Google Play description states, “This is [the] first Lightning wallet on [the] market which offers off-chain data loss protection: in case of emergencies such as phone loss you will only need a mnemonic phrase to recover both on-chain Bitcoin balance and off-chain Lightning balance.”
A fully operational Lightning node, providing both on-chain Bitcoin and off-chain Lightning Network transactions. The newly launched app called Lightning Wallet offers advantages to the users such as the increasingly well-populated network with benefits of near-instant sending and receiving of Bitcoin thru dedicated channels for fees of less than one satoshi ($0.0000755141) which is the Bitcoin’s smallest unit.
“It is crucial to understand that Lightning Wallet is a completely standalone app, it is not a thin client to some centralized service,” the description to potential users also states.
Issues like funds going missing due to technical inconsistencies still remain, but Lightning Wallet developers claim they have mitigated such risks using a mnemonic passphrase setup.
The app recently passed the symbolic adoption mark of 2000 nodes, with over 6000 channels currently open, handling a total network capacity of over $160,000 last April. The company wrote in a statement, “Although still in its early stages and more suited to advanced, technical users, LN is, without doubt, the most awaited upgrade to the Bitcoin network.”