5ire's SPoS mechanism aligns with UN Sustainable Development Goals.
Key Takeaways
- 5ire's mainnet can process up to 1,500 transactions per second.
- 50% of gas fees are returned to users on the 5ire network.
5ire, a blockchain platform focused on sustainability, has announced the public launch of its mainnet. This milestone follows a testnet phase that processed over one million transactions in its first month, according to the company.
🪩Our Mainnet is live! 🪩
Revolutionizing blockchain with our innovative eco-friendly SPoS.
🤝Join us in building a sustainable Web3 future. Read more to learn about our journey.
Thank you @Benzinga for covering our milestone.
— 5ireChain (Mainnet Goes Live @ 10pm IST today) (@5ireChain) August 15, 2024
The 5ire mainnet network is designed to process up to 1,500 transactions per second, with 50% of gas fees returned to users. At the core of the platform is a Sustainable Proof-of-Stake (SPoS) mechanism, which aims to reward environmentally conscious practices from users.
5ire positions itself as an alternative to energy-intensive blockchain networks. The company cites estimates that Bitcoin mining emits approximately 65 megatons of carbon dioxide annually. In contrast, 5ire’s platform seeks to demonstrate the possibilities of a fast, secure, and cost-effective network while promoting environmental accountability.
“Our mission is to demonstrate that blockchain technology can be a powerful force for good,” shares Pratik Gauri, CEO and Co-founder of 5ire.
This focus on sustainability is implemented through sustainability metrics integrated into the protocol, Gauri claims. This protocol design choice means, according to Gauri, that the 5ire blockchain is aligned with the United Nations Sustainable Development Goals.
Sustainability rewards mechanism
The platform’s SPoS mechanism rewards users with 5ire Coins, the network’s native token, for participating as validators or nominators. Validators earn rewards by verifying transactions and producing new blocks, while nominators can back validators with staked tokens. Reward distribution is based on adherence to the network’s protocol and commitment to sustainable practices.
5ire reports partnerships with several institutional clients, including a collaboration with the Government of India to integrate the platform into school curricula. The company has also worked with universities to develop Web3 talent through hackathons and meetups, generating over 80,000 man-hours of hacking across 16 hackathons and 23 meetups.
The platform features a dual-chain architecture that is fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to build decentralized applications (dApps). 5ire’s system uses a single key to derive both a Substrate-native and an EVM account, which is intended to simplify the development process for Ethereum developers.
Grants Program
To encourage adoption, 5ire has announced a Grants Programme. This three-month initiative aims to attract developers and accelerate the creation of dApps on the 5ire blockchain. The program includes early-stage project funding, marketing assistance, technical support, and investor connections.
The launch of 5ire’s mainnet comes amid growing discussions in the blockchain industry about energy consumption and environmental impact. As with any new blockchain platform, its performance in real-world conditions and ability to deliver on sustainability and efficiency promises remain to be seen.
While 5ire presents promising sustainability features, it’s important to note that the long-term viability and environmental impact of the platform have yet to be independently verified.
