Here’s How To Secure Assets Using Solana Wallet

• When using crypto wallets like Solana, to store your digital assets, it is crucial to put security measures in place.
• Solana Wallet was developed to cater to all the requirements for utilizing all the features of the Solana network.

What Is A Solana Wallet?

Solana Wallet can be defined as a tool that allows users to interact with decentralized applications and SOL tokens, which are its native tokens of it, within its ecosystem along with other Web3 networks. In layman’s terms, a wallet made especially to cater to the features of the Solana blockchain is called a Solana Wallet.

In short, Solana Wallet allows users to fully manage their on-chain activity as well as use it-based Web3 applications with utmost ease. Moreover, it is worth noting that, Solana is incompatible with the Ethereum Virtual Machine (EVM), meaning that an EVM Web3 wallet is wholly different from a Solana wallet. In some cases, a specific wallet is needed to access certain networks and Solana-based resources.

What Is Solana?

Solana is referred to as the ‘Ethereum Killer,’ and however strange it may sound, it’s true. This is because of the striking similarities between the two networks. Like ether, SOL can also be sold and purchased on multiple exchanges. The actual value of SOL is in performing transactions on the Solana network.

What makes Solana unique is, it uses a blend of Proof-of-History and Delegated Proof-of-Stake consensus mechanisms. This mixture results in exponentially fast transaction speeds as compared to its archrivals, Cardano and Ethereum, while keeping the costs at a minimum.

Solana uses the unique consensus mechanism of Proof-of-History, where the formation of the next block depends on the timestamp of the previous block. This inventive system enables network validators to vote on timestamps of various blocks on the chain, which maintains decentralization in the chain as well as allows faster operations.

Securing The Solana Wallet

Following are the ways in which a user can secure their assets with Solana Wallet;

• Setting a strong password

Setting a strong password for the wallet is one of the most basic ways a user can protect their assets. A strong password usually contains special characters, upper and lower case characters, and numbers. 

It should also be kept in mind that the password shouldn’t be in the form of your birthday or any other common information. Moreover, the password should be changed from time to time, and it shouldn’t be the same for all the accounts.

• Two-factor Authentication

It is advised to enable two-factor authentication on the Solana wallet because, in case someone manages to crack the password, the second layer of security will protect the assets.

• Regularly update your software

One should keep the Solana wallet up-to-date to get bug fixes. Also, automatic updates assure them of the latest security updates and secure their assets.

• Using trusted platforms for transactions

To be safe from scams, it is better to buy and sell crypto assets on a trusted exchange. Prior research should be done on the exchange to ensure it’s legit or not. Moreover, at the time of the transaction, double-check the details like transfer value, wallet address, etc.