In the world of web3, a crypto wallet is essentially used as an identity of a person. From making a successful transaction to buying & selling cryptocurrencies to sending them to other users, everything is facilitated with the help of a wallet. The wallet is used to store a user’s private key, acts as a mail address via the user’s public keys, and holds the user’s crypto assets safely and securely.
As the decentralized world is progressing, many new blockchains are being introduced with a lot of add-on features. Every blockchain requires compatible wallets so that a user can access the network. For example, for the Ethereum blockchain, Metamask is one of the most famous wallets with over 10 million in MAUs
Similarly, one of the most popular chains after Ethereum is the Solana blockchain. In this article, we’ll be covering how to make a crypto wallet on the Solana blockchain.
One of the most famous wallets on the Solana blockchain is the Phantom Wallet. Just like Metamask on the Ethereum blockchain, Phantom too works as an extension on web browsers.
How to create Phantom Wallet Account
- Visit https://phantom.app/ and select the option to download and install the wallet as per the device preference. For downloading it on the PC, it would install as a web browser extension. It is supported on Google Chrome, Brave Browser, Microsoft Edge, and Firefox browser.
- As soon as you install the extension, it will take you to a landing page to choose the options “Create a new wallet” and “I already have a wallet”. In case you already have a wallet, you can recover it by entering the secret recovery phrase.
- Once we select “Create a new wallet”, it will ask you to create a password. After this, it will show your secret recovery phrase which is also called the private key of your wallet. One needs to store this key with utmost security as once this is lost, the wallets are locked/compromised.
- It’s done! Congratulations, your Phantom wallet has been created. Now you can pin the Phantom wallet’s extension on the top right corner of the screen. Once this is done, you can deposit and send your crypto assets. Also, you can view and store your digital collectibles. Also, there’s an option for swapping SOL tokens with various other tokens including USDC, etc.
How to keep your Phantom wallet safe?
- In order to keep your crypto wallet safe and secured, keep your secret recovery phase stored at a place that isn’t accessible to many. For eg, you can write it down on a piece of paper and can store it.
- Beware of the platforms you’re transacting at and not using public internet connections.
- Beware of installed applications while logging in to the platform as they might screen record/keyboard record the process.
- Also, try not to keep huge amounts of cryptocurrency stored in one wallet. Diversify and use multiple wallets to minimize the risk of loss due to hacking.
- Don’t open your wallets with substantial holdings with new platforms and newer blockchains.