Home » Bitcoin lightning startup ACINQ unveils ‘2nd Generation’ Wallet for faster payments ‘within 3 minutes’
Cryptocurrency

Bitcoin lightning startup ACINQ unveils ‘2nd Generation’ Wallet for faster payments ‘within 3 minutes’

crypto

ACINQ, a French implementation developer of Bitcoin (BTC) Lightning Network (LN), has recently unveiled Phoenix — its second-generation Lightning Network wallet.

On Oct. 18, the developer’s Twitter thread that had a video attached to it showed some wallet functions, which are accessible through a user-friendly interface.

Prompt setup, receiving and making payments

Once the wallet app is installed on an Android device, a user will only press a single click to set up a new wallet. With that new wallet, an LN invoice would be produced, and funds received even though it lacks no open channels.

The app will provide an option to set up an on-the-fly payment channel. A user will choose to accept the fee given in the option, and any avoid incoming liquidity issues or refuse the payment totally.

Users will then scan the QR invoices and press pay after funds are already in the wallet in order to make Lightning Network payments. Interestingly, Phoenix doesn’t need a routing table sync to obtain payment routes.

Swapping and Backing-up


One will need only 3 minutes to Back up the wallet so that it simply produces a 12-word seed afterward. With the seed, the user will restore the wallet on any other device of choice. However, the transaction history will be lost in the process.

Any moment that there is a payment to a particular Bitcoin address, a swap alert about the transaction will be sent to a user. The user will initially click request swap, and after the confirmation of swap together with the fee, click pay.

Under the hood, completion of the channel logistics and management of on and off-chain transactions will be undertaken effectively.

Meanwhile, in an effort to cater for advanced users, ACINQ would continue the development of Éclair — its original LN wallet.

Source: https://cointelegraph.com/news/acinq-unveils-its-2nd-generation-bitcoin-lightning-network-wallet

About the author

James Lovett

James Lovett

James is a passionate writer on cryptocurrency industry and other disruptive technologies in the crypto world. He has written several crypto articles for numerous websites and blogs over the years.

Add Comment

Click here to post a comment

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.