MN Mansha

Phantom follows the Token MetaData Program to distinguish between the Cryptocurrency assets and NFTs. Cryptocurrencies are considered as fungible assets and collectible like NFTs are, as their name suggests, non-fungible. The difference between the two is the NFTs (Non-Fungible Tokens) have uri field present. Such assets are shown in the collectible tab, the assets appear in the home tab otherwise. Phantom Wallet collects and uses the following metadatafollowing metadata of the assets.

Phantom follows the Token MetaData Program to distinguish between the Cryptocurrency assets and NFTs. Cryptocurrencies are considered as fungible assets and collectible like NFTs are, as their name suggests, non-fungible. The difference between the two is the NFTs (Non-Fungible Tokens) have uri field present. Such assets are shown in the collectible tab, the assets appear in the home tab otherwise. Phantom Wallet collects and uses the following metadata of the assets.

Based on the Solana blockchain, Phantom Wallet is a non-custodial digital wallet and a browser extension that provides an intuitive and beginner-friendly interface. The wallet uses private keys on behalf of its users to store digital funds like DeFi and NFTs, and authenticate the transactions. The extension supports many top browsers like Chrome, Firefox, Edge, and Brave browser. The wallet provides the functionalities of sending and receiving cryptocurrencies and tokens, collecting NFTs, and even swapping the token within the wallet. The Phantom extension injects solana object into the javascript context that helps the wallet to interact with every website users visit. The solana object confirms the existence of an API using isPhantom flag.

const isPhantomInstalled = window.solana && window.solana.isPhantom

Solana-based Phantom Wallet has a user-friendly interface both in software and extension interfaces. Phantom Wallet software can be downloaded on a computer or and an extension can be added simply to a web browser to access the wallet. Users need to log in through a password to use the wallet, are no rigorous KYC (Know Your User) protocols to sign up. The dashboard has Send and Receive buttons for easy transactions.

Phantom follows the Token MetaData Program to distinguish between the Cryptocurrency assets and NFTs. Cryptocurrencies are considered as fungible assets and collectible like NFTs are, as their name suggests, non-fungible.

Security of funds is a major concern when it comes to digital assets. Phantom Wallet leverages decentralized web 3.0 functionalities to provide users full control of their assets without actually holding the assets or private keys. The cryptocurrency funds are prone to a hack unless they are connected to the internet in any way. The major exchanges like Binance, therefore, keep their funds in cold storage. Cold Storage is a hardware crypto funds wallet that remains off of the internet to remain secure.

The Phantom wallet provides ledger support to connect to the hardware wallets to keep the funds intact.

Independent audits by reputable auditing firms instill a sense of trust in the users. Phantom was audited by Kudelski Security Research Team on May 07, 2021. The report is a mix of many concerns which are of low severity and information. There are very few high concern issues like Prototype Pollution. This is a vulnerability that is used to exploit javascript. The attackers can use it to populate javascript application objects which simply compromises the application.

Phantom claims to respect user privacy by not sharing any personal information and other identifiables. Phantom Wallet also invites white hat hackers to identify the bugs and vulnerabilities in their Wallet and earn a huge bounty ($50,000) as a reward.

Phantom Wallet ensures at its level that a user is willingly connecting to a trusted website through onlyIfTrusted option.

window.solana.connect({ onlyIfTrusted: true });

This not only provides an additional security but also avoids any unwanted window pop-ups.