ACINQ Phoenix wallet opens Bitcoin Lightning Network to the masses.
French Bitcoin (BTC) Lightning Network (LN) implementation developer ACINQ introduced its second-generation Lightning Network wallet, Phoenix, via Twitter, on Oct. 18. A video accompanying the post demonstrates a number of wallet functions, all accessed via a user-friendly interface.
From setup to receiving and making payments in under a minute
From a fresh install of the wallet app on an Android device, setting up a new wallet is a single click away. Although the new wallet has no open channels, it can still produce an LN invoice and receive funds.
On receipt of an incoming transaction, the app offers to set up a payment channel on-the-fly for a set fee. The user can either accept the fee, avoiding incoming liquidity issues completely or refuse the payment.
Once the wallet is funded, Lightning Network payments can be made by scanning QR invoices and pressing pay. Phoenix is able to find payment routes without a routing table sync.
Backup/restore and swapping to on-chain Bitcoin wallets
Backing up the wallet simply creates a 12-word seed, which will restore the wallet on another device. The only thing lost in the process is the transaction history.
Making a payment to a regular Bitcoin address alerts the user that the transaction will be a swap. The user must click to request the swap, and then click pay once the swap and fee have been confirmed.
All of the channel management and logistics of on and off-chain transactions are dealt with under the hood.
Meanwhile, ACINQ still intends to continue developing its original LN wallet, Eclair, for advanced users.
Earlier this month, the company announced it had secured $8 million in funding from partners including a French state-owned bank.