Pha̴ntom Wa̴llet | How Does It Work
The Phantom is a noncustodial wallet for the Solana blockchain, which means it does not store any private keys.
It’s strikingly similar to the web3 alternative Metamask, and it’s presently available as a free browser extension that can be downloaded for Chrome, Firefox, Edge, and Brave Browser, among other web browsers.
It is possible to manage your crypto and NFTs, stake and trade tokens, as well as access DeFi applications on the Solana blockchain, using the Phantom wallet.
The team is also hard at work on supporting Ethereum, with a beta version expected to be released soon. Phantom, in my opinion, has the potential to become a real competitor to the popular Metamask wallet.
Phantom is a noncustodial web 3 wallets in which the user has direct access to their private keys, unlike traditional wallets. You may link it directly to Ledger, which we’ll look at later, in a manner similar to how you connect Metamask.
Phantom has accumulated more than 2 million monthly active users in just six months since its introduction, making it the fastest-growing cryptocurrency wallet in the world.
Phantom announced a $109 million Series B round in January 2022, led by Paradigm with participation from previous investors like as a16z, Variant, Solana Ventures, and Jump Crypto, among others.
Solana is a blockchain that is extremely scalable and (according to them) the quickest blockchain in the world. It is well-known for providing a wide range of DeFi solutions, as well as for its successful SOL cryptocurrency token.
Solana is a platform that was developed in 2017 by Anatoly Yakovenko, who previously worked for Qualcomm before starting his own company.
Solana has been developed to be able to handle more than 50,000 transactions per second, making it a viable competitor to payment processors such as Visa and PayPal. They do this through the use of something known as “Proof of History.”
Solana also has support for smart contracts, which allows developers to construct decentralised applications (DApps) on the network. In other words, Solana may be used to run DEXes, lending platforms, and NFT markets all at the same time.
Solana’s native token is the $SOL cryptocurrency. SOL offers a variety of applications, and you can use your SOL tokens to gain rewards by staking them.
It is estimated that there are 26 million SOL in circulation currently, with a maximum supply of SOL of 489 million SOL available.