You may have heard of Ethereum, a network infrastructure that recreates banking functions without a bank. Instead, Ethereum uses smart contracts. Solana offers the same service, but better service. In short, transactions are significantly faster at very low rates.
However, because these blockchain networks are independent, each uses a different crypto wallet. The best wallet to use with Solana is Phantom. In effect, this wallet is the starting point for interacting with Solana, the so-called Ethereum killer.
Phantom: Solana crypto trading in a web browser
There are many ways to split a crypto wallet. For example, you can split them by connectivity (Cold vs hot), By platform (Hardware and software) Or by ownership of the private key (Custodian vs. non-custodian). Phantom wallet fall into the hot, software, and unmanaged categories. That means:
- Non-administrator It means that you did not give ownership of the wallet’s private key to a third party. For example, if you create an account with a crypto exchange, this is a storage wallet. It’s useful for fast crypto transactions, but giving your company a long-term private key isn’t a big deal. As is often said in cryptography, “it’s not your key, it’s not your coin.”
- software A wallet means that Phantom is an app that is installed on your computer as a browser extension.
- hot This means that you can always connect to the internet. More precisely, use the DApps available in the Solana ecosystem.
A mobile version of the phantom wallet will be available in 2022, but at the moment it’s desktop only and Download from here.. It supports all four major browsers: Chrome, Brave, Firefox and Edge.
Phantom wallet is like Solana’s MetaMask
The concept of crypto wallets that integrate into web browsers is quite new Ethereum MetaMask..
Phantom Wallet is Solana’s answer to MetaMask as part of Web 3.0. Web 3.0 seeks to bridge the decentralized nature of Web 1.0, where people and businesses had their own websites, with the latest features and interactiveness of Web 2.0. For illustration, go to the Solana ecosystem of hundreds of DApps, launch the blockchain game Aliens vs. People, and you’ll see an option to connect your Phantom wallet in the upper right corner.
This is the essence of Web3.0. Connecting the DApp to the phantom gives you the freedom to move crypto assets between the two. For example, you can earn tokens by playing certain blockchain games. Tokens can be withdrawn to the Phantom Wallet.
You can then redeem these tokens for fiat money (USD) by launching another DApp, such as Raydium.this is Distributed exchange You can exchange tokens. Currently, the Phantom wallet supports SOL, USDT, USDC, Raydium (RAY), Serum (SRM), and all other utility tokens launched with Solana’s DApp.
How to raise or withdraw funds from your phantom wallet
You may have noticed that the US dollar is not listed in the list of supported currencies. This is because tokens cannot be exchanged directly. This is the sole purpose of stablecoins like USDT and USDC. They are worth the US dollar and are effectively tokenized fiat money. In other words, Stablecoin is a bridge between fiat money and cryptocurrencies.
This is how the bridge works. Suppose you want to buy an NFT from Solana art, the marketplace for Solana. There are many NFT collections available, but choose one from our new blockchain game, Aurora.