ACINQ, the company behind the implementation of the Eclair wallet with Lightning Network support, has introduced a new Phoenix wallet that allows you to make payments 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, a full backup of the wallet is placed at this time.
After installation, the wallet does not have open Lightning channels, but it can create receipts for payments and accept funds. When money is received, the wallet creates a channel for a certain Commission, but if the user does not agree to pay the Commission, they can refuse to create a channel and accept the payment.
To transfer a wallet to another device, a 12-word passphrase is created. However, the payment history is lost, but the funds in the wallet remain safe. The convenience of Phoenix is that the user is spared from managing channels – this happens automatically.
ACINQ said it will continue to develop the Eclair wallet for users who want more complete control over funds, channels and commissions.
Recall that last month, Lightning Labs, together with ACINQ, reported that hackers are exploiting vulnerabilities in the Lightning Network. The companies stressed that the project is still at an early stage of development and mistakes are inevitable, so you should not use the Lightning Network in large transactions.