As blockchain technology continues to gain popularity, it also brings with it a whole new set of terminologies that users need to familiarize themselves with. To ensure that our 5ireChain users have the best experience, we’ve put together a guide to help them navigate through commonly used terms in the 5ire ecosystem.
Additionally, this article will cover specific concepts unique to 5ireChain, making it an exciting read for those venturing into this novel technology.
So, fasten your seatbelts as we take you through the world of 5ireChain and demystify its terminologies.
5ifers: 5ifers is the name given to the 5ire community.
5ire: Pronounced– Fire /ˈfʌɪə/. In line with our vision, 5ire stands for the 5th Industrial Revolution. 5ire aims to build a framework that will help transition the world through the 5th industrial revolution.
5ireChain: 5ireChain is an EVM-compatible, sustainability-focused smart contract platform with economic and environmental sustainability at its core.
5ire Coin: This is the native coin of the 5ire ecosystem.
5ire Explorer: 5ire Explorer is the blockchain explorer native to the 5ire ecosystem. It is a web-based tool for analyzing the data stored on the 5ireChain network. The 5ire Explorer allows users to view and search for specific blocks, transactions, and addresses in the network. It also provides detailed information about each block, transaction, and address.
5th Industrial Revolution: The 5th industrial revolution is a sequel to the current 4th industrial revolution. It will be marked by seamless interconnectivity between humans, machines, and other humans. 5ire aims to become a blockchain ecosystem for the 5th industrial revolution.
5ire Wallet: This is the native wallet for the 5ire ecosystem. Users can send, receive, or swap 5ire Coins using the 5ire Wallet.
Blockchain: A blockchain is a decentralized, distributed ledger that records transactions across a network of computers. Each block in the chain contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Consensus: Consensus in blockchain refers to the process by which all participants in a decentralized network agree on the current state of the ledger, such as the order and validity of transactions.
Consensus Mechanism: A consensus mechanism is a protocol in a blockchain network that enables participants to agree on the current state of the ledger, such as the order and validity of transactions. The purpose of the consensus mechanism is to prevent malicious actors from tampering with the ledger and ensure that all participants have a common understanding of the truth.
dApps: dApps (Decentralized Applications) are applications/programs that are built and run on a blockchain. A dApp does not rely on a single server to run the application and instead runs on multiple nodes that are live on the blockchain.
Decentralized Ledger: A decentralized ledger is a type of database that is maintained by a network of nodes, rather than a central authority. This allows the ledger to be distributed, transparent, and resistant to tampering or modification.
For-Benefit: An economic system in which organizations and businesses aim to achieve both financial and social returns. This concept aligns the interests of commerce with the greater good and seeks to balance the pursuit of profit with a positive impact on society and the environment.
For-Profit: For-Profit is the current economic situation. It refers to a business model that is focused on generating profit for its owners or shareholders. In this model, the primary goal of a company is to maximize financial returns for its stakeholders.
Fork: A fork happens when there is a change in the fundamental protocol of a blockchain. When a blockchain is forked, a new blockchain is created, which possesses the original blockchain’s transaction history.
A soft fork is a change to the protocol that is backwards-compatible, meaning that nodes running the new version of the software will still be able to validate transactions and blocks produced by nodes running the old version.
A hard fork is a change to the protocol that is not backwards-compatible, meaning that nodes running the old version of the software will no longer be able to validate transactions and blocks produced by nodes running the new version. This requires all nodes to update to the new version of the software in order to continue participating in the network.
Interoperability: Interoperability refers to the ability of different blockchain networks to communicate and interact with each other in a seamless and effective manner. This allows for the transfer of data, assets, and value between different blockchain networks, enabling a more connected and integrated blockchain ecosystem.
Mainnet: A mainnet, short for “main network,” is the live and operational blockchain network for a specific cryptocurrency or decentralized application. It is the production version of a blockchain that is open to the public and actively being used to process transactions and record data.
Nodes: Nodes are individual participants in the network and are responsible for verifying the transactions in the network and maintaining the network’s security.
Oracle: In blockchain technology, an oracle refers to a trusted third-party entity or software that provides external data or real-world events to smart contracts running on a blockchain. An oracle typically works by retrieving data from external sources, such as APIs or web services, and then transmitting that data to the blockchain.
Sustainable Proof of Stake: Refers to 5ireChain’s consensus mechanism. The unique feature of this consensus mechanism is the provision for factors that promote environmental sustainability. It is a sustainable alternative to the traditional PoS consensus mechanism. SPoS aims to increase energy efficiency and reduce the carbon footprint of the network by ensuring that ESG compliance additionally rewards the nodes for being there for the benefit of society as a whole.
The SPoS protocol includes the stake, nomination, sustainability score (Environmental, Social, and Governance), and the validation time(uptime of the validator).
Slashing: When a validator exhibits bad behavior, their stake is slashed (lost). This serves as a punishment and a deterrent for bad behaviors in the network.
Smart Contract: A smart contract is a programmed self-executing agreement between two parties. It is deployed on the blockchain and executes when the conditions are met; otherwise, it terminates. It is immutable in nature.
Staking: Validators lock a stipulated amount of coins in the network to assume the validator role. This is known as staking. Coin holders can also lock their coins through validators in the network.
Testnet: Testnet is a mock version of a yet-to-be-launched blockchain used for experimenting with the functionalities and integrity of the network prior to the launch of the main network.
Testnet Thunder: This is the name given to 5ireChain’s Test Network.
Transaction Fees: Transaction fees are charges paid by users for crypto transactions.
Transaction Pools: A transaction pool is a data structure that stores unconfirmed transactions in a blockchain. The transaction pool is an important component of a blockchain because it allows nodes to temporarily store and prioritize transactions before they are confirmed and added to the blockchain.
Treasury: Treasury refers to the assets owned by a blockchain foundation. It is used to fund projects and power decision-making. There is no authoritative party who has access to the funds in the treasury.
Validator: In a blockchain network, a validator is a node that is responsible for verifying transactions and blocks, forging blocks, assigning them to the chain, and finalizing them.. A validator plays a crucial role in maintaining the integrity of the network.
This glossary list is not exhaustive. However, it provides beginners and 5ireChain enthusiasts an introductory overview of 5ireChain concepts.
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