#walletconecct
@WalletConnect
The WCT digital currency is the native currency of the WalletConnect protocol.
WalletConnect is an open-source protocol that securely and easily connects cryptocurrency wallets to decentralized applications (dApps). Instead of needing browser extensions or copying and pasting addresses, WalletConnect allows users to link their wallets to a decentralized application by scanning a QR code or deep link. The protocol supports multiple blockchain networks and aims to make the Web3 experience easier and safer for users.
The currency plays a vital role in the decentralized WalletConnect ecosystem. The currency is used for several purposes, including:
* Governance: WCT coin holders have the right to vote on governance proposals and determine the future of the project and network development.
* Rewards and Incentives: The currency is used to reward and incentivize participants in the network, including node operators and users who contribute to network security.
* Staking: Coin holders can stake their coins to contribute to network security and earn rewards.
* Network Fees: Used to pay fees for network services, such as using relays.
Decentralization:
The WalletConnect protocol was initially centralized, but the project has taken steps toward decentralization, making the WCT coin the cornerstone of this decentralized ecosystem. This ensures that the network is open and community-driven rather than controlled by a single central authority.