’s open source protocol nature has tremendous potential to boost interoperability. Forging a connection between a wallet and dApp can be done through QR code scanning or deep linking. Ultimately, the goal is to make users interact with any dApp in a secure manner via mobile. Replacing desktop and browser-based solutions will be a tall order.
How Does it Work Exactly?
All of the communication between a web frontend and mobile wallets occurs through a bridge server. This server transmits messages, yet is never able to read the content. All information is encrypted through session data from the QR code or the deep link between wallet and dApp.
Interestingly enough, WalletConnect has no native token that needs to be used to achieve the full potential of this protocol. As the protocol doesn’t run on a blockchain, it is unnecessary to have a native asset. More importantly, there are no fees associated with using this protocol. A very interesting approach that can transform the industry for the better.
Growing List of Supported Wallets and dApps
It is remarkable to note how many wallet developers have already integrated WalletConnect support. Popular names include Argent, imToken, Metamask, Coinomi, Atomic Wallet, and many others. Through these solutions, users can effectively begin experimenting with dApps with relative ease.
On the dApp front, things are progressing nicely too. Uniswap, MakerDAO, Binance DEX, 1inch Exchange, Loopring, Rarible, and many others native accept these types of connections. There are still plenty of wallets and dApps to be added, but for now, WalletConnect is making everyone’s lives a bit easier.