Sirwin
Sirwin
https://cryptocomes.com/news/electrum-bitcoin-btc-wallet-adds-lightning-support-in-v4-release-details

Lightning Network is Booming: Top Five Lightning Network Wallets

By unhedge0x | Crypto & Greed | 2 Apr 2022


Before examining these wallets, let's take a run down of the Lightning Network.

Lightning Network is a "layer 2" payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin). It is designed to enable instant, low-cost payments between two parties.

The Lightning Network is built on top of the blockchain, which means it uses the blockchain to record transactions. However, it does not require each transaction to be recorded on the blockchain. Instead, it uses a network of "payment channels" to facilitate transactions between two parties.

Each payment channel has two participants: a "payer" and a "payee". The payer is the party who wants to send a payment, and the payee is the party who wants to receive a payment.

In order to create a payment channel, the payer and payee must first deposit a certain amount of cryptocurrency into a "multi-signature" address. This deposit is used to ensure that both parties have the funds necessary to complete the transaction.

Once the channel is created, the payer signs the channel and payments are made to the payee. After that the channel closes.

Are transactions reversal? Yes, when you are on LN you can swap your LN BTC to the mainchain lightning compatible swap services. 

You can take advantage of the Lightning Network (LN) with these non custodial and custodial wallets. If you are doubting what custodial wallets are: these are wallets you do not hold the private keys associated with, so they are managed by the provider while  with non custodial wallets, you manage the private keys. 

BLUE WALLET 

Blue is a Bitcoin wallet that was fork to support both on-chain and lightning network. This wallet is user friendly and should be a Bitcoiner's wallet because it supports only bitcoin transactions. On-chain Bitcoin transactions with blue are non-custodial, but the Lightning Network is having a bridge between custodial and non-custodial.

Since blue host a self-custodial like LN node, it supports an open-source for it users and create multiple accounts on the Lightning Network. Thus,  executing transactions separately. 

This is why Blue is multifunctional, it doesn't just allow you to send, receive and store your bitcoin, you have the following:

-Users can send a batch transactions to minimize transaction fees. 

-Own Bitcoin node. 

-Tor connetion

And many more, start using BLUE Wallet and discover more.

PHOENIX WALLET 

This is what you can find on Phoenix website;

What is Phoenix?

It is a Bitcoin wallet. It allows you to send and receive bitcoin's just like most wallets. 

What's different about Phoenix?

The difference is that Phoenix runs natively on Lightning. Phoenix takes care of everything under the hood and you will barely notice anything, except that your payments are faster and cheaper. That's what you can find on their website, so let's take a run down. 

What you should know about Phoenix 

Phoenix is a non-custodial Bitcoin wallet which you can send and receive micropayments through the Lightning Network.

Just like any LN Wallet, Phoenix automatically create channels for users when requested. This wallet runs its node and the application is mobile friendly. 

It supports BTC mainchain and a swap-in and swap-out between LN  and Bitcoin standard chain. 

To start using Phoenix, users have deposits deposit a minimum of 10000 sats which is required for a new channel and it cost 1% transaction fee like on Paxful. Phoenix can be secured with Tor while transacting with BTC and LN.

MUUN WALLET

The next on the is muun a self-custodial wallet. Muun cannot be compared to the above LN Wallet providers but its security is one needed in the industry. as can be seen below:

 

Cold Recovery Code

Use a randomly-generated code written on paper.

 

Multi-factor Authentication

Use your email, password and recovery code.

Muun is unique in the features it offers. You can determine the next block fee with it memepool base quoted fee before validating payments. 

BREEZ WALLET 

Breez Wallet is just like Phoenix Wallet, non-custodial, can't run own node.

Since Breez turns to micmic Phoenix: automates new channel payment creation, minimum deposit of 20000 sats with a few of 0.4% so a user can get going with lightning. Breez give users the opportunity to interact (deposit and withdraw) on-chain BTC with Breez.

In app purchase of BTC with Visa card and Merchandise.

Go check out on Breez to discover more features.

COINS WALLET 

Coinos is another great Layer 2 wallet that's worth your time when interacting with BTC. I found about coinos on Publish0x (@sawjiv123) when recommended on one of my last articles.

Coinos is a non-custodial wallet which you can use anonymously or sign up for an account.

You can send, receive and store with coinos' wallet. The wallet wallets uniform interface is simple and loads very fast, save your self some time with coinos. You can interact with BTC mainchain and LN on coinos. 

WALLETofSATOSHI (WoS) 

WoS is another great mobile wallet for lightning payments with great user interface, though its a custodial wallet.

On-chain BTC transactions are swappable for LN Invoice. WoS will automatically identify the type of payment and then creates the correct transaction type instantly.

It also offers in-app purchase of bitcoin over 160 countries.

Convenient recovery of password through email address since it is a custodial wallet. 

Fees vary according to the state of the memepool when sending BTC  on-chain as usual, and quoted in the app before a user confirm paymen, to counter this,  WoS recommends LN for faster and cheaper payments. 

ZAP WALLET 

Zap wallet is last on the list.

As found on their website;

Buy Bitcoin over Lightning Go from fiat to Lightning in seconds. Delivering Bitcoin to the user over the Lightning Network is a monumental milestone for Bitcoin and its users. For the first time ever, users will be able to swap fiat for Bitcoin instantaneously without any custodians. Introducing the world to Bitcoin has never been so simple and efficient.  

It seems to be one unique wallet with rare features:

Zap is mobile friendly, and a rarity is that it has desktop version. 

Though still on beta, it offers incredible features. 

With Zap, users have the ability to connect own node: thus allow user to send, receive and manage their own channels. Also having the ability to connect multiple wallets. 

Zap offers users to run their full node on desktop with click of a button. 

To value privacy, zap users can connect their lightning nodes over Tor.

 

Lightning Network ⚡⚡⚡

 

Lightning network changes the way opponents think about bitcoin. 

I appreciate your time and effort and I look forward bringing more related content. Smash the follow button so will b notified 🔔 when I drop another piece next time. 

As a reminder, this is a run down of  Lightning Network wallets, and before you decide to use one of the wallets listed, DYOR because this is for educational purposes only. Consider I have used one of the wallets, it won't quarrentee same experience. 

 

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unhedge0x
unhedge0x

I am a Cryptocurrency enthusiast and a Blockchain believer. Visionary on how Digital Assets will impact the lives of the unbanked and underbanked. I am not an investment genius but a guy who believes in the fundamentals of Bitcoin and the Blockchain 😁 ✍


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