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Solana Phantom Wallet CEO Excited About 2022

Solana is undoubtedly one of the most popular and fastest-growing ecosystems. There are many teams working on various projects, ranging from financial apps to blockchain-based games and non-fungible tokens. It is now one of the major competitors to Ethereum.

The dynamic and vibrant ecosystem was well represented at the Solana-dedicated conference, Breakpoint, which took place in Lisbon earlier this November.

Brandon Millman – The CEO and Co-Founder at Phantom Wallet – Solana’s leading non-custodial wallet. We discussed the many challenges faced by businesses and the intricacies involved in building in such a vibrant environment.

We wanted to ask Phantom why he chose the Solana Blockchain, but the conference vibe gave it all. There were so many projects in the conference hall building applications in a multitude market segments. From gaming and non-fungible tokens (NFTs), to financial apps, wallets, and more, it was all very enjoyable.

The Phantom Users, First Meeting in-Person

We asked Millman his opinion about the conference and if it was anything like it.

“The conference was really great. There’s an incredible amount of energy. Part of that is because people are tired of COVID. It’s the first conference many people have attended in a while. People are just a little more enthusiastic.

It was my first encounter with Phantom users in person. That’s really amazing.

We all know that Solana is strong but seeing it in person is a whole different story. Millman stated that he was also “pleasantly surprised”

Phantom recently announced that they were working on a mobile application. We are eager to find out what the next big thing is from Phantom.

Millman: “We aim to have a beta version by the end of this year. The app will be available to real users before the end the year. We aim to launch it sometime in 2022.

A few things are being considered for future development: We also plan to add NFT-specific features, such as the ability to purchase and sell NFTs. These are some of the things we’re looking at.

We’ll be adding support for EVM-based chains like Polygon later in the year. We are currently focusing on the mobile app.”

5 Fake Android Phantom Apps Daily Added

We also want to discuss some of the phishing attempts and scamming attempts Phantom made with , and the lessons they have learned.

“We’ve been hit by a huge increase in users recently, which has made us a target for phishing attacks and scamming. It wasn’t a security breach, but a lot of scamming and phishing.

This is the main lesson: Anti-phishing and antiscamming must be an integral part of a company’s future. We’ll need to be able play this type of cat and mouse game as scamming is becoming more sophisticated.

Five new fake Android apps are popping up each day, for example. To help remove them as quickly as possible, we are partnering with an external company.

It’s something we didn’t anticipate. Another scam involves taking out Google Ads as a Phantom name and making people visit a fake website that gives them a rotten phrase.

It’s basically a seed phrase they already have, but they give it to the user like it’s new. Then they ask the user to open the app and enter the phrase.

We, the community, are determined to make crypto more available to all. On the other hand, as more users and businesses enter the crypto industry, we can expect more security incidents and phishing attacks. Is there an equilibrium between these two?

“I believe there are a few things we can do to help solve some of these problems. Education is a major one. It is crucial to invest in user education.

Rethinking is another direction we are looking at. On my panel yesterday, I briefly discussed this. Basically, non-custodial wallets are those where the user is given the private keys and they manage the account themselves. Then there are custodial wallets, where the company manages the private keys.

There are also some in-between solutions. We can try out in-between solutions such as multi-party computation or social recovery.

A rising contingent of users from Southeast Asia

We also talked about some interesting facts about Phantom’s users. Millman explained that most of them come from the US. However, there is a growing contingent coming from Southeast Asia and Russia.

All of the Solana’s hypergrowth has been due to NFTs such as drops and secondary markets. These are the most used applications, and they just outnumber DeFi usage.

Are you planning to integrate multi-channel capabilities with data networks other than Solana?

Phantom was actually originally designed to be like a MetaMask competitor. You could use the wallet to access DeFi applications regardless of how they were implemented. That’s the long-term goal.

We wanted to make it so that anyone who wants to use an NFT or DeFi app can download Phantom.

Despite that, we are very focused right now on Solana, due to the incredible growth that has been taking place. We will likely be focusing on Solana at least for the next six months. Although it’s difficult to predict, I believe that next year we will be thinking about EVM-based chains such as Polygon and Ethereum.

The EVM compatibility is great because we can add things such as Arbitrum or Binance Smart Chain (BSC). That’s something that we have been considering since the middle of next-year. It’s fascinating to note that the founders of the team, which includes the three founders, used to work for a decentralized exchange company called “0x” on Ethereum. Ethereum is our bread and butter, where we are from.

Phantom Wallet – What Token?

We were intrigued by the growing trend towards decentralized governance. Many companies are airdropping tokens into their communities to encourage early adopters.

“I have heard the rumors […] It isn’t on our agenda right now. It’s something we are keeping an eye on. Today, we don’t just have normal tokens; we also have NFTs. So, there is a lot of scope for experimentation regarding what tokens might work best with the wallet. There are currently no plans.

We also wanted to find out how Millman views Solana’s future, both in terms of NFTs and the emerging play-to earn field.

Recent growth has been largely NFT-related. Because of its low fees, Solana is a great option for this user base. It has a lot more casual users that aren’t necessarily moving in large numbers. NFTs will continue to expand, according to me.

I am also excited about the new gaming and play-to-earn features. There are a few really great teams working on Solana right at the moment, but it takes a bit longer. Because they are creating full-blown game experiences, there is a little bit of time to wait. This will likely be the next wave activity on Solana in the early part of next year, I believe.”

Are you imagining Solana competing against Ethereum over the long-term? Are you unsure if it will eventually be a winner-takes all scenario, or if there will be networks that work with each other?

It’s difficult to know. Blockchain apps serve a very small number of users right now. The supply of blockchains has already ceased to be sufficient.

If we do start to bring on millions of users, then I believe that multiple networks will be created to meet that demand. At least, that’s what I see. Because we don’t know how blockchains handle tens or millions of users, I believe there will be multiple chains.

From Twitter Dev to Phantom and 0x

We wanted to get to know more about Millman’s journey into crypto, and what he would say to entrepreneurs and developers looking to enter the sector. Is it too late?

“I joined the crypto industry in 2017, which was the last hype cycle, with a lot ICOs and such. Before that, I was a software developer at Twitter. I started reading whitepapers about crypto and became so interested that I spent more time studying it than I was focusing on my normal work.

It was a signal to just dive in. I began at 0x, worked there from 2017 through 2021, and I would say that tips are still very early.

It’s a great time to join. If someone is really interested but just need a push, I would recommend that they take the leap. It’s an exciting industry. There are many projects, many different things happening, and a lot to be learned.