WalletConnect- A Useful Tool For Web 3.0 Sports Betting With Dexsport
WalletConnect is a Web 3.0 open-source protocol that serves as a connection for decentralized applications. Users like you and us who love to explore decentralized platforms need WalletConnect since it allows us to interact with these DApps.
We know that traditional payment methods do not work on Web 3.0 platforms. WalletConnect is a savior for us in this aspect. Equipped with high security, WalletConnect can be used to connect with many Web 3.0 applications like online casinos, exchanges, and Web 3.0 based services like our platform - Dexsport. Let's explore more about this tool in terms of betting.
What Is WalletConnect?
As the name suggests, you might think WalletConnect is a type of wallet like MetaMask. However, this is not the case. You can think of WalletConnect as more like a protocol that helps form a secured and encrypted connection. This connection is formed between DApps or between wallets and DApps.
So the question is, how secure is this connection? The encryption is symmetrical as WalletConnect generates two keys for the two connecting peers. Then, the user is asked to establish the connection by scanning a QR code or deep link. One person sends the QR code, and the other person scans it. As you can imagine, WalletConnect is exceptionally user-friendly.
The use cases of WalletConnect are increasing along with the popularity of Web 3.0. Users have started using DApps extensively. For example, sports betting sites are in huge demand right now. To enable a secure connection that helps transfer funds, WalletConnect is the ultimate solution. Some other highlights of WalletConnect include:
How To Use WalletConnect While Betting With Dexsport?
Connecting MetaMask to the Dexsport platform makes it flawlessly easy to perform transactions and do betting. If you are not a tech nerd, follow these simple steps to connect MetaMask to your Dexsport account.WalletConnect has emerged as a blessing for bettors and players in the gambling industry. The secure, seamless connection eliminates any risk while playing on these platforms. Dexsport is based on Web 3.0 as well. Hence, it is super easy to connect your wallet with Dexsport and start betting. The simple user interface and user-friendly platform of Dexsport allow even a newbie to explore the platform without complications.
As mentioned before, you can use WalletConnect on both your smartphone and PC. The steps involved are a bit different but relatively easy. There is one prerequisite before you follow the steps. It would be best to use a wallet that supports WalletConnect, such as TrustWallet, MetaMask, or Argent.
Let's look at the exact process of connecting your wallet with your decentralized application using WalletConnect.
Step 1: Opening the DApp and Connecting
Go to the decentralized finance application you want to connect to your wallet. Here you need to open Dexsport. Next, look for the "Connect" option. On Dexsport, the connect button is visible in the top right corner.
Step 2: Choosing Connection Option
Assuming that you have been using the Dexsport website on your PC, click on the “Connect” button. A list of options opens up, showing you the wallets and protocols to connect. You have to select WalletConnect from this list.
Step 3: Establishing Connection
After selecting the option of WalletConnect, a QR code will pop up via a push server notification. Scan the QR code using your mobile wallet, which must support WalletConnect.
Step 4: Opening Mobile Wallets
Open up a mobile device wallet (for example, MetaMask) on your smartphone. Head over to the settings section of the wallet and click on the WalletConnect option. The QR code scanner will open up, which will allow you to scan the QR code on your computer screen.
Step 5: Giving Permissions
After you have scanned the QR code, a pop-up will appear. This will ask your permission to finalize the connection between the wallet and DApp. In this case, you have to approve the connection between Trust Wallet and Dexsport.
Now, the connection has been made. If you want to disable the link, press the cancel button on the screen to disconnect it.
Step 6: Use the DApp on Your Smartphone Instead of PC
Let's assume you don't have a computer right now. You can also connect a DApp with your wallet using your mobile phone alone. Here, you have to rely on the mobile phone's browser. The steps involved are the same as on the computer. However, a QR code will not be shown in this case.
You will be asked to choose a wallet, where you can select the wallet you are using. The following process will be the same as from step 5.
Step 7: Testing Transactions
You can confirm transactions by using the deposit or swapping option depending on which DApp you are using. Enter the transaction details on the DApp and approve it. That's all you need to do on the DApp platform.
Step 8: Authorizing the Transaction
You will receive a notification in your wallet asking to approve the transaction you just started. After checking the details, you can confirm the transaction. That's it; your transaction is completed from your wallet to Dexsport platform via WalletConnect.
Do not forget to disconnect the link between the wallet and DApp platform after your transaction is complete.
Advantages Of Using WalletConnect
Now, you have a good idea about WalletConnect and its functions. Let's look at the advantages and why you should rely on WalletConnect for your Web 3.0 connections.
No WalletConnect Extension Or Software Required For PC
You don't need to download another software or app to enjoy the features of WalletConnect. If you are overwhelmed with using too many apps or extensions, WalletConnect is the right choice. All you need to do is choose WalletConnect on your DApp and wallet while doing the transaction. Hence, there is no need for a WalletConnect Chrome extension or website.
WalletConnect App For Android And IOS
Any online tool feels incomplete without the option to use it on your smartphone via mobile apps. Hence, WalletConnect offers a mobile application. That means you can download the WalletConnect Android app on your Android devices. You also get an application for iOS devices. Hats off to the multi-platform support system of WalletConnect. WalletConnect stands out when it comes to convenience and ease of use.
