Layer 3 Foundation Launches Testnet for Yellow Clearing Network
Layer 3 Foundation, a leader in blockchain-based financial technology, has introduced a testnet program for its Yellow Clearing Network. This decentralized clearing system aims to decentralize clearing and settlement processes for scalable trading using blockchain technology.
What to Expect in the Testnet
The closed beta testnet will be conducted on Duckies, Yellow’s Canary Network, which utilizes the $DUCKIES token. The testnet will run from January to April 2024 and will focus on testing key features of the trading terminal, including clearing channels, off-chain market trading, trade settlement using blockchain escrow swaps, and deployment of broker nodes and mining liquidity.
Testnet users will play a crucial role in evaluating the user experience, interface usability, signing flow, and system robustness. Applications for the closed beta can be submitted at yellow.org/canarynet.
Future Developments and Executive Insights
Feedback from the closed testnet will help prepare the platform for an open testnet phase and eventual general availability. Future developments include cross-chain settlements and enhanced security measures. Layer 3 Foundation sees the closed beta as a critical phase in their roadmap to broader adoption and token listing.
About Layer 3 Foundation
Layer 3 Foundation’s mission is to develop a state channel-powered ecosystem as a Fintech scaling standard to support the evolution of the Internet towards Web 3.0. Their Yellow Clearing Network provides a peer-to-peer solution for trading, clearing, and settlement using state channels. It offers a safe environment for individuals and institutions to transact without locking assets.
About ClearSync Ltd.
ClearSync Ltd. is a UK-based technology research center and developer of the ClearSyncTM protocol, which enables participants to lock and unlock collateral through state channels for secure clearing and settlement of assets.
Hot Take: Layer 3 Foundation Revolutionizes Clearing and Settlement with Yellow Clearing Network
Layer 3 Foundation’s launch of the testnet for its Yellow Clearing Network marks a significant milestone in the decentralization of clearing and settlement processes. By leveraging blockchain technology, Layer 3 Foundation aims to scale trading while ensuring security and efficiency. The closed beta testnet will provide valuable insights to refine the platform and prepare it for wider adoption. With upcoming features like cross-chain settlements, Layer 3 Foundation is poised to revolutionize the financial industry. Stay tuned for more updates on this groundbreaking project.
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