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As the crypto market continues to grow and evolve, so does the need for reliable and secure solutions to store crypto assets. Hackers and scammers are getting smarter, therefore, it’s prudent to use a healthy dose of common sense and uncommonly good safety measures when connecting your wallet with any decentralized application (DApp).
Hardware wallets like CoolWallet have become the new standard in crypto safety excellence for retail investors, as they provide an extra layer of elite security for users over hot wallets, without sacrificing much functionality.
CoolWallet recently announced that its CoolWallet Pro hardware wallet and CoolWallet App have integrated support for WalletConnect 2.0, which further enhances its usability and convenience. This should come as no surprise as we’ve been an early supporter of WalletConnect, the DeFi protocol that allows you to safely sign in to over 450 DApps by simply scanning a QR code and clicking a button, and we’re also one of WalletConnect’s favorite hardware wallets, as you can see from this blog post by them.
Both CoolWallet and WalletConnect have since last year pivoted to Web3 security and feature-rich applications, and therefore the new integration is a welcome announcement for all Web3 users.
In this blog post, we’ll take a closer look at WalletConnect 2.0, what it brings to the table, its application cases, and why it’s critical to use it with a pioneering hardware wallet like CoolWallet.
What is WalletConnect?
WalletConnect is an innovative and highly popular open-source protocol that connects wallets and DApps securely. It was launched in 2019 and has rapidly become an industry standard for convenient crypto self-custody, gaining massive popularity among crypto users for its versatility and ease of use.
The decentralized protocol enables users to interact with dApps on different blockchains without exposing their private keys. Instead, it uses QR codes and deep linking to establish a secure connection between a wallet and a dApp.
It can connect your wallet with hundreds of apps, opening a new universe of Web3 experiences.
What is WalletConnect 2.0?
WalletConnect 2.0 is the latest version of the WalletConnect protocol, which introduces several new features and improvements. One of the significant changes is the support for multiple chain connections.
Users can now interact with dApps on different blockchains simultaneously without having to switch between wallets as they connect with leading names such as Uniswap, Rarible, Twitter, Aave, and over 450 supported applications.
WalletConnect 2.0 also introduces a more intuitive user interface and a better user experience.
You can view the list of WalletConnect’s supported protocols and websites here.
How does WalletConnect 2.0 improve on the first version?
WalletConnect 2.0 has doubled down on many of its most innovative features. Below are the most important. If you are an expert crypto user or developer, you can read this article for a more in-depth look.
Multiple chain connections
Users can now interact with dApps on different blockchains such as Ethereum, Binance Smart Chain, Polygon, and others simultaneously.
Improved user interface and user experience
The protocol now has a more intuitive and user-friendly interface.
Simplified peer discovery
The process of finding and connecting to peers has been simplified.
Enhanced security features
WalletConnect 2.0 introduces new security features, such as random peer selection, to improve the security of the connection.
Improved connection stability
WalletConnect is now more stable and reliable than ever before, ensuring that users do not lose their connection while interacting with dApps.
Use Cases for WalletConnect 2.0
WalletConnect 2.0 has various use cases, including but not limited to the following:
Decentralized Trading
Users can trade different cryptocurrencies on different blockchains without having to use centralized exchanges, but only need to scan a QR code to connect their decentralized wallet to the DeFi protocol or DEX of their choice if supported by WalletConnect.
NFTs: Non-fungible tokens (NFTs) are becoming increasingly popular, and WalletConnect 2.0 enables users to interact with NFT marketplaces and dApps without compromising security.
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DeFi Staking, Lending and Borrowing
DeFi applications are gaining popularity, and WalletConnect 2.0 enables users to interact with different DeFi protocols without exposing their private keys. These include most DEXs and staking and lending protocols.
Impact of WalletConnect 2.0 on the Crypto Space
Connect 2.0 is a significant improvement over its previous version and it has the potential to boost the adoption of DApps and cryptocurrencies thanks to its rich features and ease of use for even the most inexperienced crypto user.
With the support for multiple chain connections, users can now seamlessly interact with dApps on different blockchains, which can lead to an increased usage of decentralized finance protocols and NFT marketplaces. This, in turn, can drive the growth of the crypto market and provide users with more opportunities to participate in it.
Why Use A Hardware Wallet With WalletConnect 2.0?
As we’ve seen countless times before, exchange wallets and software-only wallets are targeted by hackers and scammers thanks to their internet connectivity. Hardware wallets provide an extra layer of security and the peace of mind that only cold storage can deliver for users, as they store private keys offline, making it nearly impossible for hackers to access them. Moreover, the best hardware wallets use secure element chips to protect the private key and also require a physical button push to verify any transaction or authorize an action, which ensures that the real owner is aware of what’s going on.
Look no further for the perfect WalletConnect 2.0 hardware wallet than CoolWallet Pro, the ultra-convenient crypto cold storage smart card.
CoolWallet and WalletConnect 2.0
By using WalletConnect with a hardware wallet like CoolWallet, users can further enhance their security and protect their digital assets from potential hacks and security breaches. CoolWallet’s integration with WalletConnect 2.0 enables users to seamlessly interact with dApps on different blockchains seamlessly, without having to worry about the safety of their crypto assets.
CoolWallet has been a long-time supporter of the WalletConnect protocol and has integrated it into its wallet app. With the support for WalletConnect 2.0, CoolWallet users can now interact with dApps on multiple blockchains simultaneously, providing them with more flexibility and convenience.
CoolWallet’s integration with WalletConnect 2.0 also ensures that users can do so securely, without compromising their private keys, thanks to its biometric verification, EAL6+ secure element, and encrypted Bluetooth. CoolWallet users must physically confirm all transactions or sign-ins with a physical button push.
Conclusion
WalletConnect 2.0 is an exciting improvement on a powerful DeFi tool for the crypto market, and its support by CoolWallet further enhances the usability and convenience of the hardware wallet. With the ability to interact with dApps on multiple blockchains simultaneously, users can take advantage of the full range of opportunities offered by the crypto market without compromising security.
This integration represents a significant step forward for CoolWallet users, enabling them to benefit from the latest technology developments while maintaining the highest level of security for their digital assets.
In conclusion, CoolWallet’s support of WalletConnect 2.0 represents a significant development for the crypto market, providing users with greater flexibility, convenience, and security. Get your CoolWallet today and dive into WalletConnect 2.0’s world of DeFi and Dapps with complete peace of mind!
FAQ
What is WalletConnect 2.0?
WalletConnect 2.0 is the latest version of the WalletConnect protocol that enables users to interact with decentralized applications (dApps) on different blockchains simultaneously.
What are the application cases for WalletConnect 2.0?
The application cases for WalletConnect 2.0 include trading, NFTs, and decentralized finance (DeFi).
Why should I use WalletConnect with a hardware wallet like CoolWallet?
By using WalletConnect with a reputable cold wallet like CoolWallet, users can further enhance their security and protect their digital assets from potential hacks and security breaches, thanks to its biometric verification, EAL6+ secure element, and encrypted Bluetooth. All transactions must be confirmed with a physical button push.
How does CoolWallet support WalletConnect 2.0?
CoolWallet has integrated WalletConnect 2.0 into its wallet app, enabling users to interact with dApps on different blockchains simultaneously securely.
What is the impact of WalletConnect 2.0 on the crypto market and users?
WalletConnect 2.0 has the potential to drive the adoption of decentralized applications and cryptocurrencies, leading to an increased usage of decentralized finance protocols and NFT marketplaces, thereby driving the growth of the crypto market and providing users with more opportunities to participate in it.
