Know the Phantom Wallet- a safe crypto storing space
Cryptocurrencies, initially, did not have any monetary worth and now, nothing seems to match their worth. Thus, it is clear that users need a safe location to store and protect their crypto funds, which gave birth to the concept of digital or crypto wallets. And as soon as the idea spread, tons of crypto wallets came to being. So, we thought of introducing you to a recent wallet service that seems to have acquired a great user base for the Solana crypto (or SOL) – the Phantom Wallet. It is famously named as the factor that bridges the gap between the Solana blockchain network and the crypto users. Currently, the wallet functions as a simple web browser extension but there are rumors of ongoing operations to soon launch a mobile application. Let’s not delay and get into the good part of this information guide.
Learn the exclusive traits that Phantom is designed with
This part of the read has been assigned the responsibility of walking you through the features that makes Phantom a great choice for storing your crypto tokens (Solana and SOL-based):
- This service is known as a Solana wallet that has no custody and can be accessed on your browser.
- The wallet can also be linked and used with Ledger wallet devices for added layers of security.
- Solana can be staked with the Phantom wallet to generate some passive income by the users.
- Being a part of the wallet service, users get access to crypto tokens and other SOL-based NFTs.
Learn to use the services that Phantom Wallet offers
You should know that Phantom is available for easy download as a plug-in on popular browsers like Chrome, Edge, Firefox, and Brave. It has been noted to have tons of similarities with the MetaMask wallet and often gets pointed to as the MetaMask of the Solana blockchain. This part of the read has been focused on the way that you can opt for using the wallet service. First, getting or downloading the wallet is extremely free and highly facile to use. You would then be asked whether you need to create a new wallet address or you’d like to import an old one. If you opt to create a new one, you’ll get your hands on a 12-word seed phrase along with the successful creation and confirmation of your Phantom Wallet password. You can use your wallet to store your crypto, review the balance on your portfolio, trade and exchange crypto, and benefit from other features as well.
Learn the procedure for installing Phantom on a computer
As mentioned earlier, Phantom Wallet is a simple browser extension or a browser plug-in and therefore, can be used on a computer only. Although, it will soon launch its mobile application for both Android and iOS, let us walk you through the steps mentioned below to help you with installing the service on your computer:
- Get into the best-preferred browser and visit the official site for Phantom.
- On the page, spot the “Download” option move on to hit on it.
- Now, scroll down and choose the “Add to browser” tab and wrap it up.
Note: As soon as the installation is complete, you’ll be able to see the added plug-in on your browser.
Setting up the Phantom Wallet with proper steps
This part of the read has been assigned the responsibility of helping you set up your wallet for use along with facile steps:
- Begin by completing the installation procedure above.
- Spot and hit on the “Create New Wallet” option link.
- Settle on a password to add proper security to your wallet.
- Reconfirm the password you want to set for the wallet.
- Move on to hit the option that reads “Continue”.
- On the next page, you’ll get your hands on the seed phrase.
- Retain it offline and hit on “OK, I saved it somewhere”.
- You would be required to submit the seed phrase data.
- Move forth and choose the “Finish Wallet Setup” option.
- Wait for the browser to confirm your setup completion.
Steps that can help you unlock the Phantom Wallet
This part of the read has been focused on helping users when they, for some reason, lock themselves out of their Phantom Wallet. Enlisted are the steps of resolution:
- Launch the installed Phantom extension.
- Feed-in the set password in the given space.
- Now, spot the “Unlock” option and hit on it.
Learn the steps of recovering your Phantom Wallet
There can be a time/s when you lose control over your wallet accounts and that is when there would be a need to recover it. The seed phrase that you were suggested to note down and kept in a safe offline location would be the major ingredient here. So, let us walk you through the steps for the same:
- Initiate the procedure by getting into the wallet extension.
- Look for the “Use seed phrase” link and place a hit on it.
- Ensure entering your account seed phrase correctly.
- Ensure retaining the seed phrase and decide the new password.
- Confirm setting up the new password in the next given box.
- Look for the option that reads “Import” and go on with it.
- Wait for the Phantom Wallet to be recovered using the seed phrase.
Know the features that might debut in Phantom
Well, it has been anticipated that the release of the mobile application for the Phantom Wallet will bring in new features to enhance and elevate the experience of crypto users. Some of the new features that may be designed into the app are listed below:
- In-built compatibility with Ethereum and ERC-20 crypto tokens.
- Adding more options or choices of markets for the Phantom Swap feature.
- The multi-chain support feature, which will utilize the newly introduced Solana wormhole.
The detailed read above is focused on an exclusive crypto wallet that is a browser extension or a plug-in that can be downloaded and added to your in-use browser very easily- the Phantom Wallet. This wallet service is very much similar to MetaMask, which is why it, sometimes, is described as the MetaMask wallet for the Solana blockchain network. Scrolling through the informative piece above you’ll get to know the features of the service, a user guide, the process of installing it, the steps for setting it up, and so much more. Also, to conclude the read, we have added a small section that contains the new features that may debut in the mobile application set to arrive this year.