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Some context of why and how BLS key is used can be found here.
The BLS key should be treated as important as the ed25519 key used in Comet consens. Currently it is embeded in the priv_validator_key.json and validators should use babylond create-bls-key to generate the BLS key and bond with the ed25519 key generated in pior. However, cosmos tooling (e.g., tmkms and horcrux) cannot recognize the bls key in the priv_validator_key.json, so now we decided to separate it from priv_validator_key.json
Should consider utilizing some keyring for bls keys storage like ethereum bls key store - https://github.com/ethereum/ercs/blob/master/ERCS/erc-2335.md, or most recent versions of comet bft have support for bls keys - https://github.com/cometbft/cometbft/tree/main/crypto/bls12381
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