Maybe not like i'm five. I know about lightning & channels & inbound liquidity on a basic level. Is the lightning custodial or non-custodial or in between? I have looked into it but nothing i can find makes it clear for me.
142 sats \ 4 replies \ @gms 14 Aug 2022
It is self-custody, it has an emergency kit and a recovery code.
Muun holds the entire balance on a non-custodial basis, regardless of whether the funds were received on-chain or via lightning.
All funds are stored on-chain with 2-of-2 multisig security, where the user has control of both keys.
Muun use submarine swaps to send and receive lightning payments.
Submarine swaps are atomic swaps that maintain the total non-custodianship of the funds.
More info: https://blog.muun.com/why-not-just-a-mnemonic/
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21 sats \ 1 reply \ @Modus OP 14 Aug 2022
Thank you!
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0 sats \ 0 replies \ @tech5 14 Aug 2022
Wallet of Satoshi is very similar
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0 sats \ 1 reply \ @Modus OP 14 Aug 2022
Are there drawbacks to this approach? Why isn't it more common?
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1 sat \ 0 replies \ @AJ1992 14 Aug 2022
Because it's not a real lightning wallet and it doesn't transact through the actual lightning network off chain.
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0 sats \ 0 replies \ @DarthCoin 15 Aug 2022
The simplest explanation: don't use it.
There are many other real LN wallets, not like Muun that is just fooling users with obscure submarine swaps.
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0 sats \ 0 replies \ @AJ1992 14 Aug 2022
A shit show with grossly high fees and I've heard it's not even an actual lightning wallet it just takes off/puts on btc to on-chain? Not sure if that's accurate though..
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