Layer 3 ClearSyncTM: Pioneering New Protocol for Secure Transactions
- Layer 3 Foundation launches Yellow Clearing Network testnet in Duckies, innovating in decentralized clearing and counterparty risk mitigation.
- Layer 3’s Yellow Clearing Network, using ClearSyncTM protocol, promises to revolutionize trading, increasing security and efficiency in financial transactions.
Layer 3 Foundation, a pioneer in blockchain-based financial technology, has announced the launch of a test network for its Yellow Clearing Network, the first decentralized clearing .
This initiative seeks a new direction with a mission to decentralize clearing and settlement processes to scale trading using blockchain technologies.
Founded by a team of fintech, software architecture, cybersecurity and market making experts, Layer 3 Foundation has been hand-in-hand within the crypto sector and in using blockchain to create financial solutions today. The $YELLOW token, central to the Yellow Clearing Network, is a testament to the foundation’s commitment to technology and a decentralized future.
What to Expect on the Test Network
The program will begin with the closed beta of Yellow’s test network, which will launch on Duckies, Yellow’s Canary Network, which uses $DUCKIES as its native token.
The closed test network will open on January 22, 2024 and continue through April 2024, focusing on testing key features of the trading terminal, including, but not limited to:
- Opening and closing clearing channels with counterparties
- Off-chain market trading
- Settlement of trades using blockchain collateral exchanges
- Deployment of broker nodes and liquidity mining.
Test network users will play a role in uating the trading terminal user experience , interface usability, Web3 signature flow, and overall robustness .
As Layer 3 Foundation seeks to collect valuable metrics, discover vulnerabilities and refine the platform for a wider audience. Applications for the closed beta can be sent to yellow.org/canarynet
Source: Austin-distel-unsplash
The company is looking for individuals with knowledge in blockchain, trading and finance. Candidates are expected to have a basic understanding of financial markets, experience participating in testing networks and influence within small communities. Preference will be given to experienced traders and technology enthusiasts who support the company’s mission.
The Yellow Clearing Network utilizes ClearSyncTM, a protocol that frees traders from counterparty risk. This is achieved by verifying that all parties have sufficient collateral funds to meet trades.
New Developments and utive Ideas
Feedback from the closed test network will be critical in preparing the platform for an open test network phase and eventual general availability.
“At Layer 3 Foundation, the impending market introduction of our technology fills me with immense excitement! It’s a game changer in the evolution of blockchain.” says Louis Bellet, a senior contributor at Layer 3 Foundation.
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Potential new features may include cross-chain settlements and enhanced security measures. The closed beta represents a critical phase in Layer 3 Foundation’s path to broader adoption and token listing.
About Layer 3 Foundation
Layer-3 Foundation’s mission is to develop a stateful channel-driven eco as a Fintech scalability standard to support the Internet’s evolution to Web 3.0. The company is behind Yellow Clearing Network, a peer-to-peer solution for trading, clearing and settlement.
Operating as a Layer3 using stateful channels, Yellow Network provides a more secure way for individuals and institutions to trade. Without the need to block assets, thanks to the security guarantee, counterparties can transact safely and securely within a liquid and fully compliant environment.
About ClearSync Ltd.
ClearSync Ltd. is a UK-based technology research center and developer of the ClearSyncTM protocol, a set of automated smart contracts that allow participants to lock and unlock collateral through stateful channels to protect the clearing and settlement of assets.