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142 sats \ 4 replies \ @gms 14 Aug 2022 \ on: Explain Muun wallet like i'm 5 bitcoin
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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