Lightning Network users just got an easier way to send and receive Bitcoin thanks to one of the main development teams behind the protocol – ACINQ. ACINQ released its 2cd generation Lightning Network wallet, Phoenix this week. The new platform improves upon the éclair wallet design in many ways.
According to developers, Phoenix is the easiest way for crypto users to send and receive Bitcoin on the second-layer protocol. The wallet features a more user-friendly interface and a host of new functionalities.
News of the development came via an October 18 twitter post. In the post, ACINQ shows a video demonstration of some of the wallet’s new functionalities, and they are impressive.
Easier Setup and UX – Phoenix
For one, Phoenix takes the technological barriers out of the Lightning Network. For example, all channel management and logistics processes handle automatically via the protocol. Additionally, the new wallet features a simplistic single click wallet setup.
We’re very excited to introduce Phoenix, a 2nd generation Lightning Wallet. 🚀
— ACINQ (@acinq_co) October 18, 2019
Send and Receive BTC Instantly
The setup doesn’t open new channels but can send invoices and receive funds. This is a huge upgrade over the traditional method of funding a channel to receive BTC on the network. Also, the app automatically offers to set up a payment channel when invoice payment is set.
When payment is received a user will verify that they would like to set up a channel. Once they accept the small fee, the channel initiates. Users can also choose to refuse payments if they desire.
Once a channel is open and funded, payments can be made directly by scanning a QR code. Users can also pay invoices at this time. Another impressive feature is that the wallet can find payment routes without using a routing table sync.
Security – Phoenix
For those Bitcoin users worried about losing access to their crypto, the platform offers an easy backup procedure to keep your crypto safe. Users can select the backup option to reveal a 12-word seed. This seed allows you to access your crypto in the event you lose your mobile device.
Pay Bitcoin Invoices Directly – Phoenix
One of the best features the new wallet offers is the ability to make payments to regular Bitcoin wallets via the swap feature. Once a user chooses to swap to the Bitcoin blockchain, a prompt will appear explaining the transaction and any relevant fees. Once approved, the payment is sent directly from the wallet.
ACINQ Continues to Make Moves
ACINQ recently made headlines after securing funding from one of the major financial institutions in the country. Now the firm is ready to take its Lightning Network contributions to the next level. You can expect to see the Phoenix wallet become one of the most popular options for LN-users moving forward.