The 5ireChain ecosystem aims to change the focus of the existing paradigm from profit-focused to benefit-focused. The focus of the current ecosystem paradigm is on profit and how much gains and increases investors can make within a short time frame. The problem with this existing paradigm is that it gives no room for sustainability and compounding. Time is spent on present gains and speculations that there is no room for long-term, futuristic thinking and planning. The 5ireChain aims to restore control and offer relevant counsels that will help humanity take advantage of technological advancement in the most positive way.
5ireChain will ensure that the new models serve the dual purpose of sustainability and social impact. These new models will emerge in a way that fits the 17 Sustainable Development Goals (SDGs) of the United Nations, using the Proof-Of-5ire reward distribution engine. The 5ireChain network has created a clear blueprint on what it takes to build a self-sustaining ecosystem. However, it relies on indispensable drivers called the actors and assemblers to fulfill this effectively.
WHAT ARE ACTORS?
Actors are players in the 5ireChain ecosystem that ensures the stability, sustainability, and security of bonds in the ecosystem.
On the other hand, assemblers ensure that the production of blocks in the 5ireChain ecosystem is according to the agreed specification and mechanism.
These are the major system actors of the 5ire Blockchain platform, and even though they are interconnected, they play a specific role in the 5ireChain ecosystem. These actors are:
- ESG Experts.
- Normal Users
- 5ire Nodes
ROLE OF ACTORS AND VALIDATORS IN THE 5IRECHAIN ECOSYSTEM
In the 5ireChain ecosystem, there are different actors, and each of them exists to perform additional specified roles.
- Assembler: The assembler is an actor that plays an indispensable role in the 5ireChain blockchain ecosystem. However, this role is dependent on the volume of the token staked. They participate in the sustainable proof of stake (SPoS) consensus mechanism and assemble a new block based on their weight. They also ensure that blocks are produced according to specification and using the agreed appliance. The node at each block must be prepared to receive a new block on a nominated 5ireChain. After finding out which chain has the highest bandwidth and is most available, the assemblers follow the process of receiving, validating, and publishing the selected blocks. Any assembler that disagrees with performing according to the rules and specifications of the algorithm will receive punishment. The first stage of discipline is by withholding their reward. After which, repeated offenses are punishable by reducing their security bond through burning. Any validator who attempts to be mischievous by providing an invalid block will risk losing their whole bond to other truthful actors.
- Attesters/Voters: The role of an attesting node is to offer sustainable incentives and provide security to the 5ireChain ecosystem. These nodes do not participate in the creation and maintenance of blockchain, but they participate in randomized voting processes to select the assemblers. Attesters also verify the integrity and authenticity of new blocks along with verifying the consistency of chains maintained by the assemblers and in return they receive reward according to their stake. In other words we can say that attesters monitor the network. Attesting nodes are designed in such a way that these can be run on very low powered devices, because they do not provide the storage , but computation only.
- ESG Experts: ESG experts help us assign the sustainability score to assemblers. It is a score based on the environmental, social, and governance (ESG) index of an organization. 5ire will use proposals where assembler nodes will submit their sustainability report. ESG experts evaluate the ESG score and assign a weightage, which is used as a factor along with reliability score, Stake and randomized voting to select the nodes, which will be assembling the blocks for a certain period.
- Normal users: These are the main actors of the system who use the blockchain for their day-to-day activities. Normal users are empowered with several tools to manage their accounts in the system. The normal users all have one aspect in common — and that is they all have a 5ire address. This address is solely owned by the user and can only be accessed via these keys. This address is their main identity on the 5ire blockchain platform that they can use to transact, send, receive, participate in any governance proposals, and manage their tokens via client applications such as wallets. Normal users have the capability to access current and future functionality of 5ireChain platform.
- 5ire nodes: 5ire nodes are used to create blocks of blocks. Their role comes into play when network load increases and nested-chains are created in order to provide concurrent processing of blocks. 5ire nodes creates a joiner block to synchronize the nested-chains of 5irechain.
The success of any ecosystem is dependent on how beneficial, sustainable, and secure it is. The 5ireChain ecosystem can exist for the long term, provided that the key actors of the ecosystem can function and co-exist together on the existing strengths and principles of the 5irechain network. The 5ireChain ecosystem is here to change the focus of existing ecosystems globally, and all these four actors are key players and drivers of this sustainable change that has come to stay.
More information about 5ireChain can be found by clicking on the following links:
White paper: https://bit.ly/5ireWP
LinkedIn : https://www.linkedin.com/company/5ireChain
Twitter : https://twitter.com/5irechain
Discord : https://discord.gg/GAWXJKnZQH
Telegram : https://t.me/OfficialFireChain