September 28, 2022

Phantom

Phantom’s official website: https://phantom.app/

Phantom is a cryptocurrency storage platform developed on the Solana blockchain for DeFi and NFT. With Phantom, users can safely and easily store, send, receive, stake, and swap tokens on Solana.  You can also find Phantom Wallet easily by adding it to your browsers as an extension.

Phantom wallet is more widely used on the Solana platform, compared to Sollet wallet.

Advantages & Disadvantages

Advantages

  • Phantom is compatible with several popular browsers including Chrome, Firefox, Edge and Brave. 
  • Transaction fees are extremely low, almost zero.
  • Phantom integrates DEX directly in the wallet to help users reduce operations and transaction fees, and easily swap tokens in a simple way.
  • Supports linking hardware wallets like Ledger for added security.
  • Supports sending/receiving and storing of NFTs.
  • Providing an SOL staking feature directly on the wallet allows users to increase passive income.
  • Phantom is a non-custodial wallet, this means that users have full control of their assets with a private key or passphrase without being managed by any 3rd party.

Disadvantages

  • The relatively new wallet has not been tested like some other competing products.
  • The mobile app is still under development so for now Phantom is only available as a browser extension.
  • Phantom is limited to the Solana ecosystem , and can only receive/send SOL and SPL tokens. That means Phantom does not support other coins like Ethereum , Bitcoin ,…

Phantom wallet download and use instructions

Download: https://phantom.app/

  • Select “Download” to install the extension for the browser

  • The wallet application currently supports Google Chrome, Brave, Firefox, and Edge browsers.

  • Click on “Add to Chrome” to add the wallet application to your browser extension.

  • Select “Create New Wallet” to create a new wallet or select “I already have a wallet” to import an existing wallet in some other device then they can use the import wallet option.

  • Create a password” to set up a password for your wallet

  • Click on “Continue

  • The application will show you the Secret Recovery Phrase that you need to store safely so that you can use the Import Phrase to recover the account later and not share with anyone or lose this key phrase as if you lost your wallet.

  • Select the Phantom icon on the browser extension and pin the application to the browser to easily find and use it.

  • Select Solana, from here you can withdraw money from centralized exchanges by clicking on the receive line to receive this wallet address.

  • Select “Deposit” to see your deposit address

  • Select “Copy” to copy the wallet address, then proceed to receive SOL from centralized exchanges to this address after deducting a small transaction fee.

  • Click “Manage token list” to check the availability in the wallet.

  • Here, you can check the type of token in SOL

  • Select the token you want to display.

  • Tokens will be displayed on the main page of the wallet interface.

The operation of transferring assets from one wallet address to another wallet address.

  • Select “Send”, choose icon “+” to display the necessary information to transfer assets to another wallet.

  • Enter the recipient wallet address, and enter the number of tokens that you wish to send, and select “Next

  • Collectibles: Users can store their NFT’s in the Phantom wallet under the Collectibles tab.

  • You can swap SOL tokens here

  • User can view the history here

  • Users can select their preferred language

  • When users log in to DApps, they can manage DApps here

  • User can change the password here

  • Mainnet Beta: If you are a developer, you can join this program to develop products on Solana.

  • You can show Private Key ( Recovery Phrase ) for storage whenever you want

  • Copy your key

  • For other wallets, when turned off the user will have to re-enter the password to get in, Phantom allows the user a certain amount of time before closing the wallet to log back in.

  • You can get back a Private Key ( Recovery Phrase ) by resetting them

  • Continue to reset and receive a new Private Key

Phantom will deliver worldwide goods for people all over the world with the development of excellent technology, key elements in the Solana ecosystem in every manner. Solana not only makes it easier to use their DApps but also lays the groundwork for future apps.