Layer 1 is a very hot area in the crypto industry, with over 100 different Layer 1 projects vying for share in the Crypto market. Today, TraderH4 will introduce a successful Layer 1 project in 2022, with Series A funding up to 100 million USD – that is 5ireChain (5IRE). This article will help us better understand the 5ireChain project.
5ireChain is a fifth generation Blockchain Layer 1 ecosystem founded in August 2021 by Pratik Gauri, Prateek Dwivedi and Vilma Mattila. 5ireChain's goal is to create a sustainable user-centric ecosystem to move the economy from being profit-focused to benefit-focused.
5ireChain achieves this by using a “Proof of 5ire” consensus mechanism architecture, which helps businesses, governments, entrepreneurs and institutions to incentivize sustainability. and economic growth linked to global sustainability. 5ireChain strives to create a similar space in web3 to take the lead in industry 5.0, where businesses act as the driving force for benefits and profits to grow and exist together.
5ireChain's goal is to reach more than 1 billion people by 2030, develop and promote United Nations sustainable development programs with 17 goals towards a better world by 2030. Decentralized organizations are empowered and encouraged to thrive in the industrial revolution 5.0.
5ireChain uses advanced technology to ensure strong security, which is especially ensured by the Proof-Of-Stake consensus mechanism. Ensuring security is one of 5ireChain's top priorities, so they use TPM chips on their nodes to ensure that no malicious code runs on the system. This helps 5ireChain test and provide a secure infrastructure for builders and developers.
Furthermore, 5ireChain's Homomorphic encryption allows users to keep their financial and personal information private on the system while still allowing validating nodes to perform operations on the encrypted data. Overall, 5ireChain uses advanced technologies to ensure strong security and protect users' information.
5ireChain aims to achieve the goal of creating a sustainable ecosystem for the United Nations by putting users at the center. To do this, 5ireChain uses sustainability in its consensus mechanism and logic to incentivize sustainable user participation in the network.
5ireChain's consensus mechanism is designed with economic and environmental sustainability at the core of the blockchain. From there, the organization or individual will be ranked on environmental, social and governance to determine how sustainable they are in the 5ireChain consensus mechanism.
5ireChain can be used to connect to various blockchains and transfer data between them using bridges. This helps to expand the scope of transactions and data on 5ireChain through diverse interoperability.
Previous blockchains lacked a governance process that resulted in suboptimal chain performance. Meanwhile, 5ireChain's sophisticated and transparent governance mechanism allows people to participate in the network democratically, propose changes, and ensure fairness for all parties.
5ireChain is capable of processing multiple transactions at the same time and allows them to happen in parallel. Chains are generated based on demand and will keep adding blocks until they are joined to 5ireChain using 5ire blocks. Proof of 5ire algorithm completes transactions in seconds.
5ireChain distributes transactions by wallet address, and each group of transactions only caters to a single address. This helps 5ireChain to process multiple transactions at once through nested chains without causing transaction overlap.
5ireChain is an advanced blockchain that allows its runtime logic to be dynamically updated without the need to perform a hard fork. These updates are made through 5ireChain's sophisticated governance mechanism.
To reach consensus, each blockchain uses a different consensus mechanism. For example, Bitcoin uses a proof-of-work (PoW) mechanism and Polygon uses a proof-of-stake (PoS) mechanism .
However, using POW or PoS both consumes a lot of energy and is harmful to the environment. 5ireChain has found another way to reach consensus without harming the environment. They use a consensus mechanism known as proof of 5ire (Proof of 5ire or SPoS), which integrates sustainability at the consensus mechanism level by rewarding or financially incentivizing participants for compliance. sustainable activities. Therefore, 5ireChain ensures sustainability when reaching consensus without affecting the environment.
Proof of 5ire is a special consensus mechanism of 5ireChain that integrates sustainability at various levels by economically rewarding companies with sustainable operations. In this way, SPoS brings greater fairness to Proof of Stake and creates more democracy in the network. The assignment of a stake-based node depends not only on the amount staking, but also on the trustworthiness and sustainability score of that node, along with random voting and prior nominations. CEO Pratik Gauri said, 5ireChain is a new Layer 1 blockchain that uses the Proof of Benefit method to reach consensus.
Blockchain is a viable technology to help the poor in developing countries, especially through its implementation at various levels. By eliminating intermediaries, blockchain enables faster cash transfers directly, reducing remittance costs and increasing the amount of money in the hands of the people. In addition, blockchain also ensures transparency and transfers money to the right people, minimizing the possibility of money falling into the wrong hands.
