currencyjournals – Mosaic Chain has secured the 73rd parachain slot on Relay Chain, taking a major step in direction of the launch of its mainnet.

The Budapest-based blockchain challenge shall be related to Polkadot for about 96 weeks, from July 3, 2024 to Could 8, 2026, throughout which era it can profit from Polkadot's financial safety and interoperability via the XCM protocol.

The parachain slots had been earned on a placeholder runtime that shall be upgraded as growth progresses. Mosaic Chain will quickly be launching a testnet to beta check new options, together with an NFT-based consensus mechanism. The testnet will enable these options to be refined earlier than being applied on the mainnet.

Mosaic Chain additionally plans to launch its first decentralized software (dApp), Mosaic Alpha V2, which can supply decentralized portfolio administration via a token basket that integrates tokens from the Binance Sensible Chain and Polkadot ecosystems.

MosaicChain CEO Attila Vidakovic emphasised the significance of getting a blockchain purpose-built for monetary companies, noting that present common blockchains typically wrestle to course of transactions attributable to competitors, resulting in delays and elevated prices.

“When designing the Mosaic Alpha Platform, in depth analysis revealed that there is no such thing as a excellent setting for DeFi apps. Common blockchains resembling Ethereum or Binance Sensible Chain, whereas appropriate for quite a lot of purposes, are sometimes insufficient for finance attributable to competitors for transaction processing energy, which may result in delays and elevated prices,” Attila stated.

“Recognizing the necessity for a extra dependable resolution, Mosaic Chain was developed particularly for monetary service suppliers, each in conventional finance and Web3. This blockchain goals to create the optimum setting for monetary tasks to thrive and bridge the hole between the 2 worlds.”

The excessive exercise and site visitors through the Polkadot public sale is additional proof of the effectiveness of the candle public sale course of, a way designed to forestall last-minute sniping. The winner is chosen via a candle public sale course of, the place a block from the final seven days is randomly chosen. At that time, Mosaic Chain was within the lead.

Constructed utilizing the Substrate framework, Mosaic Chain presents options resembling decentralized on-chain governance, trustless interoperability, forkless runtime upgrades, gentle shopper help, and so on. The aim of the challenge is to enhance the performance and interoperability of decentralized networks for each builders and customers.