What is WalletConnect?

Can you explain what WalletConnect is and its significance in the world of cryptocurrency and finance? As a professional in the field, I'm intrigued by the concept and how it may impact users' experience and security when interacting with digital assets. Is it a secure and reliable way to connect wallets to various decentralized applications, or are there potential risks that users should be aware of? I'd appreciate your insights and any additional information you can provide on this topic.