Wallet Connect: An Overview for beginner crypto traders
Along with the growing demand for cryptocurrencies in our world of the finance sector, there are many new traders and investors who are taking steps towards crypto trading. Because of the massive adoption of cryptocurrencies, there has been a rapid increase in crypto-related platforms that allows their users to trade and manage their holdings. If you are also a crypto trader or investor then we are sure that you have definitely heard about WalletConnect. But if you are unaware of what it is then you are at the right place.
In our further content, we will cover some topics including an introduction to WalletConnect and compatible crypto wallets with it. Along with that, we will also cover an easy step-by-step guide that will help you to learn how to use WalletConnect.
Introduction to WalletConnect:
WalletConnect is a well-known open-source protocol in the world of cryptocurrencies that was launched on April 8, 2021, by Pedro Gomes. It works like a bridge between dApps (Decentralized applications) and mobile crypto wallets. In simple words, it helps to establish connections between mobile crypto wallets and web-based blockchain apps in a convenient way. It comes with support for various blockchain networks including Ethereum (ETH), Cosmos, Polkadot, Solana, Celo, and Near.
Compatible crypto wallets with WalletConnect:
Currently, WalletConnect can be used with over 170 available cryptocurrency wallets. We have mentioned below the list of some popular cryptocurrency wallets that you can connect to your chosen dApps (Decentralized applications) by using WalletConnect.
· Trust Wallet
· MyEtherWallet
· AlphaWallet
· Argent Wallet
· Math Wallet
· MetaMask Wallet
· BitPay
· Rainbow
· Gnosis Safe
· imToken
· Ledger Live
· SafePal
· Spot Wallet
· Steak wallet
· Unstoppable Wallet
And more.
How to use WalletConnect?
We have mentioned below an easy step-by-step guide that will help you to learn how to use WalletConnect within simple and easy steps.
Note: We are taking Uniswap exchange and Exodus mobile wallet for further steps. You can use any other wallet and dApp which is compatible with WalletConnect.
1) In the first step, launch Uniswap Exchange on your preferred browser.
2) Now hit on the “Launch App” tab.
3) After clicking on the “Launch App” button, click on “Connect” located at the top right corner of your screen.
4) Select “WalletConnect” from the list of available wallets and then you will be able to see a QR code which you will have to scan from your mobile wallet.
5) Now, unlock your mobile and then launch Exodus Wallet on it.
6) Enter your login credentials to access your Exodus Wallet.
7) Tap on the app icon located at the bottom right corner of your screen.
8) Tap on the “Connect” tab and then tap on the “Add Connection” button.
9) In the last step, you just have to scan the QR code shown in step 4 to finish the complete process of connecting Exodus Wallet and Uniswap through WalletConnect.
Bottom Line:
Overall, if you want to connect your mobile crypto wallet to your chosen decentralized app then WalletConnect is the best option to use. If we talk about it in terms of security then it is a totally safe protocol because there are no intermediaries while connecting crypto wallets and dApps. That means the information transfer between the decentralized app and wallets is encrypted with a key that is only possessed by these two entities.
However, the process of using WalletConnect is quick, simple, and straightforward that can be done in just a few steps. If you are unaware of how to do so then follow the steps mentioned by us in our above content.
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