Phantom emphasized that most customers find it very difficult to write down or remember a seed phrase when creating a new crypto wallet. To avoid inconvenience, users often decide to take potentially dangerous steps, for example, take a screenshot of a secret combination of words.
And a piece of paper with notes can be lost along with access to the wallet.
The developers decided to simplify the process of creating a crypto wallet and implemented registration by email or through Google (NASDAQ: GOOGL) and Apple (NASDAQ: AAPL) accounts. To access the wallet, just enter a four-digit PIN code.
The function launched in Phantom applications is developed on a non-custodial key management protocol. The seed phrase has not disappeared anywhere – it is hidden from the user and stored locally on his device, Phantom noted. All backups of phrases are encrypted on Phantom servers, and backup copies of keys are divided between participants in the Juicebox network.
Thus, none of the parties, except for the client, will ever be able to restore the seed phrase in decrypted form, the developers concluded.
Earlier, SafePal introduced the Mini Wallet telegram application, in which you can make transactions using digital Visa (NYSE:V) cards. In the future, the wallet will have a cryptocurrency exchange function.