JAKARTA - In the cryptocurrency era, managing crypto assets safely is becoming increasingly important. Phantom Wallet is here as a solution for users who want to save, send, receive, and exchange crypto assets easily and safely.
Initially, designed specifically for the Solana blockchain, Phantom now also supports Ethereum, Polygon, and Bitcoin. With user-friendly interfaces and advanced security features, Phantom Wallet is quickly becoming a popular choice for crypto users.
Getting To Know Phantom Wallet
Phantom Wallet is a non-custodian crypto wallet and browser extension that provides users with a safe and easy way to manage their digital assets. Originally created for the Solana blockchain, Phantom now supports Ethereum, Polygon, and Bitcoin, but remains one of the most popular wallets for Solana.
The phantom allows users to save, send, receive and exchange cryptocurrencies as well as NFT safely and interact with the DeFi protocol. Phantom popularity skyrocketed thanks to user-friendly interfaces and Solana's rapid growth.
History Of Phantom Wallet
Phantom Wallet was founded by Brandon Millman, Chris Kalani, and Francesco Agosti. Millman, who was previously a senior engineer on Twitter and played a role in the development of the 0x decentralized exchange, with his team managed to raise $9 million in Series A funding round in July 2021 to develop wallets for the Solana blockchain.
The phantom launched during Solana's rapid growth and the overall cryptocurrency market, making it one of the most popular wallets for this blockchain Layer 1. Within a year, Phantom claims to have more than three million users.
In January 2022, the team managed to raise USD 109 million (IDR 1.744 trillion) in Series B funding, bringing the company's valuation to USD 1.2 billion (IDR 19.2 trillion). Phantom then grew from the browser extension to the mobile version for iOS in January 2022, and Android in April 2022.
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Phantom Wallet Feature
Phantom Wallet provides easy access to various wallet functions such as sending, receiving, and storing SOL and SPL tokens (similar to the ERC-20 token on Ethereum). These wallets are integrated with decentralized applications on the Solana network, allowing users to interact with DeFi protocols, NFT markets, and others directly from wallets.
The one-click staking feature also allows users to staking their SOL tokens to get results. Phantoms also have token exchange features in the app, so users don't need to interact with separate decentralized exchanges for direct exchanges at market prices.
Not only that, but Phantom is also compatible with Ledger's hardware wallet for offline security.
How to Create a Wallet Phantom
Users can download Phantom as a browser extension or mobile application on the official Phantom Wallet website. After installation, users will be guided to create their new wallet, including setting passwords and storing secret recovery phrases that must be stored in a safe place.
This recovery phase is the only way to recover wallets and must be maintained safely. Losing the phrase recovery can mean losing access to funds, and if someone gets the phrase recovery, they can take user funds.
Risk Of Using Phantom Wallet
Although the Phantom has a strong security feature, no system is completely immune to hacking or security breaches. Users should be careful avoiding phishing scams, although Phantom has implemented certain features to help users detect malicious actors, such as protection alerts, simulation transactions, URL verification, and community reports.
In addition, if users send funds to the wrong address or lose the phrase their recovery, they could lose their assets. Certain applications in DeFi space can also have vulnerabilities.
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