Mosaic Secured a Parachain Slot on Polkadot
Mosaic Chain Secured a Parachain Slot on Polkadot
The Mosaic Team is pleased to announce that they have successfully secured a Parachain Slot on Polkadot for the Mosaic Chain through a self-funded auction, bringing Mosaic Chain one step closer to its mainnet launch. This significant milestone helps us to move forward with the developments to build a bright DeFi future on it.
🛠️ Technical Details
By winning on the Parachain Auction #73, Mosaic Chain will be connected to Polkadot for approximately 96 weeks between July 3, 2024 and May 8 of 2026. During this period, the Polkadot Relay Chain will provide full economic security and trustless interoperability for Mosaic Chain through XCM.
The slot was won by a simplified version of the Mosaic Chain runtime, known as a placeholder runtime, which will be continuously upgraded to newer Mosaic Chain runtime versions as blockchain development progresses. This means that the Mosaic Chain Dev.Team is constantly adding newer and newer functionalities to the blockchain runtime as it is battle-tested on Mosaic Chain’s testnet.
💡 Parachain Auctions and the Coretime Model
On Polkadot, Parachain Auctions are being replaced by a newer, more sophisticated model known as Coretime. In this model, the slots correspond to cores. You can think of Polkadot as a global CPU with hundreds of cores, where each core represents a Parachain. The Coretime model allows cores (formerly slots) to be purchased ‘on-demand’ in a flexible and efficient manner, optimizing the distribution and acquisition of Polkadot’s resources. This model lowers the barriers to entry into the Polkadot ecosystem and presents a promising future.
The Mosaic Team secured the Parachain Slot using the original auction model because it offers a connection to the Polkadot ecosystem for nearly two years, unlike in the Coretime model, which only provides a connection for a few weeks or months. The Coretime model is a truly innovative and groundbreaking approach, essentially completely unique in the blockchain industry. We will only test it later, after the two-year leasing period has expired, until then we will monitor the development of the Coretime model on Kusama (Polkadot’s Canary Network) and Polkadot.
By securing the slot through the auction, Polkadot will support the Mosaic Chain for nearly two years (a total of 96 weeks) until May 2026. This guarantees uninterrupted interoperability with the entire Polkadot ecosystem (and later on with the Ethereum ecosystem via SnowBridge) and economic security from the Polkadot Relay Chain. Additionally, during this 96 weeks long period, Mosaic Chain will not need to purchase coretime on Polkadot.
Finally, with the introduction of the Coretime model, Mosaic Chain will be in the first round of Parachains that were established before the Coretime model was introduced. This early adoption could benefit Parachains like Mosaic Chain in the long run.
🔜 Whats next?
By winning the Parachain Slot, Mosaic Chain became a Parachain on Polkadot and has joined the Polkadot Ecosystem, thus becoming part of the broader blockchain landscape. Mosaic Chain’s mission is to provide easy-to-use DeFi services to the entire crypto world, from Token Baskets to other solutions. Currently, the placeholder runtime occupies the slot on Polkadot, and later, Mosaic Chain’s mainnet will be launched with its core functionalities as the placeholder runtime will upgraded to new versions. In addition in the near future, Mosaic Team will publish Mosaic Chain’s testnet, and the battle-testing period of the runtime modules can begin.
About Mosaic Chain
The concept of Mosaic Chain is nothing less than the promotion of innovation, collaboration, and decentralisation. Our mission is to offer a high-quality DeFi workspace and to provide a DeFi station where products from other blockchains and dApps can be integrated into a single interface. In this manner, Mosaic Chain creates an ideal environment for trustless financial solutions tailored to decentralised applications in every aspect. Mosaic Chain places a strong emphasis on collaboration, offering a home to both Web2 and well-established Web3 services.
Visit our website: Mosaic Chain
Join our official Discord community: Mosaic Chain Discord
Apply for the Mosaic Ambassador Program: Ambassador Program
