WalletConnect V1.0 users found themselves unable to complete transactions this week. The web3 communication protocol that generates over 1.1-Million websockets [user to app connections] shut down the original version of their bridge this week. The upgrade was made for security purposes.
All active users and applications integrated with the wallet-socket, were finally forced to upgrade to WalletConnect 2.0 version.
What you'll learn 👉
WalletConnect V1.0 Shutdown Affected Major Crypto Projects
Golden Inu token, one of the fastest rising memecoins of 2023, is one of the most in-demand projects that had WalletConnect v1.0 integrated. The cryptocurrency brand’s initial coin offering [ICO] presale, relied on WalletConnect for its thousands of dollars in Ethereum crypto transactions daily. When version 1.0 was shut down, users flooded the @GoldenInuToken twitter to make the developers aware they could not purchase the $Golden token via the website.
Traders prospecting the $GOLDEN token presale gave notice to Golden Inu before WalletConnect v2.0 news made public rounds. However, the new crypto brand’s developer team took less than 48 hours to fix the issue. Obliging supporters’ demands, the small matter was rectified with crypto traders by adding an additional 5 days to the presale closing date.
Official Alert & Mitigation of 2.0 Upgrade Process
On the WalletConnect website, the web3 bridge’s developers left a message at the top of the site confirming the forced transition.
“WalletConnect v1.0 has been shut down. Wallets and dApps must upgrade to v2.0 immediately,” reads the alert, next to an active-linked button that mitigates the process.
It’s estimated the sudden switch may have delayed up to US$20,000 in Golden Inu token presales transactions. However, with 5 days added to the ICO event, it’s likely all traders who attempted priorly, will complete the process now.
In addition, Golden Inu token loyalists who have been DCA’ing [dollar cost averaging], buying a few tokens daily or weekly, will have time now to invest even more.
Golden Inu’s new crypto ecosystem has been given the nickname ‘Shiba Inu Killer.’ The token’s developers have already produced more new cryptocurrency products in 4 months than the Shiba Inu team has made in 2 years.
What is WalletConnect and Who Uses It?
Golden Inu token is far from the only cryptocurrency affected by the WalletConnect v1.0 shutdown. Over 3,000 applications have the bridge technology integrated into its process to link with user crypto wallets. Throughout most days, over 800,000 active websockets are detected by WC.
The WalletConnect 2.0 version is more secure. It’s also said to improve the overall speed of cryptocurrency transactions it acts as a ‘web-socket’ for.
If unaware, the communication protocol is a bridge between a user’s crypto wallet and business which a consumer wishes to send currency to.
In layman’s terms, Wallet Connect securely moves funds from a consumer to a business or entity, within a few seconds.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com