Solana Phantom Wallet Guide
Launched in 2021, Phantom wallet is a non-custodial crypto wallet built for the Solana blockchain. It is used to interact with Solana-based tokens, smart contracts, NFTs, and decentralized applications (DApps). It is available as a browser extension and mobile app.
It can be accessed using major browser extensions such as Chrome, Firefox, Brave, and Edge. As a mobile app, it is compatible with iOS devices as well as Android.
Phantom wallet stands out with its many features. They include;
i. Simple user interface: Its simple user interface makes it beginner friendly. Anyone can use it to interact with the SOL blockchain. All service options are available on the first page.
ii. Non-custodial: Users have complete control of their private keys, which give access to their funds. It has no access to users’ data or funds.
iii. Supports Ledger: It can be connected to Ledger, a leading and highly secure hardware wallet for extra security.
iv. Built-in exchange: It features a built-in decentralized exchange that allows users to swap SOL-based tokens within it.
v. NFT compatible: It supports NFT collectibles from the SOL blockchain. It has a feature that automatically groups similar NFTs for easy accessibility. However, it only supports Solana NFTs.
vi. Crypto staking capabilities: It allows users to stake SOL and receive rewards. Crypto staking is a good way to earn passive income from cryptocurrencies.
vii. Great security: A strong password is the first line of defense. It is required to protect funds from thieves and hackers. It also features a recovery key phrase to restore access to it. Biometric authentication is another security feature offered to those using its mobile app version. The feature enhances its security even when accessing it on the go.
viii. Privacy: It prioritizes privacy. Users don't have to provide any personal information to create it. They only need to create a password to start using it. It also does not track any personally identifiable information, users' account addresses, or asset balances.
Pros and cons
There are many reasons to use Phantom wallet to interact with the SOL blockchain. Some of its advantages include;
• It is easy to use, therefore beginner friendly.
• It is non-custodial, therefore, does not have control over users' funds.
• It features a built-in swap and is compatible with NFTs.
• It supports Ledger (a hardware wallet) for increased security.
• It prioritizes privacy and features great security.
• It does not support any other network.
Phantom is a great wallet. It is especially perfect for newbies venturing into the crypto space through Solana, one of the most active and fastest-growing ecosystems in the crypto space.
It is easy to use, feature-rich, and highly secure. It easily gives access to all Solana services. It can be accessed as a web extension and mobile application. There is a lot to like about it.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.