Nov 22, 2021
18 NOV| Ask Me Anything: We Believe Signet Brings Benefits to Our Users
1. What is Signet’s testnet?
The Signet testnet is a testnet initiated by Karl-Johan Alm’s BIP325. Compared with the current Bitcoin testnet, it provides a more reliable and stable environment. At the same time, it is closer to the Bitcoin mainnet. In the future, major companies will use the Signet network more to test new features.
2. How to get Signet address?
At present, to obtain the address of the signet network, you need to download the official bitcoin-qt of bitcoin, and then you can generate the signet address. For specific details, please refer to the tutorial.
3. What is the significance of the Signet testnet?
The current BTC testnet is too heavy and the test is inconvenient and unstable. The Signet testnet will not only replace the current testnet, but will also become a pioneer of the current BTC mainnet. As the pioneer network of the BTC mainnet, both users and developers can experience the new features of Bitcoin and the new features of second-tier applications here.
4. What is the Taproot upgrade?
Taproot upgrade is a collective term for three complementary BIPs, including Schnorr signature (BIP 340), Taproot (BIP 341) and TapScript (BIP 342). It is a soft fork on the Bitcoin network, activated at Bitcoin block height 709632.
5. What are the benefits of Taproot upgrade?
Schnorr signature supports aggregate signatures, and Mast supports complex script contracts. Therefore, for ordinary users, the most intuitive benefit of Taproot is that it reduces transaction costs and improves the anonymity and efficiency of transactions. At the same time, it supports the construction of more complex contracts.
6. Why ComingChat needs to connect to the Signet test network?
ComingChat’s first purpose of accessing the Signet testnet is to test new features, but more is to tap the potential of the Signet testnet, so that more users can understand the meaning of Signet and join the Bitcoin Signet testnet to test Signet. The net has a common understanding.
7. What is the relationship between ComingChat and Signet and Taproot upgrades?
The main function of the Signet testnet is to test Taproot upgrades. It is the earliest environment for testing taproot upgrades. Therefore, the new functions developed by ComingChat in Taproot upgrades must be run on Signet first.
8. What role does ComingChat play in it?
ComingChat’s current positioning is to act as a wallet for Taproot upgrades, including support for transfer transactions of Taproot’s new address, support for threshold signatures, and mast contracts. For the Signet test network, it is the entrance for users to access the Signet network.
9. What will be the effect of the combination of ComingChat, Taproot and Signet?
Taproot upgrade allows aggregation of signatures and script privacy, and the decentralized privacy communication network built by ComingChat can perfectly support Taproot upgrades. At the same time, ComingChat directly supports the Signet network, which can better tap the potential of the Signet test network, making Signet a truly valuable network, not just a test network.
10. What can ComingChat users gain from it?
When more and more users join the Signet testnet, then Signet will generate a consensus like the BTC mainnet, sBTC will generate corresponding value, and users can obtain wealth by selling sBTC in their hands.
About ComingChat
ComingChat’s mission is to build a metaverse for the entire ecosystem. With the economic structure of Bitcoin, it aims to reshape the digital economy system for billions of people around the world by building a simple, secure, and private global payment system and financial infrastructure. It further strengthens the interaction between the Internet and the real world by serving as a gateway for users to enter the Web3.0 world where a programmable identity system is established with CID as users’ digital identity, thus achieving unprecedented interoperability.
It will be a trustworthy, and user-centered metaverse platform that enhances user interaction services including:
- Decentralized social system
- Bitcoin wallet
- GameFi
- NFT ecosystem
- DApp
