Web3.0 and Decentralized Finance (DeFi) has emerged exploring significant attention due to the rise of blockchain technology, This article is a simple walk-through of what they are, their uses, and how they apply.

Quick Overview of web3.0

Web3.0 is the next generation of the internet, which is built on blockchain technology. Web3.0 applications are decentralized, meaning that they are not controlled by any single entity.

So basically web3.0 providing a great platform and feature for decentralized finance to be launched and with the help of walletconnect, the previous centralized finance system is defeated as a result of today's generation of blockchain technology.

Quick Overview of DeFi

Decentralized finance in(DeFi) is a new financial system that uses blockchain technology to eliminate the need for intermediaries like banks and other financial institutions. DeFi applications, or dApps, allow users to lend, borrow, trade, and invest assets without the need for a trusted third party.

What is wallet connect?

The communications protocol for web3.0 WalletConnect brings the ecosystem together by enabling wallets and apps to securely connect and interact.

WalletConnect is an open-source protocol that allows users to connect their self-custody crypto wallets to decentralized applications (dApps). It works on both mobile and desktop devices, and is becoming one of the main standards for accessing Ethereum dApps.

Why is WalletConnect important?

WalletConnect is important because it makes it easy and secure for users to interact with dApps. It also allows developers to integrate their dApps with a wide range of wallets, without having to develop custom integrations for each one.

Here are some of the benefits of using WalletConnect:

▪️Convenience: WalletConnect makes it easy to connect to dApps from both mobile and desktop devices.

▪️Choice: WalletConnect is supported by a wide range of wallets, so users can choose the one that best suits their needs.

▪️Security: WalletConnect uses encrypted connections and push notifications to ensure that users’ private keys remain secure.

▪️Privacy: WalletConnect does not share any user data with dApps.

How does WalletConnect work?

For connecting to a dApp using WalletConnect, users simply need to scan a QR code with their mobile wallet. Once connected, the user will be able to interact with the dApp as if it were running on their own device. You can find this feature on lots of wallet apps today.

WalletConnect uses a shared key to establish an encrypted connection between the wallet and the dApp. This key is generated when the user scans the QR code. Once the connection is established, the wallet and dApp can communicate securely with each other. After connection is established , lots of events and request can be handled from dApp.

WalletConnect also supports push notifications. This allows dApps to send notifications to users, even when they are not actively interacting with the dApp. This can be useful for things like transaction confirmations and alerts. Basically wallet connect uses observe design pattern to handle events through it’s library.

Use cases for WalletConnect

WalletConnect can be used for a variety of purposes, including:

▪️Access dApps from mobile devices: WalletConnect allows users to access dApps from their mobile devices, let say you already have some wallets on some apps like Bitcoin.com wallet or Trust wallet and you want to connect Verse dex to swap from token Ethereum to Verse. In this case for connecting Verse dApp to your wallet and select a wallet to interact where you can easily use wallet connect QR code.

▪️Wrapper and helper for handling secure connection and events between wallet and dApps for developers.

▪️Use multiple wallets with a single dApp: WalletConnect allows users to use multiple wallets with a single dApp. This is useful for users who want to keep their different wallets separate.

Overall, WalletConnect is a powerful tool that makes it easy and secure for users to interact with dApps. It is supported by a wide range of wallets and dApps, making it a versatile solution for both users and developers. Uniquely it has also introduced a dynamic interplay between the purchase of material and digital products, with the notion of digital property rights blurring the lines between what is considered tangible and intangible.

controlled by any single entity. pl here.