WalletConnect V1.0 users were unable to complete transactions this week. The web3 communication protocol that generates more than 1.1 million web sockets [user to app connections] closed the original version of their bridge this week. The upgrade was made for security reasons.
All active users and applications integrated with the wallet socket were eventually forced to upgrade to WalletConnect 2.0 version.
WalletConnect V1.0 completed Major crypto projects affected
Golden Inu token, one of the fastest rising memecoins of 2023, is one of the most requested projects where WalletConnect v1.0 was integrated. The cryptocurrency brand’s first coin offering [ICO] presale, relied on WalletConnect for its thousands of dollars worth of Ethereum crypto transactions per day. When version 1.0 was shut down, users flooded the @GoldenInuToken twitter to notify the developers that they could not purchase the $Golden token from the website.
Traders looking for the $GOLDEN token pre-sale informed Golden Inu before WalletConnect v2.0 news made the rounds. However, the developer team of the new crypto brand took less than 48 hours to solve the problem. Obeying supporters’ demands, the minor issue was rectified with crypto traders by adding an extra 5 days to the presale closing date.
Official warning and limitation of the 2.0 upgrade process
On the WalletConnect website, the developers of the web3 bridge left a message at the top of the site confirming the forced transition.
“WalletConnect v1.0 has been closed. Wallets and dApps should upgrade to v2.0 immediatelyreads the warning, next to an actively linked button that softens the process.
It is estimated that the sudden switch has slowed up to $20,000 in presale transactions with Golden Inu tokens. However, with 5 days added to the ICO event, it is likely that all traders who have tried it before will now complete the process.
In addition, Golden Inu token loyalists who have done DCA’ing [dollar cost averaging]who buys a few tokens daily or weekly now has time to invest even more.
Golden Inu’s New Crypto Ecosystem Is Nicknamed “Shiba Inu killer.’ The developers of the token have already produced more new cryptocurrency products in 4 months than the Shiba Inu team has created 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. More than 3,000 applications have integrated the bridge technology into the process of linking with users’ crypto wallets. More than 800,000 active web sockets are detected by WC during most days.
The WalletConnect 2.0 version is more secure. It is also said to improve the overall speed of cryptocurrency transactions, for which it acts as a ‘web socket’.
If it is not aware, the communication protocol forms a bridge between a user’s crypto wallet and the company a consumer wants to send currency to.
In layman’s terms, Wallet Connect securely moves money from a consumer to a company or entity, in a matter of seconds.
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