ACINQ, behind the implementation of the Eclair wallet with Lightning Network support, has introduced the new Phoenix wallet, which allows payments to be made in just three minutes.
The non-custodial Phoenix wallet for the Android operating system allows you to accept funds and make payments in just three minutes. Also, at this time, a full wallet backup is stacked.
After installation, the wallet does not have open Lightning channels, however, it can create checks for payments and accept funds. Upon receipt of money, the wallet creates a channel for a certain commission, however, if the user does not agree to pay a commission, then he can refuse to create a channel and accept payment.
To transfer the wallet to another device, a code phrase of 12 words is created. True, at the same time the history of payments is lost, but the funds in the wallet remain intact. The convenience of Phoenix is that the user is relieved of channel management – this happens automatically.
ACINQ announced that it will continue to develop the Eclair wallet for users who want more control over funds, channels and fees.
Recall that last month, Lightning Labs, together with ACINQ, reported that attackers exploit vulnerabilities in the Lightning Network. The companies emphasized that the project is still at an early stage of development and errors are inevitable, so you should not use the Lightning Network in large transactions.