What is WalletConnect？
WalletConnect is a set of open protocols supported by the non-profit organization WalletConnect Foundation. WalletConnect has a strong tech team led by Pedro Gomes, the former full-stack engineer for Balance.io webpage(the most important project for ETH DeFi). He left Balance.io in 2018 and switched to the development of WalletConnect, giving birth to the current WalletConnect open protocol, which is mainly used for end-to-end encryption to improve the ease-of-use for digital wallets and bring easier and safer user experience.
What can WalletConnect bring？
At present, the focus of digital wallet developers is the development and optimization of mobile apps. Some wallets even only have mobile apps without PC end available. However, a considerable number of DApps tend to be developed based on PC web pages, and do not support or only support specific mobile wallet APP logins. Many users can only log in using browser plug-in wallets like Metamask. Despite being accustomed to using mobile wallet APP, many users are unable to log in to the DApps with mobile wallets. This situation has resulted in bad user experience.
In addition, entering the key into the plug-in wallet will also increase security risks. The introduction of WalletConnect can change this situation. In terms of function implementation, when users log in to DApps on a PC using a mobile wallet that supports WalletConnect, they can connect the DApps on the PC with the mobile wallet APP by scanning the QR code, and log in to the DApps with the address in the mobile APP.
In terms of security, WalletConnect uses a mature authorization scheme. During this process, the private key will always be stored in the phone, and the user does not need to use a browser wallet like Metamask for authorization. The mobile APP can interact with DApps on PC by scanning the code, raising no asset security issue.
The prospects of WalletConnect
You may have two questions now.
1. Many DApps on PC also support certain wallets scanning to log in. Then why do we still need WalletConnect?
Answer: WalletConnect is an open-source protocol. Because of the non-profit nature of the team, any project can use it for free. For DApps and wallet APP developers, the integration of WalletConnect is a win-win situation. DApps developers can integrate WalletConnect freely and quickly in the form of SDKs. There is no need to make a special adaptation plan for a certain wallet as before. The energy and cost saved can be invested in the development of DApps. At the same time, wallets only need to provide support for WalletConnect, and users can use many DApps on PC conveniently and quickly. This is why the use of WalletConnect is promoted.
2. How many DApps do WalletConnect support now? Will there be more DApps in the future?
Answer: From its official website, there are currently 58 DApps supporting wallet logins integrated with WalletConnect protocol, and many of them are currently popular DeFi DApps, such as Compound, dYdX, IDEX, Maker and Uniswap. As for the prospects, I am personally optimistic. The reason can be found in the answer to the first question, as well as the fact that WalletConnect is supported by some mainstream DeFi projects like Compound.
Taking MakerDAO as an example here, I will explain how to use WalletConnect in TokenPocket. (Android: 1.0.5; Apple: 3.1.2 (48) — Testflight version)
1. Open the loan page of MakerDAO on a PC browser. Choose Wallet Connect and wait for the QR code.
2. Open TokenPocket for Mobile, tap on the scan icon on the right top, and scen the QR code.
3. Tep on Switch to change to another wallet and confirm. You will see that your wallet is successfully connected to the DApp and TokenPocket for Mobile will show the connection state.
4. During connection, the mobile app can be used to make transaction or switch to another chain. And you will see WalletConnect window on the right side. You can tap on it to go back to WalletConnect.
The new version supports the WalletConnect open-source protocol, which means that in the future, any DApps on PC that supports WalletConnect, like DeFi DApps, can be logged in safely and quickly by the scanning feature in TokenPocket.