What Is WalletConnect?
Last updated: October 26th, 2021
WalletConnect is an open protocol made to facilitate a secure connection between mobile cryptocurrency wallets and desktop applications, such as dapps. Transactions are made through an encrypted connection by scanning a QR code, and are confirmed on the mobile device. As the private key never leaves the user’s device, their funds are never at risk and the possibility of a hijack is very low.
WalletConnect was initially shared with the public by Richard Burton in 2018, and is in active development. A plethora of mobile wallets currently support the WalletConnect protocol, such as Ambo, Trust, Argent, and the mobile Metamask app.
Why Should I Use WalletConnect?
A few of the most popular options for interacting with a dapp include using a desktop browser-only extension like Metamask, or a mobile wallet/Ethereum browser like Cipher or Status. The problem with these solutions is that funds are generally ‘stuck’ on one platform, and would make it difficult to switch between mobile and desktop, unless the recovery phrase would be exported which could result in serious security implications.
With WalletConnect, only one device, like a mobile wallet, needs to store the funds and that device is enabled to interact with dapps on a different platform, like a desktop. This way, the funds never leave the original source, but the user can still utilize different dapps on other devices to manage their crypto.
How Does It Work?
A supported dapp will allow you to access your address by scanning a QR code with your mobile wallet. Once scanned, the mobile app will ask you to confirm that you want to share your wallet address with the dapp.
Once this is confirmed, the dapp won’t actually be able to send any transactions from the address that was just connected on its own. You must make an additional, manual confirmation for each transaction that’s made on the dapp interface from your mobile device. This way, the private key is always securely stored on your device, and you have full control of which transactions get broadcast to the network.
Is WalletConnect Safe?
With WalletConnect, the transaction signature is conducted on your mobile device's WalletConnect app. The considerations for this are that you need to make sure the transaction sent to WalletConnect is the transaction you intend to send (is it the correct recipient address and amount) and you need to make sure that your WalletConnect Mobile app is not changing the transaction and submitting a malicious transaction (intending to route your funds to malicious entity) back. This relies primarily on the security of the WalletConnect app you use.
WalletConnect mobile apps do not expose your private key to MyCrypto, similar to how hardware wallets don't expose your private key to MyCrypto. However, mobile apps are NOT as safe as hardware wallets because hardware wallets have well-defined security models and usually have specific security-oriented hardware that allows them to more-safely store and interact with your private keys.
FAQs
WalletConnect is an open source protocol that allows you to connect your crypto wallet to decentralized applications (dApps) on the web.
Which wallets are supported by WalletConnect? ›
A quick check at the WalletConnect compatible wallets
- MetaMask.
- Trust wallet.
- Binance DEX.
- Uniswap.
- Rainbow.
- Etherscan.
- OpenSea.
Is metamask better than walletconnect? From our research, we found out that Metamask offers more functionality and third-party integrations than WalletConnect. But, Metamask falls short when compared to WalletConnect in terms of security.
Why do I need a mobile wallet? ›
Mobile wallets are used by people who would rather not carry a physical wallet when making in-store purchases. For this reason, these wallets have to be used on mobile and easy-to-carry platforms.
Who owns Wallet Connect? ›
WalletConnect is the UX platform for the new internet.
Founded in 2018 by Pedro Gomes, WalletConnect began with a simple idea — to help mobile wallet users easily connect to desktop apps through the magic of the QR code.
How do I disconnect from wallet connect? ›
Select the Settings screen. Select WalletConnect. Choose the DApp you wish to disconnect. Select Disconnect.
How do I register for WalletConnect? ›
- Open the WalletConnect connection page https://lab.web3modal.com/ or https://react-app.walletconnect.com/ from a PC.
- Press on the “Connect Wallet” button and select the “WalletConnect” option.
- Open the wallet app and use the scan QR option to connect.
- Accept on the wallet the connection request.
Some Android phones may not have this feature as part of the Quick Settings menu.
- Unlock your phone.
- To find the Quick Settings menu, from the top of your screen, swipe down. To expand it fully, swipe down again.
- Tap the tile for Wallet. ...
- You can find and use debit and credit cards that you added.
Yes, WalletConnect is safe. WalletConnect is arguably one of the most secure and private wallet infrastructures in the Web3 space. The protocol creates an easy and secure connection for users to transact between their favorite decentralized applications and their mobile crypto wallets.
Is WalletConnect the same as trust wallet? ›
WalletConnect enables users to securely connect Trust Wallet to decentralized web applications (DApps), allowing them to carry out transactions without revealing any secret information. By using WalletConnect, users can access over 450 DApps with their compatible wallet, like Trust Wallet and MetaMask.
Using the WalletConnect scan button
- On the “dApps” tab in the bottom right corner select the WalletConnect button. The QR code scanner will appear.
- Select "WalletConnect" as a connection method inside the dApp.
- Scan the QR code with your mobile device from step 1.
WalletConnect establishes a secure, end-to-end encrypted connection between mobile wallets and decentralized applications (DApps). It prevents unauthorized access by using QR codes or deep links for session initiation, which ensures that private keys never leave the user's device.
Which is safer MetaMask or Coinbase Wallet? ›
Security and Privacy: Those prioritizing high security and privacy might lean towards Metamask because of its decentralized nature and local storage of private keys. However, Coinbase Wallet's optional encrypted cloud backups and multi-signature support offer a robust security framework for less tech-savvy users.
Is MetaMask wallet not safe? ›
Yes. MetaMask is a trusted crypto wallet used by more than 30 million people worldwide, with security features like encryption, Blockaid, and seed phrases. It is, however, a hot wallet, and is best used in combination with a compatible hardware wallet.
What is the main purpose of E-wallet? ›
Digital wallets allow you to pay when you're shopping using your device so that you don't need to carry your cards around. You enter and store your credit card, debit card, or bank account information and can then use your device to pay for purchases. Digital wallets can also store: Gift cards.
What is the main purpose of a wallet? ›
A wallet is a flat case or pouch, often used to carry small personal items such as physical currency, debit cards, and credit cards; identification documents such as driving licence, identification card, club card; photographs, transit pass, business cards and other paper or laminated cards.
What is wallet address used for? ›
Understanding Wallet Addresses
It functions similarly to an email address, providing just enough information to direct funds into a holder's account without compromising the wallet's security. Each cryptocurrency has its own unique wallet address format.
Why do people use trust wallet? ›
Trust Wallet is a secure self-custody crypto wallet where you can buy, sell, store, swap, and manage their cryptocurrencies, meme coins, NFTs, and more. Whether through its robust mobile application or convenient browser extension, Trust Wallet empowers you to buy, deposit, and withdraw cryptocurrencies with ease.
