Summary
Some key stats to begin with: 600 ms Transaction Time, 60000 TPS Transaction throughput, 3 seconds block generation time, 4 MB Block size.
Doesn't sound too bad to start of with.
5ire is an ecosystem of services to the crypto community , while maintaining a strong environmental and sustainable focus aligned with the UN's sustainability goals. it will consist of:
A blockchain
an exchange
the 5ire wallet
NFT marketplace (charity platform that enables group purchasing and fractionalized ownership of NFTs, staking, and a lottery system designed to benefit charities)
5ire VC
5ire Labs
lets focus on the blockchain.
5irechain aims to become the first layer-1 protocol to develop a sustainable and for-benefit ecosystem based on the sustainable development goals (SDG) defined by the UN
In order to achieve those goals, 5irechain developed SPoS, a new consensus protocol called sustainable proof of stake. SPoS is based on multiple factors where and nodes are assigned weights based on Stake (50%), Reliability (10%), randomized voting (20%), sustainability score (20%, Environmental, Social & Governance)and previous nomination (-2%). Randomized voting partially mitigates the 50% weighting for staking and prevents cartelization, as nodes having the lower stake can still be selected for the assembly of the block. Same as the fact that previous nominations has a -2% impact on being selected as assembler reduces by 2% after each epoch. The reliability score is determined by stake (how long node has held stake during last 14 epochs), block assembly (previous successful blockassembly) and age (time node has been online in last 14 epochs, 7 days)
5ire uses Nested Chains to ensure higher throughput during periods of large transaction volume. From Yellowpaper
Nested chains work as parallel chains that emerge from one chain, and progress simultaneously.There are some special actors called joiner nodes that take care of creating and finalizing these nested chains. When the number of transactions in a transaction pool increases beyond a threshold, the joiner nodes send a “split” transaction to the network. This split transaction specifies a chain number. A block assembler includes that transaction in a block.Once it is included, the chain splits into two different chains that progress independently to each other. Once the number of transactions in the two pools drops then the joiner nodes send a “join” transaction aimed at the two different chains. If the transaction is included in both the chains, block assemblers stop mining on either chain until the joiner nodes create a joiner block that merges the two chains into one.Once the two chains get merged by the joiner blocks, mining can resume on the merged chains as usual
the advantages:
Nested chains enable the support creation of parallel chains without adding new nodes, leading to transactional scalability
SPoS consensus mechanism aligned with sustainable development goals
its interoperability makes it easy to adapt to existing blockchain solutions
strong security guarantees that other older blockchains lack
5ire can upgrade its runtime logic without hard forking, unlike other blockchains
Sounds good in theory but how about in practice? Read this and a summary below
"signed MoUs with multiple local governments and the educational regulation authority AICTE in India to put these use cases in practice to bring e-government efficiency and streamline the issuance of college credentials through our blockchain network 5irechain.
5ire has also signed an MoU with the Federal Ministry of Agricultural and Rural Development of Nigeria to bring efficiencies of blockchain technology to further organic farming.
In addition to this, 5ire has also signed an MoU with the police of Alliance, Nebraska, in the United States to build a robust e-policing solution using 5ireChain."
Team
Pratik Gauri, Co-founder and CEO: Entrepreneur 35 under 35 India, Global "30 Under 30" Emerging Leader in Sustainable Business, founder of multiple startups
Prateek Dwivedi, Co-founder and CMO: Founder of World Web3 Association
Vilma Mattila, Co-founder and CBO: Founded a +2 billion company at 27, Seed investor in Tron and Aleph Zero
Notable advisors include Jeff Hoffman from Booking.com, and Ed Martin, former Senior Advisor to Nobel Peace Prize Forum (and executive at Kelloggs, Coca-Cola, Citigroup, Ford, and Hershey,)
Backers
5ire recently made headlines by raising over 100m from GEM GLobal Yield LLC SCS, a Luxembourg based private alternative invetsment group.
they also raised over 20m from FxDx, Moonrock capital, SafeLaunch, OIG, Croc Capital, Marshland Capital, Magnus Capital, Gains Associates, Sanctum, and Alphabit Fund
Links
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