On October 29, Phoenix Wallet, a Bitcoin wallet integrated with the Lightning Network (LN), announced a new version of its application that introduces the “Taproot channel”, which aims to reduce operating costs on the main network by up to 20%.
The developer noted that the new version includes the following features: “Full support for Taproot”This will allow you to take full advantage of the efficiency and privacy improvements this update brings on the Bitcoin network.
In Bitcoin, transactions On-chain It is registered directly to the base layer. Each involves paying a fee to the miner. May vary depending on network congestion.
In this case, the new version of Phoenix leverages the functionality of Taproot, an improvement implemented in 2021 to conduct transactions. more compact and cheaper In terms of space and fees.
By Phoenix’s “Taproot Channel” Opening and managing LN payment channels Use Taproot compatible addresses.
This means operations are more efficient and private. The system reduces the amount of data visible on the network, Reduce storage costsTherefore, a 20% “discount” will be applied when performing the transaction.
Taproot channels reduce on-chain footprint and improve payment privacy
The team behind Phoenix Wallet keeps track of these transactions (On-chain footprint) is a P2TR transaction type (Payments to Taproot, payments to Taproot), unless the channel is forced to close.
In other words, from a network perspective, Taproot channel transactions are Looks just like a normal transactionincreasing the privacy of your Bitcoin traffic.
This implementation is directly tied to Bitcoin’s Taproot update, which extends the functionality of the Bitcoin language. script The efficiency of signature verification has also been improved.
Taproot allows you to combine multiple spending terms into one public key. Reduce transaction size and complexity.
By incorporating these benefits into the Lightning Network, Phoenix aims to be a cheaper and more private system for moving funds on and off the main chain.
In addition to Taproot support, Phoenix has reported new versions (2.7.0 for Android and iOS and 0.7.0 for servers). Add multi-wallet functionThis means you may be able to manage multiple wallets from the same device.
Upcoming updates for Phoenix Bitcoin Wallet
Finally, the Phoenix team announced that its next developments will include V3 transactions and fee-free commitments.
V3 transactions are proposed as a new format for Bitcoin aimed at improving transaction methods. spread and confirmed on the networkallowing for more efficient use of space within the block.
For them, the fee-free commitment allows them to keep payment channels open without relying on fluctuations in per-transaction costs on the main chain, so users don’t have to constantly adjust their rates depending on network congestion.
