WalletConnect vs Fortmatic – Best Comparison
WalletConnect connects with other hot & cold wallets and acts as a bridge that connects Decentralized Applications (DApps) to your wallet such as the Bitcoin.com Wallet.
Fortmatic is an easy-to-use alternative to web3 wallets like Metamask. It allows users to use a phone number or email address to connect to Ethereum-based applications, all without the need for a browser extension.
In this article, I will be comparing the similarities and differences between WalletConnect and Trust wallet.
Key Takeaways
• WalletConnect is an open protocol that allows users to connect crypto wallets to decentralized Applications (DApps) websites using QR code scanning or deep linking.
• Fortmatic (Magic) is a user-friendly hot wallet.
• Fortmatic authenticates users by linking a phone number or email address, removing the need for specific apps or browser extensions.
• According to Fortmatic, over 65% of their interactions come via mobile devices.
• Out of all the other platforms, the developers at Fortmatic follow wallet reviews when they integrate improvements to the features as users interact to convey the feedback.
So what are the similarities and differences between WalletConnect and Fortmatic?
SEE ALSO: WalletConnect TrustWallet Not Working – How to Fix
SEE ALSO: WalletConnect vs Fortmatic Wallet- Best Comparison
What is WalletConnect?
WalletConnect is an open-source tool that is used to connect mobile cryptocurrency wallets to Decentralized Applications (DApps). It acts as a communication link between mobile wallets, especially those without Web3 features, and DApps that need to connect with a wallet.
WalletConnect only acts as a bridge between your mobile wallet and DApps. Approving a WalletConnect connection request from a DApp does not automatically authorize other processes between the two ends. You still have to manually authorize a transaction request from the DApp in your mobile wallet, giving you total control
What is Fortmatic?
Fortmatic (Magic) is a hot wallet, which enables users to use decentralized apps and access tokens from their address on Ethereum. Rather than Extensions or seed phrases, it uses either a phone number or email address for authentication. It was founded in 2018 by Sean Li. However, in 2020, they announced that they would be changing its name to Magic. Moreover, it is a platform for developers to integrate blockchain technology into their applications.
WalletConnect vs Fortmatic
Both WalletConnect and Fortmatic also serve as gateways from crypto wallets to DApps in the DeFi ecosystem. So let’s see and compare what both of them have to offer in terms of pricing, supported platform, coverage, etc.
Pricing
WalletConnect has a free-to-use service. It links wallet and DApps without extra charges.
Fortmatic also has a free-to-use service as well as gives room for a free trial.
Coverage
WalletConnect is for anyone looking for an open-source protocol for connecting decentralized applications to mobile wallets
Fortmatic is for anyone looking for an easy-to-use alternative to web3 wallets to connect to Ethereum-based applications.
Categories
Both WalletConnect and Fortmatic are categorized into only Crypto wallets and Defi Tools.
Integrations
WalletConnect has about 245 integrations such as Aave, Alpaca finance, Atlantis, Biswap, etc.
Whereas Fortmatic has about 55 integrations such as OpenSea, Moonswap, Dogeswap, Fulcrum, Matry, Curve Finance, etc.
Alternatives
Alternatives to using WalletConnect include; Fortmatic, MetaMask, WalletLink, Encrypted Ink, WallEth, etc.
Whereas alternatives to Fortmatic include; Coinbase Wallet, MetaMask, Portis, 1inch Wallet, Huobi Wallet, etc
Usage
WalletConnect serves only the purpose of linking and connecting DApps to mobile wallets for easy and secured transactions.
Fortmatic allows users to connect to Ethereum-based applications, all without the need for a browser extension using just their phone number or email address
Downloadable Software App
WalletConnect does not have an app and can only be accessed for use using codes embedded by developers in DApps and Crypto Wallets.
Fortmatic has a mobile app that allows you to use the app with the ERC-20 blockchain.
Supported Platforms
Both WalletConnect and Fortmatic are only available as SaaS (Software as a service)
Support
WalletConnect lacks the presence of 24/7 Live Support. Instead, there is online support for receiving queries and complaints.
Fortmatic on the other hand has both an online support for receiving queries and complaints as well as a 24/7 Live Support.
Security
WalletConnect utilizes an end to end encryption for its connection, giving DApps only the privilege of viewing the contents of your crypto wallet. Private keys are never shared and stay safely within your wallet.
Every transaction request on WalletConnect needs to be authorized by the user on the mobile wallet, making it safe to use.
Fortmatic uses hardware security module (HSM) cryptographic anchors, a security mechanism that is used by many of the industry’s top custodial solutions. With this, hackers must attempt to crack encrypted keys within the organization’s infrastructure; meaning their progress can be detected and obstructed, significantly reducing the potential for losses.
SEE ALSO: What to Know About Formatic Wallet Fees
SEE ALSO: 10 Best WalletConnect Compatible Wallets
Frequently Asked Questions (FAQs)
Does Fortmatic wallet have a mobile app?
Yes, it does. The Fortmatic Wallet app lets you use the app with the ERC-20 blockchain. Fortmatic provides a smooth and delightful experience for app users.
Is Fortmatic safe to use?
When it comes to safety, Fortmatic is one of the most secure platforms due to its non-custodial (admin can never see user’s private keys) Delegated Key Management architecture.
It delegates encryption and decryption operations to Amazon Web Services (AWS), Key Management Service (KMS), and Cognito. Another advantage to the users is they can directly interact with AWS’ KMS on the client side.
At Fortmatic, all service communication only supports TLS (Transport Layer Security). As a result, user data transported between Fortmatic servers and the user browser is end-to-end encrypted. It will help to prevent man-in-the-middle attacks.
How can I deposit funds into my account?
- Visit the Fortmatic website, and click on the wallet.
- Enter your details and click on Login/ Signup.
- Now, click on the profile icon in the top left and click on add to Balance.
- You can now either purchase Ethereum or deposit it from your account.
Is Fortmatic Wallet Free to Use?
Yes, Fortmatic is a no-cost wallet service for all users. They have a trial and free version available with selective features for all users who wish to use it without spending money.
Can I prevent my Fortmatic wallet from being hacked?
Yes, you can by following these two ways;
- First and foremost, we recommend that you never repeat your passwords across services and that you utilize several methods for each account because the simplest way you can prevent a hacker from exploiting your password is to avoid using the same password for several services.
- You may further improve your security by utilizing the 2FA authentication, which assures that anyone who has access to your password can’t access your account unless they have extra information.
- Second, on utilizing various authentication methods, Fortmatic is stating that going ahead, all end-users of Fortmatic will be required to use; at least, email 2FA for every user login authentication which may in time influence the overall user experience of Fortmatic.
Final Thoughts.
With many further integrations on the horizon, it appears that Fortmatic will continue to grow as a widely-accepted tool for interacting with popular DeFi applications while WalletConnect continues to offer a more secure way to connect to Dapps from a wide choice of wallets.
So you can choose any wallet that you feel is the safest and most secure for you to explore DApps using WalletConnect.
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