Aqua Wallet: A New Entrant in the Bitcoin Ecosystem
Posted 4 months ago by LN+
The Aqua wallet is the latest addition to the Bitcoin ecosystem, boasting several unique features not commonly found in other Bitcoin wallets. Below is a quick overview of its offerings:
Bitcoin Wallet
This non-custodial wallet supports full SegWit addresses (starting with bc1...), optimizing fee reduction. However, as it's not a full node wallet, users depend on third-party services for block data. While it lacks the option to connect to your own node, you can switch the blockchain explorer from the default minimalistic blockstream.info to the more popular full featured mempool.space.
Opening Screen, Main Screen, and Receiving Bitcoin Screen
Lightning Wallet
Remarkably, the Lightning wallet allows instant receiving without needing to open a channel. This seems similar to Zeus wallet's approach of opening a zero-confirmation channel. The minimum initial receiving amount is set at 1,000 SAT, with a service fee of 428 sats (approximately $0.18). The wallet, declared fully non-custodial by Jan 4, employs unclear means to facilitate this functionality, as the fee doesn't cover channel opening costs. Presently, only invoice generation is possible, with no option to set a Lightning Address. The Lightning wallet is accessible under the Layer 2 Bitcoin section.
Liquid Bitcoin Wallet
The Liquid wallet taps into the growing popularity of Liquid, a Bitcoin sidechain known for its quick one-minute block speeds and lower fees compared to the main Bitcoin chain. It offers straightforward sending and receiving capabilities and is located under the Layer 2 Bitcoin section.
USDt Wallet
The Aqua wallet comes with a built-in Tether USDt wallet, supporting the three largest blockchains:
Liquid Network: Allows native receiving with no minimum amount.
Ethereum Network: Facilitates on-the-fly conversion from Ethereum USDt to Liquid USDt, with a minimum of around $22 and a maximum of $25K. Conversion fees, if any, are unspecified.
Tron Network: Features a similar setup to the Ethereum chain.
Under Settings, the wallet supports additional assets such as INF, JPY Stablecoin, PEGx EURx.
Backup
Backup is handled via a traditional 12-word seed, accessible under Settings.
Bitcoin Chip
An intriguing feature under Settings is the Bitcoin Chip, which allows asset transfers from a poker chip-like device to the wallet via a QR code scan.
Marketplace
The wallet includes a non-functional marketplace feature, expected to offer services like Bitcoin purchases, asset swaps, bill payments, and a virtual debit card for online transactions.
User Experience
The wallet's user interface is exceptionally user-friendly, making it ideal for beginners. However, it may not be the best choice for those expecting to receive very small amounts of Satoshis (below 1,000 SAT) over Lightning. For such cases, custodial wallets like Blink or Speed may be more appropriate.
Backdoored closed source wallet. Stealing name and logo from a dead Blockstream project.
Why is this using the same name and logo of what Blockstream supposedly created back in 2020 but received its last update in 2021? Also, I am claiming that this new Aqua wallet is backdoored, do not trust it. If it is not backdoored then I can simply be proven wrong if the source code is revealed. But they are not showing the source code because they are hiding something. While this looks neat at first glance I am seeing multiple "red flags".
They also have some explaining to do on why they are using the name and logo from another wallet that used to be a project of Blockstream. Are they continuing what Blockstream started? Or are they hijacking the name of a former project from a reputable company?
Jan3 has been started by Samson Mow, who used to be the CSO at Blockstream. So, I assume Jan3 is closely associated with Blockstream and they got the permission to use the name. The fact that Liquid, which is Blockstream's sidechain is supported in AQUA makes it very likely they are working together.
Thank you for that additional information and correction. I hope it did not sound like I was saying that I am aware of a backdoor, but I intended to mean that closed source things should be treated with the scrutiny as if they likely are. But both of those names are reputable and have merit. Blockstream and Samson Mow. This would make sense then why it is the same name and logo. I just hope they at least make the client side app open source. It is exciting to see more wallets support Liquid and lightning. Liquid is actually very cool.
