Users are now liberated from the "Sid-Fraze" restriction with the introduction of Phantom wallet.
Phantom Wallet, a popular cryptocurrency wallet, has announced the introduction of a new feature that aims to make wallet creation easier and safer for users. This new approach is designed to bridge the gap between traditional Web2 services and Web3 technologies.
Starting today, users can sign up for Phantom Wallet using an email address and a 4-digit PIN. This simplified process offers a more familiar approach from the Web2 world, similar to registration via email or using Google and Apple accounts.
Accessing the wallet requires only a 4-digit PIN, providing an added layer of security. The new feature is built on a non-custodial key management protocol, ensuring that only the user has control over their assets.
One of the key benefits of this new feature is that it eliminates the need for users to write down or remember a seed phrase. This is significant as paper-written seed phrases can be lost, leading to loss of access to assets. The seed phrase is hidden from the user and stored locally on the device, with encrypted copies stored on Phantom servers.
The keys are distributed among participants in the Juicebox network, providing an additional layer of security. This approach aims to prevent users from resorting to unsafe methods like taking screenshots of the secret phrase, a common practice due to the complexity of the traditional process, which makes wallets vulnerable to hacking.
The new feature also addresses the issue of losing access to tokens after updating the Phantom iOS app in November. With the new solution, users can access their seed phrase in its decrypted form only, reducing the risk of losing access to assets due to loss of the written seed phrase.
Phantom Wallet's new functionality is now available in the Phantom apps. The company believes that this simplified process will help to make wallet management simpler and safer for a wider audience, contributing to the mainstream adoption of Web3 technologies.
