Investing.com – Mosaic Chain has secured the 73rd spot on the Relay Chain parachain, 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 be able to benefit from the economic security and interoperability of Polkadot via the XCM protocol.
The parachain slot was won with a replacement runtime that will be updated as development progresses. Mosaic Chain plans to launch its testnet soon, which will test modern features, including an NFT-based consensus mechanism. The testnet will allow for these features to be refined before being implemented on the mainnet.
Mosaic Chain also plans to launch “Mosaic Alpha V2,” its first decentralized application (dApp) that will enable decentralized wallet management through token baskets that integrate tokens from the Binance Smart Chain, Polkadot, and other ecosystems.
Attila Vidákovics, CEO of Mosaic Chain, emphasized the importance of having a dedicated blockchain for financial services. He pointed out that existing universal blockchains often have problems processing transactions due to competition, which causes delays and increased costs.
“When designing the Mosaic Alpha platform, extensive research revealed the lack of an ideal home for DeFi applications. Universal blockchains such as Ethereum and Binance Smart Chain, while suitable for various use cases, often fail in finance due to competition for processing capacity, leading to potential delays and increased costs,” Attila said.
“Recognizing the need for a more robust 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 these two worlds.”
The intense activity and hefty traffic during the Polkadot auction further validates the candlestick auction process, a method designed to prevent last-minute snipers. The winner is chosen via a candlestick auction process that randomly selects a block from the past seven days. At that point, Mosaic Chain was in the lead.
Built using the Substrate framework, Mosaic Chain will offer features such as decentralized on-chain governance, trustless interoperability, fork-free runtime updates, and lightweight client support. The project aims to improve the capabilities and interoperability of decentralized networks for both developers and users.
