Yeah, that’s exactly right. You should pick a big public node to connect with like Strike or eclair or the Bitcoin company. They can get anywhere on the network in a few hops.
With phoenix it’s not a node per se, you’re just maintaining one channel/UTXO with Eclair. When you send or receive on chain, it splices in and out of that channel, increasing or decreasing its capacity. When you send via lightning, it updates the channel state with the balance but doesn’t broadcast to chain.
It’s really slick and brilliant and really the only downside I see is that you are captive to the fees they charge for transactions because you only have one route through them. But as long as the fees are consistent and reasonable and less than visa, it’s a win in my book.
I suspect this model is going to be really common for providers. In fact, I think Zeus’s idea is to enable the same thing with interchangeable providers, so the software and provider are separate
Lastly, fedimints are the most exciting because instead of one UTXO per user, you can have many users sharing UTXOs and have one user who facilitates swaps out to lightning, all abstracted away from the user who just sees a balance (one which is recoverable from the federation)
mrclownworld
npub1xs…ulu9v
2025-04-14 14:09:54
in reply to nevent1q…uws9
Author Public Key
npub1xsf5h8suhveztq4u5spq5wwvzftqxmglt6vwllxg8z6zrlpqn4yqrulu9vPublished at
2025-04-14 14:09:54Event JSON
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"pubkey": "34134b9e1cbb322582bca4020a39cc1256036d1f5e98effcc838b421fc209d48",
"created_at": 1744639794,
"kind": 1,
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"content": "Yeah, that’s exactly right. You should pick a big public node to connect with like Strike or eclair or the Bitcoin company. They can get anywhere on the network in a few hops. \n\nWith phoenix it’s not a node per se, you’re just maintaining one channel/UTXO with Eclair. When you send or receive on chain, it splices in and out of that channel, increasing or decreasing its capacity. When you send via lightning, it updates the channel state with the balance but doesn’t broadcast to chain. \n\nIt’s really slick and brilliant and really the only downside I see is that you are captive to the fees they charge for transactions because you only have one route through them. But as long as the fees are consistent and reasonable and less than visa, it’s a win in my book. \n\nI suspect this model is going to be really common for providers. In fact, I think Zeus’s idea is to enable the same thing with interchangeable providers, so the software and provider are separate\n\nLastly, fedimints are the most exciting because instead of one UTXO per user, you can have many users sharing UTXOs and have one user who facilitates swaps out to lightning, all abstracted away from the user who just sees a balance (one which is recoverable from the federation)",
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}