What is WalletConnect and Why Do I Need It?
When using decentralized applications (DApps) such as decentralized exchanges (DEX), users typically need to input their private keys or seed phrases into the DEX website.
By inputting their private keys, users potentially give their information to websites, increasing the risk of phishing attacks.
Hence, WalletConnect addresses this issue of secure and convenient interaction with DEX platforms, allowing users to use their preferred digital wallet rather than inputting their private keys.
What is WalletConnect
WalletConnect is a protocol that enables more than 170 wallets to access decentralized applications (DApps) by scanning a QR code. It allows users to interact with the DApps from their mobile wallets without exposing their private keys on the DApps website.
The protocol helps increase security and reduce the risk of account hacking in blockchain technology activities. Some of the use cases of WalletConnect include:
- Accessing DEXs and trading cryptocurrencies
- Participating in decentralized finance (DeFi) protocols and services
- Managing and trading non-fungible tokens (NFTs)
- Playing blockchain-based games and using in-game items and assets
Reasons Why You Should Connect Your Wallet to WalletConnect
Connecting your digital wallet to WalletConnect provides secure and more convenient crypto transactions on DEX platforms.
- Security and Privacy
Connecting your digital wallet to WalletConnect allows you to interact with DApps securely, like DEX, from your mobile wallet without inputting your private keys on the platform’s website.
As a result, it helps reduce the risk of hacking and other security threats.
- Convenience
WalletConnect lets you quickly and conveniently interact with DApps from your mobile wallet through a QR code.
It can be beneficial if you prefer to transact with DEX platforms from your mobile device without manually sharing your private keys.
- Greater Flexibility
The protocol allows you to use your preferred mobile wallet to transact with DApps rather than being limited to using a specific wallet that is supported by the app.
It gives you greater flexibility on which wallet you use to interact with DApps.
- Improved User Experience
By facilitating an optimized user interface, a secure and convenient way to transact with DApps, WalletConnect can help to improve the overall user experience when interacting with DEX platforms.
Riverex Integrates Hippo Wallet and WalletConnect On Its Platform
Currently, Riverex supports MetaMask, TrustWallet, and Coinbase. With the aim to help increase security, convenience, and flexibility and improves user experience, Riverex has now integrated WalletConnect on its DEX platform.
Riverex also integrates its partner’s wallet, Hippo Wallet, into WalletConnect; thereby, you can now transact with additional wallets of your preference.
Accessing the Riverex DEX with Hippo Wallet through the WalletConnect protocol is as easy as connecting to a WiFi.
- Ensure that you have a WalletConnect-compatible wallet, like Hippo Wallet
- Choose the WalletConnect option on the DApp interface, which displays a QR code
- Open Hippo Wallet’s Settings and select WalletConnect
- Set up a New Connection and scan the QR code in the DApp interface
Once you have established a connection, you can start transacting on the platform.
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