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docs/legacy/about/business-model.md

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## Sustainable Token Ecosystem
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Our [$YELLOW](../../legacy/usdyellow/tokenomics.md) token serves as the gateway to Yellow Network. Participant must lock $YELLOW to access the state-channel infrastructure.
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Our [$YELLOW](../resources/tokenomics.md) token serves as the gateway to Yellow Network. Participant must lock $YELLOW to access the state-channel infrastructure.
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Participant collateral amount can be slashed in case of online dispute loss. Any participant can file a dispute against another participant for a filing fee. An independent arbitration board consult the audit trails available and enforce the outcome of the dispute which may result in a reputation fault, but also a token slash. Reputation and dispute are recorded on-chain in a participant registry.
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docs/legacy/about/glossary.md

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#### Adjudicator
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Our state channel smart contract is called the [Adjudicator](../../../legacy/architecture-and-design/smart-clearing-protocol.md#adjudicator-smart-contract). Its role is to hold the [collateral](../../../legacy/architecture-and-design/risk-management.md#collateral) of each participant while the channel is open. In case of a [settlement](glossary.md#settlement)issue, the Adjudicator is also able to manage collateral to overcome the dispute.
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Our state channel smart contract is called the [Adjudicator](../architecture/smart-clearing-protocol.md#adjudicator-smart-contract). Its role is to hold the [collateral](../architecture/risk-management.md#collateral) of each participant while the channel is open. In case of a [settlement](glossary.md#settlement)issue, the Adjudicator is also able to manage collateral to overcome the dispute.
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#### Atomic Swap
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Clearing is the correct and timely transfer of funds to the seller and securities to the buyer.
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[Smart Clearing](../../../legacy/architecture-and-design/smart-clearing-protocol.md) is a term we derived from traditional finance. The "smart" component indicates that instead of a trusted intermediary, the clearing process is conducted by a fully automated digital protocol.
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[Smart Clearing](../architecture/smart-clearing-protocol.md) is a term we derived from traditional finance. The "smart" component indicates that instead of a trusted intermediary, the clearing process is conducted by a fully automated digital protocol.
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#### Collateral
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#### Custodians
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[Custodians](../../../legacy/architecture-and-design/custodial-layer.md) are in charge of holding customers' funds securely. They can be an external provider or a smart contract. Custodians use a set of rules to release funds, whereby each party can provide a different set of features to increase security and to make sure the user requesting a withdrawal is the real initiator of the request and free of fraud. Additionally, they allow the broker to easily connect to multiple blockchains, depending on their current supported blockchains.
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[Custodians](../architecture/custodial-layer.md) are in charge of holding customers' funds securely. They can be an external provider or a smart contract. Custodians use a set of rules to release funds, whereby each party can provide a different set of features to increase security and to make sure the user requesting a withdrawal is the real initiator of the request and free of fraud. Additionally, they allow the broker to easily connect to multiple blockchains, depending on their current supported blockchains.
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## D
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#### Fees
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Yellow Network will charge fees and reward participants based on their activity. However, fees are not charged for profit; all collected fees are either redistributed to network participants or used to fund the [Reserve Vault](../../../legacy/yellow-reserve-vault.md).
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Yellow Network will charge fees and reward participants based on their activity. However, fees are not charged for profit; all collected fees are either redistributed to network participants or used to fund the [Reserve Vault](../finance/yellow-reserve-vault.md).
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The first layer [(Layer 1)](#) is a **Liquidity Fee**
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The second layer [(Layer 2)](../../../legacy/fees/clearing-fee.md) is a **Clearing Fee**
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The second layer [(Layer 2)](../finance/fee-structure/layer-2-clearing-fee.md) is a **Clearing Fee**
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## G
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The term [Hashed Time Lock Contract (HTLC)](https://academy.binance.com/en/glossary/hashed-timelock-contract) refers to a special feature used to create [smart contracts](https://academy.binance.com/en/glossary/smart-contract) that are able to modify payment channels. Technically, the HTLC feature enables the implementation of time-bound transactions between two users. In practice, the recipient of a HTLC transaction has to acknowledge the payment by submitting a cryptographic proof within a specified timeframe (number of blocks). If the recipient forfeits or fails to claim the payment, the funds will be returned to the original sender.
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At Yellow Network we use [HTLC](../../../legacy/architecture-and-design/#how-p2p-trading-works)to settle trades off-chain.
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At Yellow Network we use [HTLC](../architecture/README.md#how-p2p-trading-works)to settle trades off-chain.
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#### High Frequency Trading (HFT)
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#### Know Your Customer (KYC)
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Know Your Customer (KYC) is a standard in the investment industry that ensures [advisors](https://www.investopedia.com/terms/f/financial-advisor.asp) can verify a client's identity and know their client's investment knowledge and financial profile. For participants in Yellow Network, the end-user[KYC](../../../legacy/architecture-and-design/supported-technologies.md#kyc-know-your-customer) is the responsibility of each broker. Yellow Network will allow brokers to integrate their own third-party KYC provider.
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Know Your Customer (KYC) is a standard in the investment industry that ensures [advisors](https://www.investopedia.com/terms/f/financial-advisor.asp) can verify a client's identity and know their client's investment knowledge and financial profile. For participants in Yellow Network, the end-user[KYC](../architecture/supported-technologies.md#kyc-know-your-customer) is the responsibility of each broker. Yellow Network will allow brokers to integrate their own third-party KYC provider.
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## L
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#### Reserve Vault
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The [Yellow Reserve Vault](../../../legacy/yellow-reserve-vault.md) is our treasury entity and is tasked with two main responsibilities:
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The [Yellow Reserve Vault](../finance/yellow-reserve-vault.md) is our treasury entity and is tasked with two main responsibilities:
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1. To provide stability for the [$YELLOW](glossary.md#usdyellow) token
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2. To build a diversified currency reserve to resolve settlement disputes between brokers.
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#### Tokenomics
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Tokenomics is a term that captures a tokens economics. It describes the factors that impact a tokens use and value, including but not limited to the tokens creation and distribution, supply and demand, incentive mechanisms, and token burn schedules. You can find the Yellow Network Tokenomics [here](../../../legacy/usdyellow/tokenomics.md).
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Tokenomics is a term that captures a token's economics. It describes the factors that impact a token's use and value, including but not limited to the token's creation and distribution, supply and demand, incentive mechanisms, and token burn schedules. You can find the Yellow Network Tokenomics [here](../resources/tokenomics.md).
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#### Tiers
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#### $YELLOW
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[$YELLOW](../../../legacy/usdyellow/) is our ERC-20 token. The use of Yellow Network requires participants to hold $YELLOW.
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[$YELLOW](../resources/tokenomics.md) is our ERC-20 token. The use of Yellow Network requires participants to hold $YELLOW.
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## Z

