Phantom is a non-custodial wallet and browser extension for Solana that is utilized for managing digital assets and accessing decentralized applications. The wallet possesses built-in features like token swaps, displaying NFTs and collectibles, ledger and Web3 support, and SOL staking. Phantom supports Chrome, Brave, Firefox, and Edge browsers. After downloading, the extension can be added.
Transactions are paid for with the SOL token, and users can navigate to their portfolio of tokens, as well as the built-in DeX. With each token swap, they can access their displayed slippage rate and fees. The Phantom interface also gives users an overview of their latest activities in the wallet and streamlines navigation settings.
The Solana-based wallet utilizes private keys on behalf of users to store digital funds, such as DeFi and NFTs, and authenticate the transactions. Functionalities include sending and receiving cryptocurrencies and tokens, the collection of NFTs, and swapping tokens within the wallet. The Phantom extension adds the Solana object into the javascript context, allowing the wallet to interact with websites that users visit. The Solana object affirms the existence of an API using the Phantom flag.
How it works
The Phantom Wallet software can be downloaded on a computer. Alternatively, an extension can be added to a web browser to access the wallet. Users are required to log in using a password to make use of the wallet, and there are no KYC (Know Your User) protocols to sign up. The dashboard features Send and Receive buttons for transactions.
To download the wallet extension, users can do that on the Phantom website or can get it at a supported web browser's extension store. After adding the wallet from the website or Chrome extension store, new users are required to create a new wallet. Returning users utilize the secret recovery phrase, aka mnemonic, and are required to keep it somewhere private.
Accounts can only be recovered via a secret phrase. Users who lose their recovery phrase lose everything. They can copy the code by clicking the Copy button underneath the secret recovery phrase. The next step involves the creation of a password for their Phantom Wallet. After setting the password, the browser window will display an instructional message, and the Click Alt/ Option+Shift+P shortcut can be used to open the Phantom Wallet extension without needing to navigate in the browser.
Security
Phantom Wallet uses decentralized web 3.0 functionalities to offer users control of their assets without holding the assets or private keys. The Phantom wallet offers ledger support to link to the hardware wallets in order to keep the funds intact. Independent audits are also performed by auditing firms. Phantom was audited by Kudelski Security Research Team on the 7th of May, 2021.
Phantom also claims to respect user privacy by not revealing personal information and other identifiables. The wallet also invites white hat hackers to locate the bugs and vulnerabilities in the wallet to receive a bounty ($50,000) as an incentive. The wallet ensures at its level that users are willingly connecting to a trusted website using the onlyIfTrusted option. This offers extra security and prevents unwanted window pop-ups.
window.solana.connect({ onlyIfTrusted: true });