WalletConnect is simple to use, even for new users who are not tech-savvy. The steps discussed above about using WalletConnect are pretty easy to follow. You do not have to worry about coding knowledge or complicated settings. The ease of choosing WalletConnect to form a connection between your wallet and DApps makes it very user-friendly.
The most significant advantage of using WalletConnect is that you enjoy all the features at no cost. Being an open protocol, WalletConnect is a free software with no hidden charges whatsoever.
WalletConnect Protocol Is Decentralized
WalletConnect is a decentralized protocol made for Web 3.0 applications. This is why it is compatible with most decentralization applications and wallets.
No-Risk of Hacking
The highly secured framework of WalletConnect ensures that the connection is hackproof. Thanks to the Web 3.0 security. All the transactions via WalletConnect are encrypted without any risk of being hacked. However, you must double-check the details before confirming a transaction. A single wrong move can cost you losing your funds.
Community Encouraged To Participate In Development
Being an open-source platform, everyone is welcomed to contribute to the development of WalletConnect. This promises regular updates and a collaborative effort from developers worldwide to improve WalletConnect over time.
Is It Safe To Use WalletConnect For Web 3.0 Sports Betting?
You don't need to worry about security and connection confidentiality when it comes to WalletConnect. WalletConnect's connection process involves the generation of private keys. This key is only provided to one end who can send it to another end for approval. However, there always remain some risks in using online tools if you are not careful. Below are some steps to ensure complete safety while using WalletConnect.
Pay Attention To The DApp Platform
It's not surprising how hackers create fake versions of popular websites. These websites are a clone of the real ones and are almost indistinguishable. Hence, if you do not pay attention, you might be transferring funds into a hacker's wallet. We suggest that you should carefully cross-check the URL and DApp platform before initiating a transaction request.
Alternatively, you can transfer a small amount into the DApp and try using it. You may also check if the withdrawal system is working. Only after confirmation, go ahead with transferring a significant amount of funds. Do not forget to bookmark the correct version of the DApp website you use.
Double-Check Your Transaction Details
It's human nature to go with the flow, which causes us to approve unchecked transactions. Using WalletConnect is indeed straightforward. However, you must cross-check all transaction details before approving. This will take a few extra minutes on your part but will ensure that your tokens are transferred to the correct address.
Disallow Unlimited Number of Token Transfers
Some DApps often encourage users to maximize the number of tokens and do multiple transfers while depositing. This is good for their business and also improves the transaction experience. However, you do not want your wallet to be left empty. Such instances often make users panic and make wrong decisions.
You need to pay attention to the number of transfers and tokens you approve during a transaction. Some wallets, by default, inhibit multiple transactions, but it is better if you remain cautious on your part.
Disconnect WalletConnect After Transaction
Users often forget to disconnect the link after the transaction is over. This is potentially a threat to your funds. If any of your devices fall into the wrong hands, anyone can use this connection to transfer funds without your permission. Even the encrypted connection and private key will not help you as the trespasser has access to your devices.
Frequently Asked Questions About WalletConnect
We have covered all essential aspects in this WalletConnect review guide. However, we have listed down some of the most frequently asked questions that you might have on your mind.
WallectConnect is an open-source protocol designed to connect wallets to DApps based on Web 3.0 easily. In simple words, it is a program code that allows you to instantly link your wallet with Web 3.0 applications. This is particularly useful when depositing or withdrawing funds from DApps like Dexsport.
Some of the highlights of WalletConnect include: It's free of cost, forms a highly secured and encrypted connection, and it's effortless to use.
WalletConnect forms connections and transfers funds between decentralized wallets and applications. Many people misunderstand WalletConnect to be some wallet. However, that's not true. Some of the most common use cases of WalletConnect include transferring funds to decentralized betting platforms, online casinos, DApps based services, etc.
Hence, whenever there is an element of transaction involved, WalletConnect comes into the picture. The significance of WalletConnect is the encrypted connection that it offers. Naturally, security is the topmost priority when it comes to online transactions.
WalletConnect is compatible with over 75 wallets, including the most popular ones like MetaMask. This is why WalletConnect is used widely across different platforms and wallets. The process to transact funds using MetaMask and WalletConnect is simple. You have to go to the settings section of MetaMask, connect MetaMask to WalletConnect, and scan the WalletConnect QR code or deep link. MetaMask is also regarded as the best WalletConnect wallet.
WalletConnect is entirely safe and almost impossible to hack. It is known for its secured connection that's encrypted. The transaction is only authorized when the private key generated at one end is approved on the other end. The only scenario where your safety is compromised is when you are careless.
As discussed in the section on how to use WalletConnect safely, you must pay attention to the details of the transaction. Always download your decentralized wallet and WalletConnect from the official sources. Moreover, it would be best to always avoid clones and suspicious websites.
Using WalletConnect is quite simple. The entire process is straightforward, involving some simple onscreen instructions. All you need to do is, open the decentralized application and your wallet that you want to link. While making the connection, you need to choose WalletConnect in both places. Finally, a simple QR code scan is required to make the connection request.
Next, you can transfer any amount you want. As a precaution, always remember to break the connection after usage.