Getting started

In Sandbox, Five Bells does not utilize the actual Bitcoin network (also known as mainnet). It utilizes a test network. It does this so clients can test the application and settlement flows without needing to incur the cost, risk and potential compliance issues associated with settling assets with actual value. One popular Bitcoin test network is called testnet. However Five Bells has chosen not to utilize this network because of the high variability in block timing associated with the network. It is common to wait hours for a new block to be generated on testnet. Because of this, Five Bells utilizes the public signet Bitcoin network. This network is identical in rules as the mainnet and testnet networks but centralizes block creation to approved users instead of a proof of work system. This tradeoff allows for accurate testing of the settlement process without the inconsistency of the testnet block timing.

Because Five Bells utilizes the public signet, clients have the ability to test Five Bells utilizing their actual Custodian (provided their Custodian supports test networks). However, Five Bells recognizes that not all Custodians support test networks or this may not be practical for some users. As such, Five Bells Sandbox supports up to 1 BTC for each transaction in the Sandbox.
To utilize this feature, after the counterparty accepts the settlement, the blockchain contract is generated and the user can review this contract within the application and even introspect it on a public blockchain explorer (the application provides a direct link to mempool.space for convenience). After review, the next step is to instruct your Custodian to send the settlement amount to the blockchain contract address. Note, if the settlement is for 1 BTC or less, Five Bells can simulate your Custodian and send the funds to the contract address (see the Simulate Custodian Transfer button, see above).