What is 5ire Chain?

Introduction

Blockchains are already in the center of massive change in the space of finance, supply chain through decentralisation, permissionlessness.

Blockchains are powered today through the Node operators. The cryptographic solutions like proof of work ensures no collusion and ensure the integrity of the data on the chain.

5ireChain is not just Proof of Stake based blockchain but also ensure more inclusive nodes that also factors in your time running the node.

Blockchain can also be used as a powerful tool to combat climate change. This includes building decentralized applications to power monitoring systems.

When the world is expected to evolve around blockchains, it is important to reimagine a world where the sustainability is at the core of our design. 5ire Chain is working toward building that solution through its unique approach that will be replicable across industries.

What is 5ire Chain?

5ire Chain is developing the first layer-1 blockchain that will develop a sustainable and for benefit ecosystem based on the sustainability development Goals of the UN.

How does 5ire chain work?

5ire chain is introducing a new consensus protocol called- SPoS (Stake, Reliability, randomised voting, sustainability score, and previous nomination).

This protocol is used to select the nodes that will participate in the assembly of blocks in a blockchain. SPoS uses a system of weights to assign priority to nodes based on a combination of factors, including the amount of stake they hold, their reliability, their sustainability score (based on environmental, social, and governance criteria), and their previous nomination. The goal of SPoS is to promote the participation of nodes with smaller amounts of stake, discourage cartelization of the network by nodes, and reward nodes that are reliable and have a positive impact on society.

5ire chain will also introduce a voting process that uses a set of nodes called the “tallying authority” to encrypt and decrypt votes, and a system for compensating participating nodes with tokens.

What are the uses for 5ire chain?

5ire Chain will have use cases in following industries/ problem areas:

1. Decentralisation of Energy grids
2. Tokenized carbon credits
3. Water security projects

Apart from this, 5ire chain will develop different decentralized & scalable solutions for the governments around the world. Centralized e-governance solutions are a hardship to upgrade or move, requiring sizable capital expenses in both hardware and software, along with needed upgrades. With 5ire’s future-proof and forkless upgradeability, all upgrades happen seamlessly and can be purchased as PaaS or SaaS.

The 5ire Chain is primarily building for following entities:

1. Governments
2. Fortune 500 companies
3. Social Entrepreneurs
4. Universities

What is the 5ire coin?

5ire Coin will be the gas & utility token for the 5ire chain. The tokenomics is still not out. But it will incentivitize the ecosystem participants and will encourage sustainability practices.

How will the 5ire chain Scale?

In this system, the network maintains parallel chains that are created on an as-needed basis depending on the load on the network. These chains continue to add blocks until they are synchronized with the main 5irechain using a “joiner block.” The use of nested blocks and parallel chains allows for greater scalability and enables the creation of parallel chains without the need for adding new nodes.

Nodes in the 5irechain ecosystem may be selected to create blocks in multiple parallel chains, rather than waiting for their turn to create a block in a single chain. The nodes are selected based on their weights, which may include their reliability score, stake, ESG score, and randomized voting.

The 5ire ecosystem is a blockchain system that uses multiple chains and transaction pools to improve scalability.

Wrapping up

5ireChain encourages institutions and governmental bodies to imbibe the sustainability goals through its incentivization scheme.

5ire Sustainable Proof of Stake or Proof of 5ire is a multifactor consensus protocol where a node is assigned a weight based on stake, reliability, randomized voting, sustainability score, and previous nomination.

5ire chain solves the blockchain trilema- decentalization, scalability & security in a unique way.