2023-07-12 14:17:34
The Phoenix Bitcoin lightning wallet is undergoing significant improvements thanks to the introduction of the so-called splicing technology, which provides a simpler and more efficient solution for wallet lovers. Unlike previous versions that worked with unpredictable fees and created multiple channels, the new Phoenix manages a single dynamic channel, eliminating liquidity and split issues. Thanks to splicing, users can now resize channels and add funds without any risk in the future. The previous 1% transaction fee has also been replaced by general mining fees. According to the developers, the splicing solution will be introduced by all ministries in the near future, due to its efficient operation. The updated version now also fixes unexpected fees associated with channel creation, so users are notified in advance if an incoming Lightning payment incurs a channel management fee. The fee for Lightning payments is now just 0.4%, encouraging the cryptocurrency community to “vote for a reliable and affordable solution.” The new Phoenix also introduced trustless swaps, which allow users to conduct on-chain transactions directly from their channel. Users can freely set the transaction fee, which they can even change afterwards. The update is a major step forward in the world of custodianless wallets, and the good news is that along with the announcement, they also noted that we can expect further improvements. The beta version is currently available for Android users, but the iOS version will be released in the coming weeks. If you are interested in our detailed report on the Phoenix portfolio, click on this link.
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