Introducing: 5ireChain

5ireChain
4 min readAug 2, 2021

A fifth generation blockchain that aims to bring a paradigm shift from a for-profit economy to a for-benefit economy.

In the blockchain space, there is an increasing need to move to a “for-benefit” paradigm to ensure the longevity of the technology by maximizing the benefit and minimizing the effect (tangible and intangible) to the plane while keeping the essence of the technology.

The non-profit sector, worth USD 2 Trillion, suffers from intolerable scandal, corruption, and gross inefficiencies. This has led to a continuous decline in the trust of potential donors. The need of the hour is to have a transparent and verifiable blockchain to serve this cause, and that is where 5ire comes into the game.

Introducing: 5ire

5ireChain is a fifth generation blockchain that will bring a shift in paradigm from for-profit to for-benefit by embedding sustainability and social impact deep inside the 5ireChain runtime logic and ensuring that the activities which are aligned with the United Nations Sustainable Development Goals either on-chain or in the real world are highly incentivized. All of this while assuring democracy between all the participants and governance for the purpose of bringing union and ensuring the longevity of 5ireChain’s sustainable vision.

The startup will revolve around the concepts of transparency, immutability, and verifiability in blockchain transactions, so the donors can feel secure and confident and add more and more value for the service of humanity.

If you are reading this, you probably know how far blockchain has come and what role it is going to play in the years to come. However, despite the technological and economic advances, blockchain ecosystems are wrapped in a for-profit paradigm where the human factor is missing.

The image of the future is eclipsed with incertitudes, as this absence of the service of humanity in the base layers of the conceptions and implementations of the chains leaves the logic in the bytes level without guidance, by design. This paradigm focuses on gains and maximization of profit with no sustainable futurist vision being implied.

Our resources are limited. We cannot afford unwise and uncontrolled technological growth. Thus we need to bring back control and guidance over this growth towards the service of humanity. Only by having this change at the core of the blockchain, we can ensure that the upper logic and activity follow.

With an innovative and diverse marketing strategy, entrepreneurship leadership, and a skillful team, 5ire is destined to have a successful launch.

Build your vision with 5ire, join here!

Framework

5ire consists of an architectural framework with strong guarantees:

Sustainability by design — 5ireChain’s main goal is to create a user-centric sustainability-driven ecosystem, and it is able to achieve this by having sustainability embedded inside the 5ireChain consensus mechanism and runtime logic. Thus, making sure that sustainable participation in the network or in the real world is highly incentivized.

Security — The cutting-edge technology that is used to build 5ireChain plus the Sustainable Proof-Of-Stake scheme allows 5ireChain to have strong security guarantees that other older blockchains lack.

Transactional scalability — 5ireChain is able to achieve high transactional throughput and it enables the migration of real-world use cases that need high scalability promises on-chain.

Governance and Democracy — Older blockchains have no governance procedures and this has led to chain maximalism. 5ireChain’s sophisticated and transparent governance mechanism allows everyone to democratically participate in the network and propose changes.

Future-proof and Forkless upgradeability — By being a cutting-edge blockchain, based on WebAssembly, 5ireChain is able to upgrade its runtime logic without hard forking. These upgrades are enacted through 5ireChain’s governance mechanism.

Interoperability — 5ireChain has the ability to interoperate with a variety of blockchains, enabling cross-blockchain transfers of any type of data through bridges.

Conclusion

5ireChain is a sustainability-driven blockchain with reputation-based mechanisms. In the near future, 5ireChain aims to become an ecosystem that focuses on positive impact and invites other blockchains and projects on top of 5ireChain to adopt this vision and innovate in the way they utilize those mechanisms.

5ireChain highlights many building blocks that can be combined to further create tools and schemes that are going to make the shift from the fourth industrial revolution to the fifth. We invite stakeholders, developers, legacy agencies, and users alike to be creative in the way they utilise 5ireChain and interact with its ecosystem.

5ireChain is focused on improving its sustainability rewards distribution, interoperability bridges, and identity management systems as they are key components for 5ireChain.

Every single action on the 5IRE blockchain, from the gas fee used to the mining process, is designed to keep benefit in mind. We want to show that there is more profit to be made instead of less if we maximize the benefits.

5ireChain is focusing on the implementation of the self-sovereign DID Aggregation mechanism. In the near future, 5irechain aims to have its own eDSL Wasm smart contract language, and will furthermore add features through governance.

We are the world’s first NFT charity platform that provides the capability of group purchasing and fractionalized ownership of NFTs, staking, and a lottery system designed to benefit charities. And that’s not all, as this blockchain would be a fully independent blockchain as well, capable of executing smart contracts, much like Ethereum, Binance Chain, etc.

More information about 5ireChain can be found by clicking on the following links:

Website: https://5ire.org

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

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5ireChain

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