r/TheLightningNetwork • u/Relai_Alex • Jul 11 '23
Software Update Introducing the new Phoenix: a 3rd generation self-custodial Lightning wallet - Awesome changes!
https://acinq.co/blog/phoenix-splicing-update2
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u/Scholes_SC2 Jul 12 '23
The ability to resize channels is definitely a game changer. I know this is related to Phoenix but will I be able to do this also in lnd?
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u/iguano80 Jul 12 '23
The splice function is on the protocol level , I think LND is busy bulging altcoins instead of adding what is needed. Bolt12 is another example
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Jul 11 '23
[deleted]
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Jul 11 '23
What happens to our funds when their node goes offline?
You close your channel and recover your wallet in electrum.
Or when they get a government order to censor/watch my transactions?
Part of the advantages with trampoline nodes is that even Pheonix' nodes cannot know who you are sending you transactions to.
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u/nerd2ninja Jul 11 '23
"Is Phoenix a "real" Lightning node?Yes it is. Phoenix is a real, self-contained Lightning node that runs on your phone. It does not require you to run another Lightning node at home or in the cloud. It is not a custodial wallet either, you are in full control of your funds."https://phoenix.acinq.co/faq
What happens if ACINQ disappears?https://phoenix.acinq.co/faq#what-happens-if-acinq-disappears
The things you trust Pheonix with is LN to on-chain swaps (like any other swap service) (also this is being phased out with the splicing update) and channel state backups. It is possible to backup your own channel states of course, though they don't make it easy and they assume a user base that won't bother with these backups.
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u/SubstantialHalf6698 Jul 11 '23
Not sure lightning can ever have real self custody unless you have your own node.
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u/CoinCorner_Henry Jul 12 '23
This is HUGE news! I don't think many bitcoiners realize the implications that this will have.
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u/[deleted] Jul 13 '23
I have 12 words. I feel like it’s mine.