Investing.com – Mosaic Chain has secured the 73rd parachain slot on the Relay Chain, marking a key step towards the launch of its mainnet.
The Budapest-based blockchain project will be connected to Polkadot for approximately 96 weeks, from July 3, 2024, to May 8, 2026, during which time it will benefit from Polkadot’s economic security and interoperability via the XCM protocol.
The parachain space was won with a placeholder runtime that will be updated as development progresses. Mosaic Chain plans to launch its testnet soon, which will beta test new features including an NFT-based consensus mechanism. The testnet will allow for refining these features before they are implemented on the mainnet.
Mosaic Chain also plans to launch 'Mosaic Alpha V2', its first decentralized application (dApp), offering decentralized portfolio management through Token Baskets that integrate tokens from the Binance Smart Chain and Polkadot ecosystems.
Attila Vidákovics, CEO of Mosaic Chain, stressed the importance of having a blockchain dedicated to financial services. He noted that existing universal blockchains often struggle to process transactions due to competition, leading to delays and higher costs.
“When designing the Mosaic Alpha platform, extensive research revealed the lack of an ideal home for DeFi applications. Universal blockchains like Ethereum and Binance Smart Chain, while suitable for diverse applications, are often not sufficient for finance due to competition for transaction processing capacity, leading to potential delays and increased costs,” said Attila.
“Recognizing the need for a more reliable solution, Mosaic Chain was developed specifically for financial service providers in both traditional finance and Web3. This blockchain aims to create an optimal environment for financial projects to thrive and bridge the gap between the two worlds.”
The intense activity and high traffic during the Polkadot auction further validates the candlestick auction process, a method designed to prevent last-minute bidding. The winner is chosen through the candlestick auction process, which randomly selects a block from the past seven days. At the time, Mosaic Chain was in the lead.
Built on the Substrate framework, Mosaic Chain will offer features such as decentralized on-chain governance, trustless interoperability, forkless runtime upgrades, and support for light clients. The project aims to improve the capabilities and interoperability of decentralized networks for both developers and users.
