What is WalletConnect?

WalletConnect is an open-source protocol that allows users to securely and seamlessly connect their crypto wallets to decentralized applications (dApps). Thanks to QR code technology, users can easily link their mobile wallets to desktop applications or other platforms.

Especially beneficial for mobile crypto users, WalletConnect also enables smooth transitions across different devices.

The protocol prioritizes user security by requiring wallet owner approval for every transaction, ensuring full control during interactions with decentralized applications.

What Is WCT Used For?

As of the time of writing, WCT does not yet have active use cases. However, in the future, it will serve four primary functions within the WalletConnect network:

• Fees: Initially, the network will not charge any fees. Token holders will be able to participate in governance votes to decide whether to introduce fees for relay services and other potential network features.

• Rewards: To encourage network participation and strengthen security, WCT will be distributed to contributors as rewards.

• Staking: Participants will be able to stake WCT tokens to earn rewards and engage in governance processes.

• Governance: WCT holders will be able to vote on proposals and changes, giving the community decentralized control over the network’s development.

WCT Token Distribution

The total supply of WCT is capped at 1 billion tokens, distributed as follows:

• WalletConnect Foundation: 27%

• Airdrops: 18.5%

• Team: 18.5%

• Rewards: 17.5%

• Early Supporters: 11.5%

• Core Contributors: 7%

Tokens allocated to the team, core contributors, and early supporters will be subject to a 4-year vesting schedule.

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The post What Is WalletConnect (WCT), What Does It Do? appeared first on Coin Engineer.