docs/legacy/about/offering.md

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Yellow Network is a project in development. Not all solutions presented in the following (sub)sections are implemented at this stage. The current, and all subsequent sub-pages, are subject to change.
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For more information, visit the [Roadmap](about/roadmap.md).
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For more information, visit the [Roadmap](roadmap.md).
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## Key Benefits

docs/legacy/about/partners-and-advisors.md

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Yellow Network is a project in development. Not all solutions presented in the following (sub)sections are implemented at this stage. The current, and all subsequent sub-pages, are subject to change.
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For more information, visit the [Roadmap](about/roadmap.md)
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For more information, visit the [Roadmap](roadmap.md)
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We are proud to have a strong and ever-expanding network of Advisors, Backers, and Partners from different fields and industries. These partnerships allow us to achieve far-reaching impact and scale.

docs/legacy/about/the-solution.md

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Furthermore, Yellow Network simplifies the settlement process by consolidating numerous trades into a single blockchain transaction, thus streamlining millions of trades into one settlement transaction, which reduces transaction fees and processing time.
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Yellow Network participants hold trading accounts that they use [margin netting](../../legacy/architecture-and-design/smart-clearing-protocol.md), allowing for more efficient use of their capital.
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Yellow Network participants hold trading accounts that they use [margin netting](../architecture/smart-clearing-protocol.md), allowing for more efficient use of their capital.
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## Liquidity
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docs/legacy/resources/legal/audit-and-kyc.md

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Yellow Network is a project in development. Not all solutions presented in the following (sub)sections are implemented at this stage. The current, and all subsequent sub-pages, are subject to change.
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For more information, visit the [Roadmap.](../about/roadmap.md)
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For more information, visit the [Roadmap.](../../about/roadmap.md)
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Audit & KYC is currently in progress and the results will be published soon.
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docs/legacy/resources/legal/general-t-and-c.md

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Yellow Network is a project in development. Not all solutions presented in the following (sub)sections are implemented at this stage. The current, and all subsequent sub-pages, are subject to change.
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For more information, visit the [Roadmap](../about/roadmap.md)
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For more information, visit the [Roadmap](../../about/roadmap.md)
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For Terms and Conditions specific to $YELLOW tokens, please refer to the dedicated section - [$YELLOW T\&C](usdyellow-t-and-c.md)
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docs/legacy/resources/legal/privacy-policy.md

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Yellow Network is a project in development. Not all solutions presented in the following (sub)sections are implemented at this stage. The current, and all subsequent sub-pages, are subject to change.
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For more information, visit the [Roadmap](../about/roadmap.md)
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For more information, visit the [Roadmap](../../about/roadmap.md)
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Thank you for visiting [https://www.yellow.org/](https://www.yellow.org/) (**"Website"**)

docs/legacy/resources/legal/usdyellow-t-and-c.md

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Yellow Network is a project in development. Not all solutions presented in the following (sub)sections are implemented at this stage. The current, and all subsequent sub-pages, are subject to change.
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## _**The $YELLOW token T\&C will be published one day prior to the announced public round release.**_

docs/legacy/resources/tokenomics.md

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Tokens collected from the penalty are collected into the **Yellow Reserve Vault**.
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Learn more about [$YELLOW as Collateral](../architecture-and-design/risk-management.md#network-access-collateral)\
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Learn more about [$YELLOW as Collateral](../../architecture/risk-management.md#network-access-collateral)\
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Learn more about [Trading Channels](../../architecture/smart-clearing-protocol.md#state-channels)
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### ➤ Clearing fees
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When two participants execute a batch settlement, both sides pay a clearing fee on the USD evaluation of the settlement size (for example, 1% on each side of $20,000 worth of assets swapped).
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This Clearing fee is also an incentive to optimize the size of batching. Clearing fees are collected and locked into the Yellow Community Vault.
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Learn more about the [Clearing Fee](../../finance/fee-structure/layer-2-clearing-fee.md)
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### ➤ Yellow Community Vault
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Learn more about the [Reserve Vault](../../finance/yellow-reserve-vault.md)
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## Token Distribution
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