What is WalletConnect?

Содержание

  1. What is WalletConnect?
  2. How do you connect to DApps using WalletConnect?
  3. Is WalletConnect safe?

What is WalletConnect?

WalletConnect is a bridge that connects Decentralized Applications (DApps) to your Bitcoin.com Wallet. Once you've approved a connection request from the DApp (via WalletConnect), the DApp can send transaction requests to your Bitcoin.com Wallet, which you must also manually approve in the Wallet.

For example, let's say you have ETH in your Bitcoin.com Wallet and you want to use a Decentralized Finance (DeFi) application called ABC Finance to earn passive interest (yield) on your ETH. WalletConnect establishes secure a connection between your Bitcoin.com Wallet and ABC Finance, allowing ABC Finance to see the contents of your Ethereum Wallet. Then you'll have the option to, for example, send ETH from your Bitcoin.com Wallet to ABC Finance's "Passive Interest" smart contract. When you've decided how much ETH to send, your Bitcoin.com Wallet will ask you to approve the request.

How do you connect to DApps using WalletConnect?

Continuing with our example, from ABC Finance's website or app, you'll first select the Connect button. This typically brings up a list of connection options, one of which will be WalletConnect. When you select WalletConnect, you'll be presented with a QR code or a link. You can either scan the QR code using the Bitcoin.com Wallet's scan function, or copy the link and paste it in the Wallet's scanner. In both cases, the Bitcoin.com Wallet will ask you to approve the connection before proceeding.

Is WalletConnect safe?

It's safe in the sense that it establishes a secure (encrypted) connection, with your approval, between your Bitcoin.com Wallet and the DApps of your choosing. It also requests your approval for any transactions and never gives DApps access to your private keys. In other words, when you connect to a DApp via WalletConnect, it's impossible for the funds in your wallet to be spent without your approval. That being said, any time you (purposely) send cryptoassets to a smart contract, there are risks (see below).

Read more: Common DApp risks and how to avoid them.

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