Bitcoin Wallet Adds DApp to WalletConnect

 

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The Bitcoin.com team seems excited to announce support for Ethereum-based DAPPS in the Bitcoin.com wallet via WalletIntext.

Users will be able to earn interest on their crypto assets, trade using a decentralized exchange, participate in the NFT markets and more.

What is WalletConnect?


WalletConnect is a bridge that securely connects DApps to digital wallets. Once the connection between the wallet and the DApp is approved, the DApp can send transaction requests to the wallet, which you must then approve or reject.

How to connect to DApps in Bitcoin.com wallet?


Simply go to any DApp website, locate the Connect or Log in button, and select WalletConnect as the connection or login method. This option will show the QR code and link.

Next, in the Bitcoin.com wallet, tap the QR code on the main screen and either scan the DApp QR code or paste the link.

Once you confirm via Wallet, you will be connected to your DApp. This will enable the DApp to see the contents of your Bitcoin.com Ethereum wallet and send you transaction requests, which you initiate (via the DApp website) and either approve or reject (via your wallet).

You can also connect to DApps using WalletConnect with the desktop/web version of Bitcoin.com wallet.


What can DApps do?

Where in theory DApps can do anything traditional apps can do, the current processing limitations of decentralized networks like Ethereum mean that DApps are primarily used for money-related activities.

The use cases of borrowing, lending, exchange and derivatives make up what is often referred to as DeFi (Decentralized Finance). Popular “DApps” in this category include Uniswap, Sushi Swap, and Compound, and the Bitcoin wallet supports cryptocurrencies for all of these DApps.

Recently, DApps have become very popular in NFT markets such as OpenSea and SuperRare. Here you can buy and sell NFT-based artwork and collectibles, some of which incorporate motivational elements. You can browse the recommended 'DApps' on the 'Discover' tab of the Bitcoin wallet app or find a comprehensive list here.

Is connecting to DApps secure?


Using WalletConnect to connect to DApps is secure, meaning that it establishes a secure (encrypted) connection, with your consent, between your Bitcoin wallet and the DApps of your choice, and does not reveal your private key.

In other words, when you connect to a DApp via WalletConnect, it will not be possible to spend the money in your wallet without your consent.

However, every time you send a confirmation of sending digital assets to a smart contract, there are a number of risks.

What then?


In line with its vision to support economic freedom, Bitcoin Wallet will roll out more DApp-related features over the coming months.

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