In this article, we explain this protocol, how the connection works, how to connect a wallet via WalletConnect, and how user security is ensured.
WalletConnect: Everything You Need to Know
WalletConnect is a protocol for integrating a cryptocurrency wallet with decentralized applications (dApps). The standard can also interact with Web3 and smart contracts.
Pedro Gomez launched WalletConnect Network in 2018 in collaboration with the Binance exchange. The protocol is open source, allowing developers from the community to contribute to its development.
The main task of WalletConnect is to connect a cryptocurrency wallet to a decentralized application through a secure encrypted connection. To do this, the user follows a link or scans a QR code. The connection can be managed through the wallet app, and after a certain period of inactivity, it is terminated automatically.
WalletConnect allows users to easily connect crypto wallets and apps without wasting time on complex integrations and without worrying about phishing or data leakage. Integration with this protocol is supported by dozens of popular wallets: MetaMask, SafePal, Ledger, Exodus, Bybit Wallet and others.
Benefits of WalletConnect
WalletConnect has several key benefits:
Multichain support. Through WalletConnect, a wallet can be connected to multiple networks simultaneously. This is convenient for those who work with two or more blockchains regularly.
Integration with multiple networks. The protocol works with Ethereum, Solana, Polygon, BNB Chain, Avalanche, Arbitrum and other networks. The list is constantly expanding.
Flexibility. The protocol adapts to any platforms, devices, and applications: mobile, desktop, and browser. There are ready integrations with cryptocurrency exchange wallets and independent services.
How to Use WalletConnect
Before you start connecting, you should make sure that both services to be connected support WalletConnect. To do this, find the «Connect Wallet» item in the application menu/settings and check if WalletConnect is in the list of available options. You can find out which cryptocurrency wallet is compatible with WalletConnect on the website.
The connection is done as follows:
The user finds the option to connect via WalletConnect in the dApp and selects this option to connect to the wallet in the menu.
The system generates a QR code for connection, which appears on the screen.
The user logs into the wallet and starts the connection. Depending on the service used, this can be done through the settings («WalletConnect», then «Add new connection») or through the main menu, if it has a QR scanning function.
After scanning the code, the app prompts to confirm the connection. Then the user can work with the application: confirm transactions, check the cryptocurrency wallet balance, etc.
You can terminate the connection both through the dApp interface and the wallet app. If you do not terminate the connection yourself, it will be terminated automatically after some time.
WalletConnect Security
WalletConnect provides users with an encrypted connection over decentralized channels. This means:
User data is transmitted directly without getting into the hands of intermediaries. In addition, the information is not stored on the protocol's servers, which eliminates data leakage.
Encryption guarantees transaction confidentiality. Private keys remain inaccessible to both the application to which the wallet is connected and to WalletConnect itself.
The user has full control. Any transaction requires confirmation from the wallet owner. The app cannot make independent debits or other transactions.
The connection is protected from unauthorized access. The protocol uses push notifications and decentralized messaging to ensure the security of cryptocurrency wallets.
The fact that the protocol is open source provides additional safety and security to the connection: WalletConnect is controlled and developed by the community. To ensure that the software works correctly, it is important to download the latest version of WalletConnect and use the official website.
Tips for Safe Use of WalletConnect
To increase the security of your connection, it is recommended that you:
Verify the reliability of the dApp before connecting. Make sure that the selected app is not fraudulent. Pay attention to the rating and reviews.
Verify the URL's correctness. When establishing a connection, you should ensure that the URL is correct and the connection is established with the official site.
Use secure wallets. A secure wallet is one key factor in protecting your funds from intruders. When choosing a wallet, it is recommended that you familiarize yourself with its reputation and the protection measures used.
WalletConnect in CryptoCloud
CryptoCloud merchants also have the option of accepting payments via WalletConnect. During the checkout process, the user can select this payment method.
The functionality is implemented by means of a special button on the payment page, which allows buyers to quickly scan a QR code and complete the payment.
CryptoCloud is a cryptocurrency payment system with a user-friendly interface, fast connection and low commissions (from 0.4%). Among the service's features:
AML transaction verification;
transfer of commission payments to the buyer;
auto conversion of incoming payments to USDT;
customization of the payment page and much more.
Integration of the service is quite simple, and the connection process from registration on the platform to accepting the first crypto payments takes only a couple of hours.
Working With WalletConnect
WalletConnect is a powerful tool that simplifies interaction with decentralized applications, providing a high level of security and convenience. With support for multiple wallets and networks, it becomes a one-stop solution for Web3 users.
Integrate secure and modern payments using WalletConnect into your business with CryptoCloud. The service allows customers to quickly complete order payment, which has a positive impact on conversion rates and increases the company's target audience.
