Mosaic Chain wins 73rd parachain slot on Polkadot, set for mainnet launch

starcrypto – Mosaic Chain has secured the 73rd parachain slot on the Relay Chain, marking a key step towards its mainnet launch. 

The Budapest-based blockchain mission will likely be linked to Polkadot for roughly 96 weeks, from July 3, 2024, to Could 8, 2026, throughout which it would profit from Polkadot’s financial safety and interoperability by the XCM protocol.

The parachain slot was received with a placeholder runtime that will likely be upgraded as growth progresses. Mosaic Chain plans to launch its testnet quickly, which is able to beta-test new options, together with an NFT-based Consensus Mechanism. The testnet will permit for refining these options earlier than they’re applied on the mainnet.

Mosaic Chain additionally plans to launch ‘Mosaic Alpha V2,’ its first decentralized software (dApp), providing decentralized portfolio administration by Token Baskets that combine tokens from , Binance Good Chain, and Polkadot ecosystems.

Attila Vidákovics, CEO of Mosaic Chain, highlighted the significance of getting a devoted blockchain for monetary providers. He identified that present common blockchains typically battle with transaction processing on account of competitors, leading to delays and elevated prices. 

“When designing the Mosaic Alpha platform, intensive analysis revealed the shortage of a super house for DeFi apps. Common blockchains like Ethereum and Binance Good Chain, whereas appropriate for numerous functions, typically fall quick for finance on account of competitors for transaction processing capability, resulting in potential delays and elevated prices,” stated Attila.

“Recognizing the necessity for a extra dependable answer, Mosaic Chain was developed particularly for monetary service suppliers in each Conventional Finance and Web3. This blockchain goals to create an optimum atmosphere for monetary initiatives to flourish and bridge the hole between the 2 worlds.”

The extreme exercise and excessive visitors through the Polkadot public sale additional validate the candle public sale course of, a way designed to forestall last-minute sniping. The winner is chosen by the candle public sale course of, which randomly picked a block from the previous seven days. At that second, Mosaic Chain was within the lead.

Constructed utilizing the Substrate framework, Mosaic Chain will supply options akin to decentralized on-chain governance, trustless interoperability, forkless runtime upgrades, and light-client assist. The mission’s purpose is to enhance the capabilities and interoperability of decentralized networks for each builders and customers.