Aug 15, 2024

By KEY POINTS 5ire's testnet phase saw more than a million on-chain transactions within just one month 5ire's Pratik Gauri said the network wants to emphasize that blockchain 'can be a powerful force for good' The blockchain platform has partnered with the Government of India and several leading universities Leading sustainability-focused blockchain platform 5ire today announced the launch of its mainnet in the public domain following its highly successful testnet phase that saw over one million on-chain transactions in its first month. With a mainnet network capable of processing up to 1,500 transactions per second and 50% gas fees returned to users, 5ire is on a mission to challenge existing beliefs about the ecological impact of blockchain and ultimately build a greener future for the web3 space. Toward a sustainable future The web3 industry has been challenged by concerns related to practices that could have consequences for the environment. Aside from the high power needs to operate Bitcoin, costs in building cryptocurrency mines are also on the rise. Designed to be developer-friendly, the 5ire mainnet has a Proof-of-Stake (SPoS) mechanism that rewards users who implement environmentally conscious practices. The platform prides itself in an ecological-first system that highlights the possibilities of a fast, secure, and cost-effective network, all while demonstrating environmental accountability. Through its SPoS mechanism, users who participate as nominators or validators within the network can 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. 🌐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 To ensure alignment with the United Nations' Sustainable Development Goals, the reward distribution system is based on adherence to the network's protocol and commitment to sustainable practices. "Our mission is to demonstrate that blockchain technology can be a powerful force for good. By integrating sustainability metrics directly into our protocol, we're creating a blockchain that is not only fast and efficient, but also aligned with the United Nations' Sustainable Development Goals," 5ire CEO and co-founder Pratik Gauri told International Business Times in a statement. Committed to web3 development 5ire's mainnet features dual-chain architecture that's fully EVM-compatible and allows developers to build decentralized applications (dApps) that drive positive impact within the web3 realm. Features such as a single key that derives both a Substrate-native and an EVM account ensures that Ethereum developers can build on the platform with ease. 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… "We are not focused on chasing the image of a unicorn. Our primary goal is to build a long-term, sustainable product with a proven track record. The launch of our mainnet is a significant milestone in that journey, and we're thrilled to be doing it on India's Independence Day – an auspicious milestone for my, and many of my co-workers', home country," Gauri said. 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. 5ire is also partnering with some leading universities to establish a pipeline of web3 developers, hosting 16 hackathons and 23 meet-ups that have generated over 80,000 man-hours of hacking. Notably, 5ire's partnerships also extend beyond the public sector and the financial industry, as it has named football legend and environmental activist Didier Drogba as an advisory board member. 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 Grants Program 5ire is also committed to incentivizing wider adoption of its environmentally-conscious blockchain. Through its Grants Program designed to attract leading developers and accelerate the adoption of dApps on the 5ire blockchain, developers can equip themselves with the necessary knowledge to help drive sustainable web3 development. 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 that all work toward ensuring participants can thrive in the evolving blockchain landscape. "5ire is not just another blockchain platform – it's a movement towards a more sustainable and equitable future, said Prateek Dwivedi, co-founder and CPO at 5ire. "With the launch of our mainnet, we're excited to see the incredible innovations that our growing community of developers will bring to life on our network," he added. As the world's first hybrid layer 1 blockchain focused on sustainability, 5ire is pioneering web3 development that promotes positive global change. Read more