5ire, a blockchain platform with a strong focus on sustainability, recently announced the public launch of its mainnet following a highly successful testnet phase. This phase saw over one million on-chain transactions within its first month, demonstrating the platform’s robust capabilities. With the mainnet now live, 5ire aims to revolutionize the blockchain industry by showcasing how blockchain technology can be both efficient and environmentally friendly.
Achieving High Performance with Low Environmental Impact
The 5ire mainnet is capable of processing up to 1,500 transactions per second, and uniquely, it returns 50% of gas fees to users. This initiative challenges prevailing notions about the ecological impact of blockchain technologies and strives to foster a greener future for the web3 space. Concerns over the environmental consequences of blockchain practices have been prominent, particularly due to the high energy demands of operating Bitcoin and the rising costs associated with cryptocurrency mining.
5ire’s mainnet is designed to be developer-friendly and employs a Sustainable Proof-of-Stake (SPoS) mechanism. This mechanism rewards users who adopt environmentally conscious practices, thereby emphasizing an ecological-first approach. The platform underscores the potential for a fast, secure, and cost-effective network while maintaining environmental accountability.
Rewarding Sustainable Practices
The SPoS mechanism allows users who participate as nominators or validators within the network to receive rewards in the form of 5ire Coins, the platform’s native token. Nominators earn rewards by selecting and backing validators with their staked 5ire Coins, while validators earn rewards by verifying transactions and producing new blocks. This reward distribution system is based on adherence to the network’s protocol and a commitment to sustainable practices, aligning with the United Nations’ Sustainable Development Goals.
Pratik Gauri, CEO and co-founder of 5ire, emphasized that the mission is to demonstrate blockchain technology as a powerful force for good. By integrating sustainability metrics directly into their protocol, 5ire aims to create a blockchain that is not only fast and efficient but also aligned with global sustainability goals.
Dual-Chain Architecture and Developer Support
5ire’s mainnet features a dual-chain architecture that is fully EVM-compatible, allowing developers to build decentralized applications (dApps) that drive positive impact within the web3 realm. The platform includes features such as a single key that derives both a Substrate-native and an EVM account, ensuring that Ethereum developers can build on the platform with ease.
Gauri highlighted that the company’s primary goal is to build a long-term, sustainable product with a proven track record, rather than chasing the image of a unicorn. The launch of the mainnet, particularly on India’s Independence Day, marks a significant milestone for the company and its team members, many of whom are from India.
Collaboration and Community Engagement
As part of its commitment to web3 development, 5ire has collaborated with several institutional clients, including the Government of India, which is integrating the platform into its school curriculum. Additionally, 5ire is partnering with leading universities to establish a pipeline of web3 developers. The company has hosted 16 hackathons and 23 meet-ups, generating over 80,000 man-hours of hacking.
🌐Current State of Validator Nodes🚀
We now have a strong presence with active validator nodes securing our network, and many more showing strong interest in 5ireChain's vision and tech.
⌛️Limited validator slots are available due to high demand and our focus on network… pic.twitter.com/0bYhJB6jA0
— 5ireChain (Mainnet Goes Live @ 10pm IST today) (@5ireChain) August 7, 2024
5ire’s partnerships extend beyond the public sector and the financial industry. Notably, football legend and environmental activist Didier Drogba has joined the advisory board, reflecting the platform’s dedication to promoting sustainable practices across various domains.
Deploying smart contracts on the 5ire EVM Chain? 🤔
Choosing the right tool can make a big difference in your development process.
Here’s a quick overview of the options 🫳
1️⃣ 5ire IDE – An integrated environment that offers Solidity compilation and deployment features all in…
— 5ireChain (Mainnet Goes Live @ 10pm IST today) (@5ireChain) August 10, 2024
Incentivizing Sustainable Development
To encourage wider adoption of its environmentally-conscious blockchain, 5ire has introduced a Grants Program aimed at attracting leading developers and accelerating the adoption of dApps on the 5ire blockchain. The three-month program includes early-stage project funding, market assistance, technical support, partner vouchers, and strategic investor connections. The program also emphasizes holistic project development through mentorship networks, workshops, and technical upskilling sessions, ensuring participants can thrive in the evolving blockchain landscape.
Choosing 5ireChain means embracing the future of blockchain technology!
⏳Only 3 days until our mainnet launch, get ready for a new era of sustainability and innovation.🌐 pic.twitter.com/iMC2pEPPBM
— 5ireChain (Mainnet Goes Live @ 10pm IST today) (@5ireChain) August 12, 2024
Prateek Dwivedi, co-founder and CPO at 5ire, expressed excitement about the innovations that the growing community of developers will bring to life on their network. He highlighted that 5ire is not just another blockchain platform, but a movement towards a more sustainable and equitable future.
Conclusion
As the world’s first hybrid layer 1 blockchain focused on sustainability, 5ire is at the forefront of web3 development that promotes positive global change. The platform’s mainnet launch represents a significant step towards integrating environmental accountability into blockchain technology, setting new standards for the industry and paving the way for future innovations.