DISCOVER THE BEST WALLET ON SOLANA BLOCKCHAIN.
With this article!!!
Learn about the powerful solana blockchain wallet, its features, benefits…
How to use this wallet, how to open an account, how to send money, how to stake Sol and how to interact with the entire dashboard.
Overview.
Solana is really a hot blockchain right now, there are so many Dapps that are being built on the solana blockchain.There revolutionizing the Entire crypto currency space.
Now in order to access all these really awesome protocols that are being built on the solana blockchain you really need a very specific wallet that can Access the solana blockchain.
There are a lot of wallets built on solana blockchain like Phantom, Solflare, Sollet, Atomic Wallet, Exodus Wallet, Math Wallet, Ledger Wallet.
But today we are going to focus on the best wallet ever on the solana blockchain that gives you access to the DAPPS within solana. This wallet has serenity, Perfect functionality and more…
As we know in real life and in everything, safety comes first, we can’t sacrifice safety for anything. safety always comes first.
SECURITY
Security is very important, especially in cryptocurrency space, you don’t want anyone to have access to your funds and you want to make sure your funds are always safe and your transactions are private.
FUNCTIONALITY
The reason why functionality is so important is because if you can not interact with your wallet
Then you’re not going to be able to get involved in the cryptocurrency space, simply because there are not enough functions for you to use your wallet with.because you have to use a bunch of different DAPPS to be able to do everything you want.
So being able to have a wallet that does quite a few things inside, like: staking , Transfers, Nfts.. All of this are necessary for a wallet to be successful that allows users to do everything they want in the crypto space.
And with this top and most used Solana wallet that we are going to talk about, it gives you access to all the Dapps and more.
So if you want to use all the cool DApps that are built on solana, then this article is right for you.
Without wasting time, let’s go and find out which wallet it is.
THE TOP CRYPTO WALLET ON THE SOLANA BLOCKCHAIN “PHANTOM WALLET”!
What is a Phantom wallet?
A phantom wallet works in a similar way as a MetaMask extension does. Using a phantom wallet, you can interact with the Solana blockchain and trade or swap SOL on the go. The Phantom wallet service is available in the form of a browser extension that can be added to some major browsers including Chrome, Firefox, Brave, and Edge.
Traders still need to store their assets in a wallet, even though the DeFi space allows them to transact without a third party. The wallet must be secure enough while offering ease of use and access to various decentralized applications.
What about the Solana blockchain? Is there a wallet best suited for transactions on this growing network?
That’s what this article will cover. We will discuss the Phantom Wallet, its various features, and whether or not it can be suitable for your crypto needs.
The Phantom wallet is a software or hot wallet that acts as an intermediary between crypto users and the Solana blockchain. It was released in 2021 and functions as a website extension, having already launched its mobile version.
I personally love phantom wallet, simply because the user interface is clean and modern, and they really have security features.
In addition to all that, I own my private keys and save them at a good place. I don’t want anyone to have access to my wallet or to my funds in any way. and Phantom has that transparency that I do own my private key and they do not have access to my funds.
PHANTOM WALLET SECURITY FEATURES
When it comes to security features, an interesting feature Fantom utilized is the multi-address management component, which splits the wallet into three accounts: Main, Deposit, and Withdrawal.
This prevents the exposure of the wallet during the use of services and minimizes the possibility of damage from wallet address exposure occurring.
The mechanism is in place at the point you can not accidently send crypto to maybe unknown solana blockchain
So if you are trying to send some to ethereum, this wallet won’t be able to receive the crypto because it’s not the appropriate blockchain.
Phantom is taking care of the users and that regard makes it a really special wallet because they have the users best interest in mind.
And you can use phantom on Your Android and iOs Mobile Phones as well as all the top web browsers: Chrome, Brave, Firefox, Edge.
Desktop-Browsers
Those are the top browsers that people are using in the crypto space and with Phantom wallet you can use any of these browsers right away.
Also with phantom you can store collectable NFTs and all kinds of things that really make it a universal type of wallet when you want to do different things on the blockchain.
They even show you profits and losses on a daily basis, you can always know what your balance is.
Phantom gives us a really clean dashboard that is much easier for even beginners to deal with and understand, this wallet is not complicated at all.
Phantom its a Non Custodial: means they don’t have access to your funds, you can do the token swaps on the phantom wallet which is really good, because you don’t have to go to an exchange to do swaps, instead you can do it within your wallet.
The solana blockchain is one of the great blockchain that is currently running in the crypto space.
This is just to give you an exciting new opportunity to get into the great blockchain which is amazingly fast, cheap and you can now access the whole protocol on the solana blockchain, Either using browsers, android or ios mobile phones .
For now as you have understood everything about phantom wallet, now let’s go and install phantom extesion in our browser and create an account.
How to install Phantom wallet extension in my browser?
Open the Phantom website (phantom.app) on one of the four supported browsers (Google Chrome, Brave, Edge or Firefox). There is an “Add to Chrome” button (if you are using Chrome). Once you click on it, the website takes you to an online store with a number of plugins. Click “Add to Chrome” on the Phantom plugin, and it downloads the wallet. Once done, it installs automatically and can be accessed from the list of downloaded extensions on your browser.
