Paris, France, December twentieth, 2023, Chainwire
Layer 3 Foundation, a pioneer in blockchain-based monetary know-how, has launched a testnet program for its Yellow Clearing Network, the first-ever decentralized clearing system. This initiative marks a big step in direction of realizing the muse’s mission of decentralizing clearing and settlement processes to scale buying and selling utilizing blockchain applied sciences.
Based by a staff of specialists in fintech, software program structure, cyber-security, and market making, Layer 3 Foundation has been on the forefront of leveraging blockchain to create progressive monetary options. The $YELLOW token, central to Yellow Clearing Network, is a testomony to the muse’s dedication to cutting-edge know-how and a decentralized future.
What to Count on within the Testnet
This system will start with Yellow’s closed beta testnet, which is able to go reside on Duckies, Yellow’s Canary Network, which makes use of $DUCKIES because the native token.
The closed testnet will open on January twenty second, 2024, and proceed until April of the identical yr and deal with testing key options of the buying and selling terminal, together with however not restricted to:
- Opening and shutting of clearing channels with counterparts;
- Off-chain market buying and selling;
- Settlement of trades utilizing blockchain escrow swaps;
- Deployment of dealer nodes and mining liquidity;
Testnet customers might be essential in evaluating the buying and selling terminal’s consumer expertise, interface usability, Web3 signing circulate, and total system robustness. Layer 3 Foundation goals to assemble precious metrics, uncover vulnerabilities, and refine the platform for a wider viewers. Purposes for the closed beta will be submitted at yellow.org/canarynet.
The corporate seeks blockchain-savvy people captivated with blockchain know-how, buying and selling, and finance. Profitable candidates are anticipated to have a primary understanding of monetary markets, expertise collaborating in testnets, and affect inside small communities. Choice might be given to seasoned merchants and know-how fans who assist the corporate’s mission.
Yellow Clearing Network makes use of ClearSync, a protocol that frees merchants from counterparty threat. It verifies that every one events have enough collateral funding to satisfy trades. This ensures merchants don’t exceed their capital limits, giving counterparties confidence that trades might be totally honored.
Future Developments and Government Insights
Suggestions from the closed testnet might be instrumental in getting ready the platform for an open testnet part and eventual common availability.
“At Layer 3 Foundation, the imminent market introduction of our technology fills me with immense excitement! It’s a game-changer in blockchain’s evolution.” says Louis Bellet, a core contributor at Layer 3 Foundation.
Upcoming options embody cross-chain settlements and enhanced safety measures. The closed beta represents a crucial part in Layer 3 Foundation’s broader adoption and token itemizing roadmap.
About Layer 3 Foundation
The mission of Layer-3 Foundation is to develop a state channel-powered ecosystem as a Fintech scaling normal to assist the evolution of the Web in direction of Internet 3.0. The corporate stands behind Yellow Clearing Network, a peer-to-peer buying and selling, clearing, and settlement answer. Working as a Layer3 that makes use of state channels, Yellow Network supplies a safer means for people and establishments to commerce. Due to security collateral, counterparties can transact safely inside a liquid and totally compliant surroundings with out requiring to lock belongings.
Be taught extra about Yellow Clearing Network at: (*3*), https://www.yellow.org/
About ClearSync Ltd.
ClearSync Ltd. is a UK-based know-how analysis middle and a developer of the ClearSync protocol, a set of automated sensible contracts that permit individuals to lock and unlock collateral by means of state channels to guard the clearing and settlement of belongings.
This press launch is for informational functions solely and doesn’t represent a suggestion or solicitation to promote shares or securities.
Head of Biz Dev & Advertising, Anastasiia Bobeshko, [email protected]