The Bitcoin testnet is a Bitcoin-like developers playground, where developers can try out new features in Bitcoin, test their newly developed Bitcoin applications and so on, but the testnet can be unpredictable at times, miners appear and disappear regularly, blocks are not generated in a regular fashion as its main-net counter part and its not as stable, all this causes developer’s test to be less reliable than they should be, especially if they’re testing an important feature.
Signet is a new network being worked on by developer Karl-Johan Alm, its a centralized complement to test net where blocks are signed by a specific key rather than proof of work, Signet is more predictable than testnet and since its centralized, its much easier to perform global testing like block reorgs. It is also trivial to create and destroy as its simply done by creating a key pair with a challenge, the network is then used by anyone the creator send coins to. One of the biggest benefits here is for applications that require long term stability as developers currently have to deal with the unpredictable nature of testnet.
Signet can be implemented by a centralized owner holding the key and it can also have a 1 of N multisig as the challenge, making it sturdier to the unexpected disappearance of a certain party, its currently still being implemented but you can follow along by checking out the github pull request here.
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