WalletConnect is not a standalone token. It is a protocol. That is, it is an open-source connection method that links crypto wallets and decentralized applications (dApps).
What is the purpose of WalletConnect?
In a Web3 environment, WalletConnect allows users to use any wallet with any application. This enables them to securely connect their crypto wallet to dApps across various blockchains and carry out transactions.
How does WalletConnect work?
WalletConnect connects wallets and dApps through a QR code or a deep link. This connection is encrypted and secure. Through this, you can approve transactions in the dApp via your wallet without ever exposing your private keys.
About WCT Token:
WCT is part of the WalletConnect network. It is the 'native token' of the WalletConnect network.
Uses of the WCT token:
Governance: Holders of the WCT token can vote on decisions regarding the future of the WalletConnect network. This ensures the decentralized nature of the network.
Staking: By staking WCT tokens, users can contribute to the security of the network and receive rewards in return.
Fees: In the future, WCT tokens may be used as fees for using services on the WalletConnect network.
Rewards: WCT tokens will be awarded as rewards to users contributing to the growth of the network.
In summary:
WalletConnect is a technology protocol that connects wallets and dApps. The WCT token is part of the WalletConnect network, which is used for governance, security, and future functionalities of the network.