At the same time, blockchain technology creates a game-changing opportunity in the financial inclusion sector. DeFi is an application of blockchain that provides financial services to anyone on the internet, helping more people access capital and financial services. With DeFi, blockchain acts as a platform for smart contracts and financial transactions, eliminating middlemen and helping to increase transparency, efficiency, and cost savings.
One of the major problems facing the world is clean water. With climate change worsening, there is a need to develop an effective water management system to ensure that water resources are distributed fairly. Blockchain is an important technology in water management and distribution.
By building smart water infrastructure, increasing transparency and management efficiency, we can improve the reliability and efficiency of water management systems. Governments can use blockchain data to build reliable and effective water management policies.
Smart water meters can be used to monitor the amount of water consumed by households and businesses. This information can be stored on the blockchain and analyzed to provide insights into safe water usage. Water distribution becomes more equitable and consumers can be incentivized to conserve water through reward or punishment schemes.
The rapid change in the energy market is responding to the growing need of renewable energy sources in the face of the challenge of climate change. Renewables like wind and solar are helping to accelerate decentralized energy production and provide control to energy producers.
Blockchain technology provides a solution to the decentralized energy trading market. Energy exchange between producers and consumers can be done easily. Using smart meters and blockchain enables transparent monitoring of energy usage, thereby promoting transparency and ensuring fairness in the energy market.
Just as the internet changed industrial and business systems two decades ago, blockchain offers a similar opportunity. In the real estate industry, the use of blockchain enables the digitization of properties and the execution of favorable transactions. Smart contracts make ownership transfer easy.
In the supply chain, blockchain brings efficiency and transparency. This reduces the risk for manufacturers when shipping products to consumers. By using blockchain, participants can access and verify data while products are in transit, ensuring transparency in the delivery process.
One of the United Nations' sustainable development goals is to build sustainable cities and communities that improve the quality of life of urban dwellers. As technology evolves, cities are also evolving in both function and form. Cutting-edge technologies like artificial intelligence and the Internet of Things are opening up new perspectives on how cities work.
In building dream cities, blockchain plays an important role. As cities become more complex, their systems also increase dramatically. Blockchain provides a flexible infrastructure framework to deploy and scale public service systems and city infrastructure.
With blockchain, public institutions can take their responsibilities more seriously. Decentralized structures make data verifiable and accessible by stakeholders.
For example, if citizens can verify the accuracy of public data themselves, they will increase their confidence in the government. One application of blockchain could be the distribution of public utilities such as electricity or water. A blockchain-based data management system that provides insights into which areas need more electricity or water. In this case, the data is guaranteed to be authentic by the verifiability of the blockchain.
5IRE is a blockchain network designed to achieve sustainability and transform the business model from profit to benefit. The network will ensure interoperability, forkless upgradeability, scalability, strong security, and democratic governance.
The utility token of 5IRE will be used as a central staking and exchange unit in the network. It is also used to manage other staking and network utilities.
The 5IRE token has an important role in the network, performing a variety of functions including:
Here are the core personnel in the project's development team:
5ireChain's staff is a large and diverse team, selected from many regions around the world.
5ireChain has been featured on top media like Ted, Cointelegraph, Outlook, Nasdaq, New BTC, Forbes… to showcase their platform.
5ire has successfully raised capital with the amount of up to 121 million USD through 2 rounds of funding, along with 4 times IDO and raised the amount of 870,000 USD. The Seed Round funding round was conducted on October 28, 2021, with the participation of many notable companies such as Sanctum Global Ventures, Launchpool, X21 Digital, vCommission, Moonrock and Magnus Capital. Most recently, on July 14, 2022, 5ire completed a Series A funding round with US$100 million raised from UK-based SRAM & MRAM consortium, far exceeding expectations. initial wait.
5ireChain has conducted 4 times of IDO and has successfully completed the following:
The project has more than 60 partners, including CCK Venture, GoldFinx, Maven Capital, Duck DAO, SDGuild, Panda Capital, Ana Capital, GBA and many more.
During the period from Q4 2022 to Q1 2023, the following activities will be carried out:
During the period from Q1 2023 to Q2 2023, the 5ireChain project will perform the following activities:
Currently, with the rapid development of social technology, many people are paying attention to blockchain technology. Seen as a decentralized distributed database, blockchain allows anyone to transparently share and access data, while ensuring integrity and security.
Through this article, we hope to help you have a better overview of the 5ireChain project. With a rich, diverse and experienced team in the blockchain field, we hope that the project will thrive and become one of the leading Layer 1 blockchains in the future.
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