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Pros and Cons of Phantom Wallet 2022: Features, Security, and Other Considerations

Phantom is a user-friendly, digital web 3 wallets for the Solana blockchain that makes it secure and simple for you to store, send, stake, and trade tokens.

Phantom is a wallet for the Solana blockchain that is user-friendly, digital web 3 wallets for the Solana blockchain. The secure wallet browser extension, Phantom Wallet, will be reviewed in this Phantom Wallet evaluation.

What Is the Phantom Wallet, and How Does It Work?

The Phantom is a noncustodial wallet for the Solana blockchain, which means it does not store any private keys.

It’s strikingly similar to the web3 alternative Metamask, and it’s presently available as a free browser extension that can be downloaded for Chrome, Firefox, Edge, and Brave Browser, among other web browsers.

It is possible to manage your crypto and NFTs, stake and trade tokens, as well as access DeFi applications on the Solana blockchain, using the Phantom wallet.

The team is also hard at work on supporting Ethereum, with a beta version expected to be released soon. Phantom, in my opinion, has the potential to become a real competitor to the popular Metamask wallet.

Phantom is a noncustodial web 3 wallets in which the user has direct access to their private keys, unlike traditional wallets. You may link it directly to Ledger, which we’ll look at later, in a manner similar to how you connect Metamask.

Phantom has accumulated more than 2 million monthly active users in just six months since its introduction, making it the fastest-growing cryptocurrency wallet in the world.

Phantom announced a $109 million Series B round in January 2022, led by Paradigm with participation from previous investors like as a16z, Variant, Solana Ventures, and Jump Crypto, among others.

phantom crypto

What Exactly Is Solana?

Solana is a blockchain that is extremely scalable and (according to them) the quickest blockchain in the world. It is well-known for providing a wide range of DeFi solutions, as well as for its successful SOL cryptocurrency token.

Solana is a platform that was developed in 2017 by Anatoly Yakovenko, who previously worked for Qualcomm before starting his own company.

Solana has been developed to be able to handle more than 50,000 transactions per second, making it a viable competitor to payment processors such as Visa and PayPal. They do this through the use of something known as “Proof of History.”

Solana also has support for smart contracts, which allows developers to construct decentralised applications (DApps) on the network. In other words, Solana may be used to run DEXes, lending platforms, and NFT markets all at the same time.

Also See:Market Research and Network Development Strategies for Storm Tokens

What Are Sol Tokens, and How Do They Work?

Solana’s native token is the $SOL cryptocurrency. SOL offers a variety of applications, and you can use your SOL tokens to gain rewards by staking them.

It is estimated that there are 26 million SOL in circulation currently, with a maximum supply of SOL of 489 million SOL available.

What Is the Best Place to Buy Sol Tokens?

SOL may be bought and sold on a variety of cryptocurrency exchanges, with the most prominent alternatives being Coinbase, Binance exchange, and FTX. SOL is a cryptocurrency that was first introduced in 2014.

phantom crypto

Fees for Using a Phantom Wallet

If you do any transactions on the Solana network, you will be required to pay transaction charges or gas fees, which are denominated in SOL in this case.

This is comparable to the way you must pay ETH for transactions on the Ethereum blockchain or BNB for transactions on the Binance Smart Chain. Instead, you’ll have to pay SOL for Solana, which is a separate fee.

As a result, you’ll need to ensure that you always have enough SOL tokens in your wallet to cover any transaction fees that may be incurred while transferring, trading, staking, and so on.

Is the Phantom Wallet a Safe Bet?

The Phantom Wallet is a noncustodial wallet, which means that users are in control of their private keys. As a result, the majority of the wallet’s security is in the hands of the users, rather than a third party.

The first time you create a new wallet, you’ll be required to write out your secret recovery phrase, which is a collection of 12 words in length.

If you ever find yourself in the situation where you need to restore your wallet, these are the phrases you would need. As a result, they play an extremely vital role in the creation of a wallet. If you misplace your recovery phrase, there is no way to recover your wallet information.

Furthermore, if someone has access to these words, they will have access to your crypto assets, thus it is critical that you write them down accurately, in the correct sequence, and put them somewhere secure and away from any potential danger to avoid this happening.

Read More:Why Goldfinch Crypto (GFI) Is A Unique Crypto Lending Interface?

App for a Phantasy Wallet

Phantom for iPhone is available as a mobile application, allowing you to access the crypto wallet as well as your favorite Web3 applications while on the move.

With the Phantom wallet app, you may do all the operations available on the desktop version, including sending, receiving, trading, and earning.

Please keep in mind that this app is only accessible for iOS users and has not yet been made available for Android users. Please be on the lookout for bogus downloads.

phantom app

Is There A Phantom Wallet & Ledger?

The Phantom wallet is compatible with the famous hardware wallet Ledger, ensuring that your tokens are always kept safe inside the confines of your device’s security.

This feature is currently only accessible with Ledger hardware devices, as Trezor has not yet included support for Solana.

To link your Ledger hardware wallet to your device, you must first download and install the Ledger Live software on your device.

Then you’ll need to pair and link your wallet by creating an account and a unique address for it.

Problems With the Connection Between the Ledger and the Phantom

When connecting my Ledger Nano X to Phantom, I personally experienced some difficulties.

After consulting with Phantom, I discovered that this isn’t a problem with the wallet itself, but rather with the way that Ledger interacts with the Solana platform.

Some recommendations include making sure that your Ledger is not connected to any wallets such as Metamask or Terra Station wallets, or anything similar, and closing any apps that may be utilizing or connected to your Ledger at the time of the attack.

Additionally, in the Solana app on your Ledger device, go to the Settings menu and choose “Allow Blind Sign” from the drop-down menu.

People Also See:Want To Invest in Cardano? Here Is The Complete Guide For You.

Support for the Phantom Wallet

They were forced to shut down the Phantom Discord channel due to the large amount of frauds that were being perpetrated on the platform.

You may, however, follow their Phantom Twitter account, and if you want assistance, you can visit their official website  and go through their support pages.

If you are unable to find a solution to your issue, you may file a support ticket, and a representative will react as soon as they are able to.

When researching and writing this Phantom Wallet review, we reached out to their customer service team over Discord, and they were incredibly helpful.

Conclusion

I had never actually dealt with the Solana blockchain prior to making a Phantom wallet tutorial, despite the fact that I had been holding the SOL token since the beginning of 2021.

Initial difficulties connecting Phantom to Ledger were encountered, but after they were overcome, I truly loved working with the wallet.

I even chose to remove my SOL and RAY tokens from the FTX market and stake them using Phantom in order to get a higher annual percentage yield.

If you’re new to cryptocurrency, Phantom will be a little intimidating at first, but if you’ve already used Metalmark, you should have no problems.

If Phantom continues to innovate, and when they release their Ethereum version, I have no doubt that the platform’s adoption will be massive for the time being.

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