Basically, WalletConnect is an open protocol that uses end-to-end encryption with a QR code. To establish the connection between Crypto.com DeFi wallet and DApp, WalletConnect works in a similar manner as we scan a QR code to log in to the WhatsApp web. WalletConnect already supports wallets like MetaMask, KyberSwap, Nash, Trust Wallet, and more.
How does it work?
Let us take into consideration a DApp like DeFi Swap. A DeFi Swap user can access it on mobile by clicking “Connect to a wallet” and then selecting WalletConnect. Users will see a QR code that needs to be scanned with the mobile wallet. Once the scan is complete, the user will have to confirm whether he wants to share the wallet address with the DApp.
After sharing the address, the DeFi Swap or any DApp will not be able to send transactions from this particular address. For each transaction made on the DApp interface, the user will be required to manually confirm the transactions on the mobile device. This ensures complete security to the private key.
Crypto.com recently published the staking rate adjustments and the community is not very happy with the change. According to the official post, the new staking rate APY is 6%. Prior to the change, the APY was 20%. However, for someone who has staked CRO before the stake rate adjustment timestamp, the APY will remain 20% till the completion of the 180-days staking period.
Over the last one year, CRO price has surged by 320%. However, in the last 24 hours, the CRO token price is down by 4.8%.
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