[Analysis] Can the 5ire Blockchain make blockchain environmentally sustainable?
Today’s article will cover the 5ire (pronounced “fire”) blockchain. As a layer 1 blockchain, 5ire’s aims to make blockchain technology more sustainable for the environment. More precisely with the “proof of 5ire”, the chain is supposed to reward validators for their “good behavior” (among others carbon footprint as well as charity involvement), which I find a very interesting concept. Let’s dig in and go over what the 5ire blockchain is, how the blockchain works, what is proof of 5fire, and many more.
What is the 5ire Blockchain?
The 5ire blockchain is a Sustainable Distributed Computing platform. In most proof of stake blockchains, validators are rewarded according to their validating behavior and how they produce honest blocks. This is how the 5ire Blockchain innovates, instead of rewarding validators only on how they validate blocks, the “fire” blockchain looks additionally on “proof of fire”.
In other words, 5irechain aspires to be the first layer-1 protocol to create a sustainable and for-benefit ecosystem based on the United Nations’ Sustainable Development Goals (SDG). To do this, the 5ire team creates a computing platform that rewards and good behaviors according to the Sustainable Development Goals.
Validators will be ranked according to multiple factors:
SPoS, a novel consensus protocol, is being introduced by 5irechain. SPoS is a multifactor consensus mechanism that assigns weights to nodes based on stake, reliability, randomized voting, sustainability score (Environmental, Social, and Governance), and previous nomination. SPoS has several benefits over its competitors. These benefits are in addition to the benefits provided by the proof of stake (PoS) consensus mechanism over the proof of work (PoW) consensus method. Nodes with the highest weight will be chosen for block assembly for the following 12 hours, after which the process of picking the next node will begin again. Table 1 lists the factors and the weights associated with them.
What makes the 5ire blockchain different?
According to the team, the firm represents the fifth industrial revolution, and the idea is to not employ Proof-of-Stake or Proof-of-Work but instead reward sustainable conduct by utilizing Proof-of-Benefit.
Homomorphic Encryption: E2E encryption while computing is included in 5ire’s homomorphic encryption, letting users keep personal and financial information private on 5ireChain while still allowing validating nodes to execute operations on encrypted data.
Proof of 5ire: Proof of 5ire is the world’s first governance-based reward distribution method, incentivizing network players based on their adherence to the 17 UN Sustainable Development Goals. Proof of 5ire = Sustainable PoS + Benefit Proof + Donation Proof
Multiple transaction pools: With numerous transaction pools, 5ireChain addresses scalability. Existing blockchains employ single transaction pools, with each node storing all transactions. 5ireChain distributes transactions depending on wallet addresses, with each transaction pool serving a different set of addresses.
Quantum Resistance: 5ireChain employs an uncrackable digital signature algorithm, even by the most powerful quantum computers that will exist in the future. Existing blockchains employ the ECDSA technique, which might be broken by quantum computers in the future.
Easy onboarding: Unlike existing blockchains, users on 5ireChain will be able to transfer transactions using a receiver’s phone number or email address as an identity.
Light nodes for Mobile: 5ire is offering light nodes that can operate on a browser or phone, eliminating the requirement for the massive computers that validators have previously required to participate in a network.
Unique Naming Service: In a similar way that ENS does it on Ethereum, 5ire will allow users to create a unique human-readable domain name.
How many funds did the 5ire blockchain team raise?
Layer 1 blockchain network 5ire said Friday that it has secured $100 million in Series A investment from UK-based conglomerate Sram and Mram.
5ire, which is based in Dubai, stated in a news statement that the money would be used to grow into Asia, North America, and Europe while preserving India as the heart of operations and key focus.
The fundraising values 5ire at $1.5 billion, making it the world’s first blockchain unicorn with sustainability at its heart, as well as the fastest growing blockchain in India, according to the company. According to CEO and co-founder Pratik Gauri, 5ire’s business plan seeks to entrench the for-benefit mindset by heavily encouraging actions that correspond with the United Nations Sustainable Development Goals (SDG). The implementation is referred to as Proof-of-Benefit by the corporation.
