ACINQ Introduces Upgrade to Bitcoin Lightning Network Wallet October 18, 2019 October 18, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 18, 2019 by Kelly Cromley

ACINQ Introduces Upgrade to Bitcoin Lightning Network Wallet

ACINQ, a blockchain firm which works towards the deployment of the Bitcoin (BTC) Lightning Network (LN), unveiled Phoenix, the second-generation Lightning Network wallet, via Twitter.

A video accompanying the tweet illustrates several wallet features, which can be accessed through a user-friendly interface.

Setting up a new wallet is can be easily done through a single click of the wallet app on an Android gadget. No open channels are available with a new wallet, but can still create a LN invoice and also receive funds.

Following the receipt of an alert related to an incoming transaction, the app sets up a payment channel for a pre-determined charge. The app user can choose to pay the fee and avoid liquidity issues totally or deny the payment.

Once funds are deposited in the wallet, by scanning QR invoices and clicking the pay button, Lightning Network payments can be done. Without any routing table sync, Phoenix has the capability to identify payment channels.

A 12-word seed is created when the wallet is backed. The seed will facilitate restoration of the wallet on another gadget. However, transaction history will be lost.

A user receiving payment in regular Bitcoin address will receive an alert stating that the deal will simply be a swap. Following the receipt of alert, user should click and request the swap to be performed and then click pay after the swap and fee is confirmed.

The app takes care of channel management and logistics of on and off-chain transactions. In the meantime, ACINQ still aims to carry on with the development of its original LN wallet Éclair for expert users. Earlier in October, the company revealed that it had raised $8 million in funding from collaborators including a bank owned by the French government.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.