Yellow Clearing Network Testnet Program Launched by Layer 3 Foundation
Summary
Layer 3 Foundation, a leader in blockchain-based financial technology, has launched a testnet program for its Yellow Clearing Network. The program aims to decentralize clearing and settlement procedures, scaling trading using blockchain technology.
Introduction
Layer 3 Foundation, founded by specialists in fintech, software architecture, cyber-security, and market making, is dedicated to using blockchain technology to provide cutting-edge financial solutions. The foundation has launched the Yellow Clearing Network, the world’s first decentralized clearing system, and the $YELLOW token plays a crucial role in this network.
Main Points
- The closed beta testnet for Yellow’s Canary Network, using the $DUCKIES native token, will begin on January 22nd, 2024, and run until April of the same year.
- The testnet will focus on testing the essential functionality of the trading terminal, including opening and shutting counterparty clearing channels, off-chain market trading, trade settlement using blockchain escrow swaps, and mining liquidity and broker node deployment.
- Testnet users will help assess the system stability, Web3 signing flow, and user experience of the trading terminal. Interested individuals can apply for the closed beta on yellow.org/canarynet, with priority given to applicants with blockchain knowledge, interest in trade and finance, prior testnet participation experience, and influence in smaller communities.
- The Yellow Clearing Network uses ClearSyncTM, a protocol that eliminates counterparty risk by ensuring sufficient collateral funds for each party involved in a deal, preventing traders from exceeding their capital limits.
- The closed beta will lead to advancements such as cross-chain settlements and improved security measures, bringing the platform closer to an open testnet phase and eventual public release.
Conclusion
The launch of the Yellow Clearing Network testnet program by Layer 3 Foundation is a significant step towards decentralizing clearing and settlement procedures in the financial industry. By leveraging blockchain technology, the foundation aims to scale trading and provide cutting-edge financial solutions. The closed beta testnet will allow the foundation to gather important data, identify weaknesses, and improve the platform before its public release. With anticipated advancements and executive perspectives, the Yellow Clearing Network is poised to revolutionize the blockchain industry.