Acinq, one of the premier developers of the Lightning Network and the first firm to issue a Lightning network-enabled mobile wallet has done it again with the release of the latest Phoenix wallet update. The self-custody, Lightning Network-enabled mobile wallet is now available for download for Android devices free. In the coming weeks, the iOS version is set for release.
The Phoenix Wallet is a game changer because it’s the first to add splicing support. Splicing enables users to add or remove funds from a channel with a simple click. The feature has become a major draw for users because it streamlines the confusing nature of payment balances.
Phoenix Wallet
The user-friendly interface has been designed to enable anyone to navigate the wallet’s features with ease. Users can monitor their holdings, receive, and send payments with a click. Additionally, the complicated processes of the Lightning Network get handled behind the scenes.
Advantages of Splicing
Splicing brings some major advantages to the average user. For one, it reduces costs by eliminating the need for multiple channels. As such, it’s far more efficient than the original method.
This efficiency is accompanied by lower fees. Every Lightning Network channel has a fee set by the person hosting the channel. Reducing the amount of channels a transaction requires, reduces fees and makes transaction costs more predictable.
Fee Reduction
The wallet has altered its fee structure slightly as part of the upgrade. For example, the 1% fee on inbound liquidity was dropped. Now a mining fee is paid for each transaction. Additionally, channel hosts can set their fee rates and adjust them on the fly to improve transaction speeds.
Better Transparency
Another upgrade that was brought on by user demand is the advance notification of channel management fees. Incoming LN payments can have these fees associated with them. Before the upgrade, the fees were unannounced which caused some confusion. Now all lighting payments are set at a fixed rate of 0.4%.
Trustless Swaps
Another advantage of the upgraded wallet is the interaction of trustless swaps. The new system enables users to conduct on-chain transactions directly from their channel without the need to leverage additional assets. This structure improves security by reducing the number of parties involved in the transactions.
Upgraded Privacy
Privacy-centric users will be happy to learn the wallet will soon support blinded paths for better privacy. Blinded paths improve privacy by hiding part of the transaction. The system leverages a technology called SPHINX (source-based Onion routing) to accomplish the task. This feature uses a slight variation to the decades-old Tor protocol which leverages layers to obscure locations and IP addresses.
Phenix Pushes Innovation with Latest Release
You have to commend the Phoenix wallet for its forward-looking stance. The platform’s privacy features and easy onboarding are sure to attract new users. Additionally, the lower fees and more flexibility offered by splicing support are sure to improve the UX. For now, Phoenix is available on Android and will be out for iOS in weeks.
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