Wallet Connect (WCT) Complete Guide: From Beginner to Expert
1. Introduction to Wallet Connect (WCT)
Wallet Connect is an innovative platform that helps you safely manage and trade blockchain-based digital assets. Users can easily connect various cryptocurrency wallets to conduct transactions.
In particular, Wallet Connect is designed to provide a user-friendly interface so that even beginners can use it easily. One of the biggest advantages of WalletConnect is that it allows you to utilize complex blockchain technology with just a few clicks.
WalletConnect is developed as an open source protocol, ensuring both transparency and security. Numerous developers around the world are participating in this project and continuously improving it.
2. History and Development of WalletConnect
WalletConnect was first released in 2018. At that time, as the popularity of blockchain technology and cryptocurrencies skyrocketed, the need for users to be able to connect various wallets arose.
The initial version was just a simple wallet connection function, but various functions were added over time. Multi-chain support was added in 2019, and security features were significantly strengthened in 2020.
Since then, WalletConnect has been continuously updated and has grown into a representative Web3 infrastructure used by millions of users around the world. In 2021, WalletConnect v2.0 was released, further improving performance and security.
3. How WalletConnect Works
WalletConnect connects to your wallet via QR code scanning or deep linking. This process is simpler than you might think, but it's also very secure.
When a user requests a transaction, WalletConnect sends the details of the transaction to your wallet via an encrypted channel. You can check this information in your wallet and approve or reject it.
This entire process is protected by end-to-end encryption, and WalletConnect servers do not store any personal information or transaction details. This is a design philosophy to ensure maximum user privacy.
In addition, WalletConnect relays communication between dApps and wallets through the Bridge server, and all data is encrypted and transmitted during this process.
4. Various uses of WalletConnect
WalletConnect is utilized on various platforms in the Web3 ecosystem. Here are some of the most representative uses:
DeFi (decentralized finance) platforms: You can safely trade on DeFi services such as Uniswap, Compound, and Aave through WalletConnect. Yield farming and liquidity pool participation are also easy to do.
NFT Marketplace: You can use WalletConnect when purchasing or selling artwork on NFT platforms such as OpenSea, SuperRare, and Foundation.
It is especially used in Ethereum-based projects, and recently, it has also shown excellent compatibility with various blockchain networks such as Polygon, Binance Smart Chain, and Avalanche.
Game dApp: WalletConnect is also widely used when managing or trading in-game assets in blockchain games. In games such as Axis Infinity and The Sandbox, you can safely manage game assets through WalletConnect.
5. Exchanges that support Wallet Connect
The number of exchanges that support Wallet Connect is increasing. Let's take a look at major domestic and international exchanges:
Overseas exchanges: Large exchanges such as Binance, Coinbase Pro, Kraken, and Huobi support Wallet Connect. This allows users to directly connect their wallets to trade on centralized exchanges.
Domestic exchanges: Major domestic exchanges such as Upbit, Bithumb, and Coinone are also expanding their support for Wallet Connect. In particular, they are providing more diverse services through linkages with DeFi services.
These exchanges are continuously improving their services so that users can trade more easily and safely through Wallet Connect. They are also providing a simple way to participate in new token listings or events using Wallet Connect.
6. WalletConnect Community and Ecosystem
WalletConnect has a very active community. Developers, users, and project stakeholders from all over the world come together to share information and develop it.
Users share information in real time and help solve problems through platforms such as Discord, Telegram, and Reddit. Discussions about technical issues and new features are especially active.
The WalletConnect Foundation regularly hosts developer workshops and hackathons to discover new ideas and projects. Through this, it contributes to the development of the Web3 ecosystem.
In addition, WalletConnect is an open source project, and its code is open to the public through GitHub, providing an environment where anyone can contribute. This transparency and openness is driving the continued development of WalletConnect.
7. Compatible WalletConnect Wallets
WalletConnect is compatible with a number of cryptocurrency wallets, each with their own unique features and benefits:
MetaMask: One of the most popular Ethereum wallets, it supports WalletConnect in both browser extensions and mobile apps. The most widely used wallet for DeFi transactions or NFT purchases.
Trust Wallet: A mobile-only wallet developed by Binance that supports various blockchains and provides a user-friendly interface.
Coinbase Wallet: A self-custody wallet provided by Coinbase that is highly integrated with DeFi services and easy to use even for beginners.
Rainbow Wallet: An Ethereum wallet specialized in user experience that is gaining popularity for its beautiful design and intuitive interface.
Argent: A smart contract-based wallet that provides social recovery and gas fee optimization.
In addition, there are dozens of wallets such as ImToken, MyEtherWallet, and Fila. Supporting WalletConnect, users can choose the wallet that best suits their needs and preferences.
8. Precautions for investment and use
There are important security rules that you must know when conducting transactions using WalletConnect:
Use the official website: Always use apps downloaded from the official website or app store. Fraud through phishing sites and fake apps is occurring frequently.
Secure your private key: Never share your private key and seed phrase with anyone else. This means you have complete control over your digital assets.
Check transaction history: You must carefully check all transactions before approving them. Please be especially careful when interacting with smart contracts.
Do thorough research before investing: Before investing in any project, you should gather sufficient information, understand the risks, and make a careful decision. Cryptocurrency investment carries high risks, so only invest within the range you can afford to lose.
Consider network fees: Gas fees on the Ethereum network can vary significantly depending on the time of day. You can save unnecessary costs by adjusting the timing of your transactions.
Regular security updates: Always update your wallet and browser to the latest version. Security patches and new features are constantly being added.
This is a comprehensive guide to WalletConnect (WCT). We hope that you will enjoy a safer and more convenient blockchain experience through WalletConnect, one of the core infrastructures of the Web3 era!
If you have any questions or need more detailed information, please leave a comment at any time. Learning together is the greatest joy of the Web3 journey! 😊✨