Phoenix

• Phoenix Wallet has implemented BLIP36, an LSP spec for providing on-the-fly channel funding
• The protocol uses HTLCs, zero-conf channels, splicing, and liquidity ads in order to allow a payment to complete even if the receiver does not have enough inbound liquidity

Questions

• What is an LSP?
• What are the advantages of creating open standards, rather than proprietary ones?
• What are HTLCs?
• What are zero-conf channels?
• What is a channel splice?
• What are liquidity ads?
• What is inbound liquidity?
• What usually happens if a node receives a payment but doesn’t have enough inbound liquidity?