Investing.com - Mosaic Chain has secured the 73rd parachain slot on the Polkadot Relay Chain, marking a key step toward its mainnet launch.
The Budapest-based blockchain project will be connected to Polkadot for roughly 96 weeks, from July 3, 2024, to May 8, 2026, during which it will benefit from Polkadot’s economic security and interoperability through the XCM protocol.
The parachain slot was won with a placeholder runtime that will be upgraded 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 Ethereum, Binance Smart Chain, and Polkadot ecosystems.
Attila Vidákovics, CEO of Mosaic Chain, highlighted the importance of having a dedicated blockchain for financial services. He pointed out that existing universal blockchains often struggle with transaction processing due to competition, resulting in delays and increased costs.
"When designing the Mosaic Alpha platform, extensive research revealed the lack of an ideal home for DeFi apps. Universal blockchains like Ethereum and Binance Smart Chain, while suitable for various applications, often fall short 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 flourish and bridge the gap between the two worlds.”
The intense activity and high traffic during the Polkadot auction further validate the candle auction process, a method designed to prevent last-minute sniping. The winner is chosen through the candle auction process, which randomly picked a block from the past seven days. At that moment, Mosaic Chain was in the lead.
Built using the Substrate framework, Mosaic Chain will offer features such as decentralized on-chain governance, trustless interoperability, forkless runtime upgrades, and light-client support. The project’s goal is to improve the capabilities and interoperability of decentralized networks for both developers and users.