The Phoenix wallet uses BIP39 12-words seed restoration method. In onchain wallets seed phrase is used to encode the master private key. But Phoenix is LN wallet so backup should cover the channels state. So how it is possible to restore Phoenix node state using a seed phrase?
pull down to refresh
151 sats \ 1 reply \ @nerd2ninja 13 Jul 2023
Good question and as a Phoenix wallet user, I'm happy to answer. Your LN channel backup is actually replaced with the ln channel state that Phoenix has every time you open the app. When you enter your seed phrase, you get your LN channel state backup from the Phoenix servers.
This is the only wallet I've seen do it this way. Breez for example encourages you to set automatic backups to google cloud and blixt does the same thing.
So be aware of this.
reply
0 sats \ 0 replies \ @anipy 14 Jul 2023
I think even the Mutiny Wallet stores the channel state encrypted on the remote server using VSS.
reply
10 sats \ 0 replies \ @designsats 14 Jul 2023
You dont. You can only restore onchain balance, not channels.
reply