WalletConnect: is an open-source protocol used to create a **secure and standardized** communication bridge between cryptocurrency wallets (such as MetaMask, Trust Wallet) and decentralized applications (DApps) or web3 services (such as OpenSea, Uniswap). Its main goal is to facilitate user interaction with the blockchain network without the need to expose their private keys outside their wallets.
How does it work?
1. Establishing a connection session:
- When visiting a DApp that supports WalletConnect, the user is prompted to scan a "QR code" or copy a "deep link URI".
- By scanning the code via their wallet (mobile/desktop), an encrypted connection session is established between the wallet and the application.
2. Secure interaction:
- When making a transaction (such as currency exchange or contract signing), requests are sent from the DApp to the wallet via WalletConnect.
- The user manually approves the process within their wallet (the private keys remain stored locally).
3. Closing the session:
- The connection automatically ends when the application is closed or the session is manually terminated.
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Main features:
1. Decentralization:
- Does not store users' keys or transaction data (the connection is managed through open relay servers).
2. High compatibility:
- Supports +300 wallets and +2000 DApps across multiple blockchain networks (Ethereum, Solana, Polygon, etc.).
3. Security:
- Utilizes end-to-end encryption through "Symmetrical Encryption" technology.
4. Multiple versions:
- Version 1.0: relies on intermediary servers.
- Version 2.0: supports direct (P2P) connection and offers advanced functionalities such as "multi-chain sessions".
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Common use cases:
- Transaction signing (money transfers, currency exchanges).
- Handling NFTs (buying, selling, transferring).
- Accessing decentralized finance platforms (DeFi).
- Authenticating sites without passwords (such as logging in via Ethereum).
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Why is it important?
It solves the problem of "wallet isolation" from applications, preventing users from manually entering their keys on every site (which exposes them to hacking). Instead, it creates a temporary communication channel that maintains security and full control for the user.
The WalletConnect project is developed by the [WalletConnect Foundation](https://walletconnect.com/), and is supported by leading entities such as Coinbase and Uniswap Labs. It is considered a cornerstone in developing a secure and interconnected web3 ecosystem.