Click on add Extension and After that you can then add phantom.
Click on create new wallet and it will bring a Table with your secret recovery phrase which is a collection of 12 words.
These words will be needed when you need to restore your wallet. If you lose it, forget your wallet forever. Click on copy and save your recovery then ok. I saved somewhere. After that you can go ahead and create your Unique password for your account.
Then Click on Save.
Oops !!! you Now have an account on Phantom wallet. You’re now connected to the DeFi web3 on the solana ecosystem.
The ecosystem is huge and it has everything for everyone with a phantom wallet, you can manage your crypto and NFTs, Stake and swap.
Phantom allows you to store, send, receive, stake and swap tokens on solana blockchain as well as collect the NFTS.
Solana is now one of the biggest cryptocurrencies in the world and proponents of the projects will tell you that it all comes down to the speed of solana.
Bitcoin can process about 7 transactions/ second
Bitcoin Lightning Network | LookIntoBitcoin
Etherium is almost capable to double that up to 14 transactions / secondBut Solana is the Network that can handle over 500000 transactions/ second.
Copy this: Blockchain users don’t just care about how many transactions can be processed at once, they also care about how quickly those transactions settle.
Ethereum approve transactions every 30 seconds
Bitcoin takes 10 minutes
Solana on the other hand is settling every 400 miles seconds.
So understand that solana has attracted a lot of developers in the Ecosystem
The most popular wallet for solana right now is phantom and it’s growing so fast, phantom hit 1 million users just 7 months after launch.
These low fees have allowed Solana to stake a claim on the NFT market place with new projects launching almost daily and costing next to nothing.
The key metrics to watch here is the Hackathons attendance
- wormhole Hackathon
2. DeFi Hackathon
3. Solana Season hackathon
For years, Tons of people have been saying that decentralization isn’t important and that blockchain is slow and expensive. However solana is the perfect example of this argument, because it’s fast, cheap and secure.
TOP PHANTOM FEATURES
NON-CUSTODIAL
It is the most decentralized type of wallet. A non-custodial Wallet, you have full control over your assets.
Your security is in your hands and not delegated to a third party. Phantom is an example. This type of wallet is advantageous since no one else controls your assets except you and only you. However, the downside is that if you lose your recovery phase, your assets cannot be recovered. They are gone forever.
Therefore, you should write down and save your secret recovery phrase and not reveal it to anyone else.
TOKEN SWAPS
The Phantom wallet has a built-in decentralized exchange where you can perform instant token swaps of tonek on the Solana blockchain.
The interface of the Swap function is similar to that of Metamask. During swaps, it displays the rate, slippage tolerance, and estimated fees.
Over a billion dollars worth of trade was exchanged. For such a young exchange, this achievement is impressive.
NFTS AND COLLECTIBLES
This is another interesting feature of the Phantom Wallet, which makes it even more appealing given that NFTs are currently trending in the crypto world. To aid accessibility, the wallet includes a feature to automatically group similar NFTs together to save you the stress of having to sift through hundreds of NFTs to find what you’re looking for.
We should note here that the only form of NFT supported by the Phantom Wallet are Solana NFTs. Additionally, NFTs are displayed as collectibles on the wallet, but if the wallet cannot identify the token as an NFT, it will be displayed as the primary SPL token instead.
LEDGER SUPPORT
Ledger Nano X is one of the most secure wallets available today. Being a hardware wallet, it is isolated from the online world, leaving little room for hackers. Fortunately, there is a way to integrate your Phantom wallet with Ledger Nano X.
This integration can only be done with Chrome, Edge, Firefox and Brave browsers. You will need to connect your Ledger wallet to your computer after configuring it to interact with Solana.
From there, open your Phantom wallet and follow the on-screen instructions on the menu page as they guide you to connect your Phantom wallet to a hardware wallet.
WEB3 SUPPORT
Web3 is the decentralized concept of the Internet. It is a fusion of blockchain technology with internet technology that allows applications to run on decentralized blockchains.
These applications are called decentralized applications or DApps.
SOL STAKING
The Phantom wallet also allows you to stake Sol tokens and receive rewards. The rewards are not fixed and depend on the validator you choose to stake with. The Phantom Wallet itself does not offer staking services; it only acts as an intermediary between the holders and the validators.
Staking on the Phantom wallet is not stressful at all. The wallet has made it a simple process that only requires five clicks. It happens like this:
Deposit Solana tokens in your Phantom wallet
Step 1: Click on your Solana balance
Step 2: Your stake
Step 3: After clicking on Your stake It will display a list of hundreds of validators with different APYs. Choose one.
Step 4: Choose how much Sol you’d like to stake, then click on Stake
Truly speaking, Solana is building the future of finance with its extremely cool wallets, especially Phantom.
Solana is just a powerful house when it comes to blockchain technology. It’s really cheap and extremely fast.
I highly encourage you to go check this wallet “Phantom”and start using all the DAPPS you can on the solana blockchain.