Budapest, Hungary, August 15th, 2024, Chainwire

Mosaic Chain has successfully secured a parachain slot on the Polkadot Relay Chain, marking a significant milestone in its journey towards the mainnet launch.

By winning the 73rd parachain auction, Mosaic Chain will be connected to Polkadot for approximately 96 weeks, from July 3, 2024, to May 8, 2026. During this period, the Polkadot Relay Chain will provide full economic security and trustless interoperability for Mosaic Chain through XCM.

The auction was won with a simplified version of the Mosaic Chain runtime, known as a placeholder runtime, which will be continuously upgraded as development progresses. Mosaic Chain is also preparing to launch its testnet soon, where it will beta-test new functionalities, including an NFT-based Consensus Mechanism. The testnet will allow for the refinement of features before these are implemented on the mainnet.

Additionally, Mosaic Chain plans to launch ‘Mosaic Alpha V2’, its first decentralized application (dApp), which will offer decentralized portfolio management through Token Baskets, incorporating tokens from Ethereum, Binance Smart Chain and Polkadot ecosystems.

"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. 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," said Attila Vidákovics, CEO at Mosaic Chain. 

Built with the Substrate blockchain builder framework, Mosaic Chain will support advanced functionalities such as decentralized on-chain governance, trustless interoperability, forkless runtime upgrades, and light-client support.

About Mosaic Chain

Mosaic Chain is dedicated to advancing the capabilities and interoperability of decentralized networks. Through their innovative approach and robust development framework, they aim to provide a secure, scalable, and versatile platform for developers and users alike.

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