Decentralized applications, or DApps, offer fantastic potential for using your cryptocurrency for purposes other than HODLing. Decentralized financial systems, games, and marketplaces are just a few of the options available. You must connect your wallet to the DApp and grant it authorization to carry out signed transactions in order to engage with the DApp effectively. WalletConnect is one tool for accomplishing this.
To securely access the great world of Dapps, including NFTs on OpenSea, trading on Dexs, earning yield through yearn, and gaming in The Sandbox, utilize WalletConnect with Qredo (decentralized apps). I like to imagine WalletConnect as a secure “magic” link to the boundless Web3 universe.
What is WalletConnect?
WalletConnect is an open-source protocol that enables communication and interaction between your wallet and DApps as well as other wallets. With WalletConnect, your wallet and the DApp can connect securely by scanning a QR code or clicking a deep link. Users can receive push notifications from the protocol to be informed of new transactions. You may have noticed WalletConnect in iOS or Android mobile wallets like Trust Wallet and MetaMask.
How Qredo users will benefit from the WalletConnect:
Decentralized Applications (DApps) and your Qredo Wallet will be connected using WalletConnect on the Qredo network. The DApp can send transaction requests to your Qredo Wallet once you’ve approved a connection request from it (through WalletConnect), which you must manually approve in the Wallet as well.
Let’s imagine, for illustration purposes, that you have Ethereum (ETH) in your Qredo wallet and want to use the Decentralized Finance (DeFi) program Q Finance, to generate passive income (yield) on your ETH. Q Finance is able to see the contents of your Qredo Wallet thanks to WalletConnect, which creates a secure connection between your Qredo Wallet and Q Finance. You will then have the choice to pay ETH, for instance, to Q Finance’s “Passive Interest” smart contract from your Qredo Wallet. Your Qredo Wallet will request your permission to send the requested amount of ETH once you’ve made that decision.
Is WalletConnect safe?
It’s secure in the sense that it creates an encrypted connection between your Qredo Wallet and the DApps of your choice with your permission. It never provides DApps access to your private keys and always asks for your consent before completing any transaction. In other words, when you use WalletConnect to connect to a DApp, it is impossible for your wallet’s money to be used without your consent. Nevertheless, there are dangers whenever you use a Phishing DApp
- Phishing DApp; Let’s imagine you have complete faith in the “Q Finance” DApp. It is supported by strong development staff, and the smart contracts that make up its core have undergone independent audits by two reliable security firms. Imagine you mistakenly click on a link that leads you to Qi finance.com when you look for Q Finance’s website. When you link your wallet to this website, which appears exactly like the Q Finance website you are used to, you are unwittingly connecting to a rogue DApp. The creators of the “phishing” DApp actually steal any money you send them in place of giving you the passive interest you expected. Double-checking the URL of the DApp’s webpage to make sure it is accurate is the best approach to avoid being captured by a phishing DApp or just Bookmark your favorite DApp
Wen WalletConnect on Qredo?
You may trade, lend, and invest in DeFi right from the safety of your Qredo wallet thanks to the WalletConnect integration.
This will be made available over the course of the summer in a gradual rollout, with an early adopter program being announced.
Sign up for the early adopter program to become one of the first to use the Qredo x WalletConnect functionality and become a part of the unique community of Qredonians.
Qredo is a radical new blockchain infrastructure that delivers interoperability, lightning-fast settlement, and decentralized custody.
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