Mosaic Chain secured a parachain slot on the Polkadot Relay Chain — securing the rights necessary for its mainnet launch.
According to a recent Mosaic Chain announcement, the network won the rights to be connected to the Pokadot (DOT) blockchain for 96 weeks—from July 3, 2024, to May 8, 2026. The Polkadot Relay Chain will secure the new network.
Parachains.info shows that Mosaic Chain won the 73rd parachain slot through a self-funded effort. The auction page shows that the project bid 10,129 DOT worth over $48,400 to win the slot, just barely winning over the next highest offer of $47,800 by Curio Lugano.
Mosaic Chain participated in the auction with a simplified version of its runtime, which will have new features added as development progresses. The development team expects to launch a test network in the near future — allowing for the beta testing of new features, including a non-fungible token (NFT)-based consensus mechanism.
The upcoming test network will also allow for the refinement of existing features before changes are implemented on the main network, decreasing the risk of disruption after upgrades for the main network. Furthermore, the team plans to launch its Mosaic Alpha V2 decentralized application (DApp).
The Mosaic Alpha V2 will allow decentralized portfolio management through Token Baskets, which feature tokens from both the Ethereum (ETH) and Polkadot ecosystems. By leveraging the Substrate framework, Mosaic Chain will be able to support decentralized on-chain governance, trustless interoperability, forkless upgrades, and light clients.
According to the official Mosaic Chain litepaper, the network’s main aim “is to
provide safe and real [decentralized finance] DeFi solutions for everyone.” The project’s website further exacerbates this idea, promising “high-tech DeFi solutions for you & your grandpa.”
The litepaper explains that part of the focus is on providing high interoperability with blockchains — both inside and outside the Polkadot ecosystem. The document explains that by leveraging the Substrate framework, the project aims to prevent any future scalability woes by having the main Polkadot network validate and finalize all state changes — spreading the load.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/08/mosaic-chain-wins-polkadot-parachain-slot