Phantom

Whether you’re new to cryptocurrency or you’re interested in the many Solana projects out there like Parcl, setting up your Phantom wallet can be pretty daunting.

Beginner’s Guide: What is Phantom Wallet?

The Solana Phantom wallet is an all-in-one decentralized finance (DeFi) wallet witnessing continued adoption with the growth of Solana's ecosystem. However, many people wonder, "what is the Phantom wallet doing that's different?". Phantom offers users the ability to store cryptocurrencies, non-fungible tokens (NFTs), and earn a passive income with idle assets.

As one of the top-performing projects in 2021 that's seeing continuous adoption, the Solana Phantom wallet is a multi-functional application offering storage for multiple types of cryptographic assets for one of the fastest blockchains in the world. Users can also swap tokens with other assets for less than a cent while simultaneously earning a passive income. Moreover, by providing a non-custodial decentralized service, users are assured of cryptographic security for the storage of their assets.

In our “What is Phantom Wallet” article, we will dive deep into the fundamentals and features within the project. Plus, we’ll look at how fast the Solana Phantom wallet is becoming the go-to wallet application for the Solana blockchain. Also, we’ll explore the various security protocols and precautions the project uses to protect its users’ funds.

For those new to crypto, be sure to check out our Crypto for Beginners course, which teaches you how to invest and secure your wealth safely. Also, save our “Crypto Terminology” article for a guide on the popular vocabulary used throughout the industry. Plus, learn about the pseudonymous developer(s) of Bitcoin; see our “Who is Satoshi Nakamoto?” article for later!

Exploring Phantom Wallet

Launched in 2021, the Phantom wallet is a multi-utility and multi-device crypto wallet for the Solana blockchain with over one million users. Targeting newcomers to the crypto industry with an intuitive user experience (UX), the Phantom wallet presents a welcoming onboarding solution for decentralized finance (DeFi) adoption on the Solana blockchain. As such, Phantom offers users the typical features one expects with modern DeFi wallets (e.g., decentralization, cryptographic security, fast transaction confirmation). Plus, the Phantom wallet offers users in-app token swaps, a fiat-on ramp, and a place for storing non-fungible tokens (NFTs). Furthermore, the project offers these features with sub-cent fees on both desktop and mobile devices.

The Solana Phantom wallet is renowned for its multi-pronged approach to security, both to users’ assets and data. Accordingly, Phantom integrates several novel security protocols facilitating a non-custodial service. Also, users have the option to employ additional security with seamless compatibility with the Ledger hardware wallet (from Ledger SAS). As a result, the Phantom wallet is quickly becoming the go-to wallet for users interacting with the Solana blockchain.

Solana

As one of the fastest blockchains globally, Solana can process more than 65,000 transactions per second (TPS). Its speed, combined with minute transaction cost and a developer-friendly approach to development, has allowed Solana to comfortably sit as a top ten cryptocurrency by market cap for over a year.

The Solana project introduces various novel blockchain architecture and technologies to the industry. Namely, its ability to timestamp transactions at a granular level thanks to its "proof of history" protocol. Dubbed as “a clock before consensus”, the Solana blockchain presents a solution to the industry's “blockchain trilemma”. Accordingly, Solana can offer sub-second speed and minuscule transaction fees without compromising on decentralization.

Solana’s native SOL asset holders receive governing rights over the protocol's development. Moreover, Solana operates with a global set of validator nodes responsible for managing, processing, and securing the network. Further, some network participants operate in “clusters” to maintain the ledger's integrity alongside serving client transactions. For example, "devnet" clusters and "testnet" clusters.

As one of the fastest-growing ecosystems in the blockchain industry, the Solana asset (SOL) was the top-performing crypto asset in 2021, exceeding a 13,000% increase in value.

How to Use Phantom Wallet

The Phantom wallet is available as a mobile download application and a browser extension tool for various desktop web browsers. The protocol operates by allowing users to generate private keys before Phantom manages them on behalf of its users. During this, Phantom presents a beautifully simple and intuitive graphical user interface (GUI) to mask the technicalities of signing transactions and storing funds.

Moreover, thanks to a platform update in late 2021, the Solana Phantom wallet app is available to navigate in over ten different languages! Simply head to the settings icon to adjust the language display. Users can choose from English, French, Spanish, Chinese (Simplified), Japanese, Korean, Russian, Hindi, Indonesian, Thai, or Vietnamese!

Below, we'll briefly cover the different features and activities available within the Solana Phantom wallet.

Choose a Web Browser

The first thing to consider is which web browser you would like to use the Solana Phantom wallet with. The project offers its users a range of options to allow them to transform their familiar browser into a Web3-enabled wallet. Further, the wallet is compatible with both cryptocurrencies and non-fungible tokens (NFTs).

To download the browser extension for the desktop wallet, users can simply head to "Phantom.app" and scroll to the bottom to select the relevant icon. At the time of writing, users can use Chrome, Edge, Brave, and Firefox. Simply click on the icon, which will redirect you to a confirmation page to install the wallet. Once installed, the wallet will automatically launch. At this stage, users are prompted to create a password. Then, users must hover over a textbox to view the verifiably random and secure seed phrase that's generated, which can be used to access the wallet anywhere. This must be written down offline and kept in a secure place. Following this, Phantom presents a three-part walkthrough of accessing the wallet with command shortcuts.

Now, users are set up and ready to use the wallet! Also, if users choose to download the mobile app, they can import their seed phrase from the desktop wallet to manage funds from different devices. Conversely, if users already have the mobile app, they can import the seed phrase generated from there and manage the same funds from a desktop.

Buy SOL

The next step is to deposit some of Solana’s native asset, SOL. Users will need at least a little bit of SOL in their Phantom wallet to process transactions. There are two main ways to achieve this. First, users can deposit SOL from an alternative wallet by selecting their Phantom wallet address and pasting it into the respective wallet. It is crucial to ensure that the transaction operates over the Solana network; otherwise, funds could be lost.