Acinq, the developer behind the popular Phoenix Lightning wallet, has made significant strides in revolutionizing the self-custodial experience. With the recent introduction of splicing technology, Phoenix has raised the bar for Lightning wallets, offering users a more efficient and user-friendly platform.
Empowering Users with Dynamic Channel Management
Gone are the days of scattered liquidity and splitting issues. The enhanced version of Phoenix introduces a groundbreaking feature called splicing, which allows users to resize their channels with ease.
This third-generation upgrade of the platform means that funds can be added or removed without compromising security or future risk. By managing a single dynamic channel, Phoenix eliminates the need for multiple channels, streamlining the user experience and optimizing efficiency.
Transparent and Efficient Fee Structure
One common concern among users of Lightning wallets has been the unpredictability of fees associated with channel management. Acinq has addressed this issue head-on with the new Phoenix wallet.
Instead of charging a 1% fee on inbound liquidity, the updated version now incorporates the mining fee for the underlying on-chain transaction. This change ensures a more transparent fee structure, providing users with greater control over their fee management and allowing them to find the most reliable and affordable route within their budget.
Trustless Swaps for Seamless Transactions
Phoenix revolutionizes convenience with its groundbreaking trustless swap functionality. Unlike conventional swap services that often lack flexibility, Phoenix empowers users to conduct on-chain transactions directly from their channels.
This unique feature not only grants users the freedom to set their preferred fee rate but also enables them to make adjustments for faster confirmation. By eliminating the need for intermediaries, Phoenix offers individuals enhanced control and flexibility in their transactions.
More Advancements on the Horizon
Acinq has not stopped at splicing and trustless swaps. The company has exciting plans for the future of Phoenix. Coming advancements include features like blinded paths for enhanced privacy, BOLT 12/Offers for static Lightning invoices, and Taproot for cheaper channel management and improved on-chain privacy.
These developments showcase Acinq’s commitment to continuous innovation within the Lightning Network ecosystem.
Availability and How to Get Started
At present, Android users can access the beta version of the new Phoenix wallet, while an iOS launch is anticipated in the near future. To experience the enhanced features and benefits firsthand, interested users can apply for the beta by emailing phoenix@acinq.co. This is an excellent opportunity to get a sneak peek into the future of Lightning wallets and join the growing community of self-custodial enthusiasts.
Final Thoughts
The introduction of splicing technology in the Phoenix Lightning wallet, coupled with its dynamic channel management, transparent fee structure, and trustless swaps, positions it as a game-changer in the world of self-custodial wallets. Acinq’s dedication to innovation and the upcoming advancements reinforce Phoenix’s viability and the growing demand for its unique features within the Lightning Network ecosystem.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.