The firm had secured $21 million in its seed round at a value of $110 million, including participation from Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and others.
What are the tokenomics of the 5ire token?
So far, the 5ire token is not yet in circulation. So beware of scammers trying to sell you the token! The 5IRE utility token is the primary unit of staking and trading. These coins are utilized for network governance, staking, and other functions. 5IRE tokens are essential to the network. The following are some of the primary functions:
Incentivized distributed data storage
Incentivized data exchange & analytics
Here are some pieces of information directly from the tokenomics document.
The total supply of the 5ire token will be 1.5 Billion. Its first distribution will happen via a bridged ERC-20 token before the mainnet launches.
5ire token distribution:
How to buy the 5ire token?
For now, you cannot buy the 5ire token. It is not listed anywhere. So beware of scammers! According to some admins in the telegram channel of 5ireChain, the token launched should happen in Q4 of 2022. This should give you plenty of time to do your own research on the project!
What is the price of the 5ire token?
For now the 5ire token is not listed. So there is no trading price just yet. However, on the tokenomics document, you can get a good indication of the prices for public sales.
What is the 5ire crypto launch date?
The launch date of the 5ire crypto project is unclear for now. According to the team on Telegram, the token will launch somewhere in Q4
5ire blockchain video presentation
Here is the transcript of the presentation video of the 5ire blockchain (pronounced: “Fire Blockchain”):
“Transportation, Military, Agriculture, Health, Education; Blockchain technology has exponentially grown to impact almost all sectors. Businesses worldwide are adopting blockchain for solutions to perennial problems.
But there is one major problem in blockchain that hasn’t been tackled yet: Sustainability
It is of real importance how blockchains align themselves to the UN SDG goals. The SDG impact is an initiative of the United Nations’ development program which is key to accelerating investments geared towards achieving the UN SDG goals – for a more sustainable future.
But things would move faster and more efficiently if countries adopted blockchain in their sustainable development agendas. And then in turn blockchains themselves would prioritize sustainability for long-term and mainstream adoption. That’s why we introduce you to 5ire – pronounced “Fire”.
The 5ire blockchain is a fusion of blockchain and sustainability. But also the fusion of profit and benefit. 5ire is the world’s first benefit-driven blockchain that deals with the problem of sustainability from its core.
A special idea of its kind it will be a major change-maker in the fifth industrial revolution and it shall reshape the future businesses by shifting them from “for profit” to “for benefit”.
5ire is an open source collaborative blockchain-driven platform with an innovative SDG-driven consensus mechanism. 5ire will ensure that the hard problem of sustainability comes to the forefront of blockchain technology so that we can finally change the world without damaging it.
How does fire accomplish that? 5ire uses a new concept called “Proof of 5ire“. 5ire calculates the proof of 5ire score with respect to the environmental impact of the validator, e.g. the clean energy used, carbon footprint, donations, charity involvement, etc.
Proof of 5ire score equals:
Nominated proof of stake
Proof of benefit
Proof of donation
5ire uses a unique npos (similar to Dpos) consensus mechanism that gives validators a score based on the type of energy used and their charity history. When it comes to validation of blocks on the 5ire chain proof of 5ire rates validators using the fire impact scoring models based on UN SDG.
This mechanism encourages every actor within the system to adhere to sustainable practices and ensures that everyone makes money while following the right practices in the real world.
As an example: this means that if we have two people Josh and Steve with the same money stake in the system but Steve has more sustainable practices or a history of benefit, then Steve would end up enjoying more rewards.
This is our revolutionary way to encourage people to have sustainable practices. 5ire is on a mission to prove a theory you can be abundant if you do more good. 5ire will enable the community to participate in governance decisions of 5ire by indexing all the 17 UN SDG “on chain”. See below for the 17 UN SDG Goals
Developers are able to build advanced decentralized applications:
>> Carbon trading for u.n sustainable development goals >> Greenhouse gas emissions certificates >> Carbon offsetting platform disaster risk insurance >> Agricultural and natural land screening >> Certificates of origin for green power >> Food provenance for consumer visibility >> Virtual carbon content accounting and traffic management
This is the true fifth industrial revolution are you ready?”