Wallet Provider Phantom Scraps User Seed Phrases for Ease of Use
In a bid to bridge the gap between traditional Web2 and Web3 user experiences, Phantom Wallet has introduced a new feature that allows users to create a crypto wallet using just an email address and a four-digit PIN code. This innovative solution, available across all Phantom applications since December 3, 2024, aims to streamline the process of wallet creation while maintaining security.
The developers of Phantom recognise that requiring users to write down or memorise a seed phrase when creating a wallet can be cumbersome and confusing for many people. To address this issue, the new feature hides the seed phrase from the user and stores it locally on their device. This eliminates the risk of users resorting to risky practices, such as taking screenshots of their seed phrases, which can expose them to potential hacks.
Backups of the seed phrase are also secure, with the data encrypted and stored on Phantom's servers. To further enhance security, key backups are split and distributed across the Juicebox network. The developers assure that no party, other than the user, will ever have access to the seed phrase in a decrypted format.
Access to the wallet is secured with a simple four-digit PIN code. Phantom has adopted a Web2-like approach, enabling wallet creation via email or accounts from services like Google and Apple. This simplified process reflects a broader trend towards simplifying crypto wallet management while maintaining security, following a recent issue with the Phantom app for iOS in November, where some users had trouble accessing their tokens after an update.
It is worth noting that the company that introduced this new crypto wallet feature on December 3, 2024, has not been clearly identified in the provided search results. However, the development and implementation of this feature underscore Phantom's commitment to making crypto wallet management more accessible and secure for a wider audience.
Despite the convenience offered by this new feature, it is essential for users to remember their email address and PIN to access their wallet. Losing physical copies of seed phrases can result in permanent loss of access to funds. Users are advised to store their email and PIN in a secure location and never share them with anyone.
In conclusion, Phantom's new feature represents a significant step towards making crypto wallet management more user-friendly while maintaining security. By simplifying the process of wallet creation and management, Phantom aims to attract a wider audience to the world of Web3, making it more accessible to all.
