Layer 3 Foundation Unveils Testnet for Yellow Clearing Network. Layer 3 Foundation, a pioneer in blockchain-based financial technology, has initiated a testnet program for its Yellow Clearing Network, the first decentralized clearing system found anywhere in the world. Because of the start of this initiative, the foundation’s objective of decentralizing clearing and settlement procedures to grow trading through blockchain technology is now much closer to becoming a reality.
Providing cutting-edge financial solutions through utilising blockchain technology has been a primary emphasis of the Layer 3 Foundation, which established a group of experts in fintech, software architecture, cyber-security, and market making. The $YELLOW coin, which is vital to the Yellow Clearing Network, demonstrates the foundation’s commitment to cutting-edge technology and a decentralised future.
Anticipations for the Testnet
During the restricted beta testnet for Yellow, the software will be launched on Duckies, which is Yellow’s Canary Network. The native token for Duckies during this launch is $DUCKIES.
The launch of the closed testnet is scheduled for the 22nd of January, 2024, and it will continue until April of the same year. Testing the essential functionality of the trading terminal will be the primary purpose of this project. This testing will include, but is not limited to, the following capabilities:
In addition to mining liquidity and broker node deployment, other features include opening and closing counterparty clearing channels, off-chain market trading, and trade settlement through blockchain escrow swaps.
To evaluate the overall system reliability, the Web3 signing flow, and the user experience of the trading interface, testnet users will be critical throughout the process. A rwider user base is the target audience for Layer 3 Foundation, and its goals include collecting vital data, identifying flaws, and enhancing the platform. The website Yellow.org/canarynet is where applications for the closed beta can be turned in.
People who are currently informed about blockchain technology and have a strong interest in trade and finance are the individuals that the organization is looking for potential candidates. Candidates that have the potential to be successful should understand financial markets, previous experience participating in tests, and influence in local communities. Those traders and tech enthusiasts who have experience and agree with the organisation’s objectives will be given precedence.
ClearSyncTM is a protocol that the Yellow Clearing Network utilizes. This protocol relieves traders of the risk associated with counterparties. Confirming that each party possesses sufficient collateral cash to execute deals is how this objective is fulfilled. The counterparties can be sure that the exchanges will be completed on their whole if they prevent traders from exceeding the capital constraints they have set for themselves.
Prospective Advancements and Executive Perspectives
Following the completion of the closed testnet, the platform will be prepared for the open testnet phase, and finally, it will be ready for a public release.
An essential contributor at Layer 3 Foundation, Louis Bellet, made the following statement:
The upcoming launch of our technology to the market is something that fills me with an incredible amount of joy here at Layer 3 Foundation! In the progression of blockchain technology, it is a game-changer.
Cross-chain settlements and enhanced safety precautions are two of the features that will be introduced shortly. With the Layer 3 Foundation’s aim for broader acceptance and token listing, the closed beta is an essential component.