Layer 3 Foundation Launches P2P Yellow Clearing Network Testnet for Counterparty Risk Mitigation

Layer 3 Foundation, a leader in blockchain-based financial technology, has announced the initiation of a testnet program for its Yellow Clearing Network, the world's first decentralized clearing system. This move is a substantial stride towards fulfilling the foundation's purpose of decentralizing clearing and settlement procedures to expand trading through blockchain technologies. A group of specialists in fintech, software engineering, info security, and market making have been a driving force in utilizing blockchain to create pioneering financial services. Their $YELLOW token, a key element of Yellow Clearing Network, is evidence of their devotion to state-of-the-art technology and decentralized future. This is the Layer 3 Foundation. Yellow's Canary Network powered by $DUCKIES will begin with a closed beta testnet, to be released live on Duckies. The closed testnet will commence on January 22nd, 2024 and conclude by April of the same year. Its primary objective is to evaluate key features of the trading terminal, including but not limited to: The importance of Testnet users to the assessment of Yellow Canary's trading terminal cannot be understated. They will provide metrics, locate any issues, and prepare the platform for the masses. Those wishing to join the closed beta can fill out the application form at yellow.org/canarynet. The organization is on the hunt for skilled individuals with an enthusiasm for blockchain technology, trading, and finance. It's essential that the candidates selected have knowledge of financial markets, involvement in testnets, and clout within smaller networks. Those with rich trading backgrounds and a passion for the company's objectives will take precedence. The Yellow Clearing Network utilizes ClearSyncTM, a protocol that eliminates counterparty risk for traders. This protocol verifies that all traders have sufficient collateral, ensuring that they do not surpass their capital allowances. Consequently, counterparties can be certain that trades are going to be completely carried out. The results gleaned from the closed testnet will be essential for readying the platform for an open testnet stage and its ultimate general accessibility. Layer 3 Foundation's progress toward wider acceptance and token listing will be marked by the imminent launch of their closed beta. This beta has been designed to introduce cross-chain settlements and upgraded safety measures. Layer-3 Foundation is committed to establishing a Fintech scaling benchmark via the development of a state channel-powered ecosystem for emerging Web 3.0 technologies. The Foundation stands behind the Yellow Clearing Network, a P2P protocol for trading, settlement, and reconciliation. Enabled through state channel technology, Yellow Network facilitates secure, asset-free trades in a compliant and liquid setting. By introducing safety collateral, both parties are able to transact safely. Gain additional knowledge: https://www.layer3.foundation/, https://www.yellow.org/ ClearSync Ltd., a UK-based technology research center, has developed the ClearSyncTM protocol, a series of automated smart contracts which enable participants to shield and access locked collateral using state channels, thereby safeguarding the settlement and clearance of assets. This press release is solely for informational purposes and does not constitute a proposal to buy or sell any shares or securities.

Source: https://medium.com/yellow-blog/layer-3-foundation-announces-testnet-of-its-p2p-yellow-clearing-network-for-counterparty-risk-c5ecbe34cea4?source=rss------fintech-5