Blockchain has received criticism for its high use of energy, with some countries even banning mining on this count. However, 5ire has an answer to this and it can be found in the way it is being designed and built. Other blockchains adopt either Proof of Work (PoW) or Proof of Stake (PoS) consensus. PoW uses more computational power, which is not energy efficient.
In PoS, you must put more money in the system to get the block rewarded, but around 2 billion people around the world are excluded from benefiting straight up.
5ire changed the consensus and built its own — (Sustainable Proof of Stake) SPoS — following the principles of the fifth industrial revolution, which pivoted from a for-profit paradigm to a for-benefit one. It is the world’s first mathematical model that measures sustainability and financially rewards all sustainable practices.
What differentiates 5ire
First comes our robust community and ecosystem. On the 5ire demo day, there were scores of entrepreneurs and developers presenting their powerful applications built on 5ireChain. Further, the 5ire community includes young leaders who truly care about blockchain and sustainability. We are energized by the announcement of the token launch. Since inception, the loyal community has been crucial in shaping the product, and providing insights on growing the market and impact across sectors.
Second is our unique strategy towards mainstreaming sustainable best practices in business. Businesses that will fundamentally address sustainability will be the ones that will be relevant. The newly-developed Sustainability Proof of Stake (SPoS) could be a gamechanger. By making sustainability as a core component of its identity, 5ire not only takes the blockchain ecosystem to the next level; it also makes it easier for traditional businesses and startups to address sustainability in ways that were never possible before by assigning sustainability with profitability.
In recent years, the global community has recognized the urgency of addressing pressing environmental, social, and governance (ESG) issues to ensure a sustainable future. The United Nations’ Sustainable Development Goals (SDGs) have become a crucial framework for governments, businesses, and organizations worldwide. However, achieving these goals requires a comprehensive and transparent approach to measurement and accountability. Enter Environmental, Social, and Governance as a Service (ESGaaS) with Blockchain — a revolutionary solution that promises to enhance the tracking and reporting of sustainable development initiatives. By 2030, most all companies will be required to report their ESG scores that can be measured using a standardized way. That presents a great business and impact opportunity for 5ire to do the following:
1. Become the benchmark for ESG measurement
2. Enable 5ireChain to be the backbone of all ESG analysis
3. Build a business model ESG as a service to create a highly scalable and profitable framework
ESG as a Service (ESGaaS) with 5ireChain | Ways in which 5ire chain will be used
ESGaaS leverages technology to streamline the measurement, reporting, and analysis of ESG factors. Integrating 5ire into ESGaaS offers several advantages:
Transparency and Traceability: Blockchain’s decentralized and transparent nature ensures that ESG data is secure, verifiable, and tamper-resistant. This enhances the credibility of reported information, reducing the risk of greenwashing.
Smart Contracts for Automated Compliance: Smart contracts, self-executing contracts with the terms of the agreement written directly into code, can automate compliance with ESG standards. This reduces the administrative burden on organizations and ensures adherence to sustainable practices.
Data Accuracy and Integrity: Blockchain’s immutable ledger ensures the accuracy and integrity of ESG data. This is critical for building trust among stakeholders, including investors, consumers, and regulatory bodies.
Tokenization for Incentives: Tokenization can be used to incentivize sustainable behavior. For instance, organizations can issue tokens as rewards for achieving specific ESG milestones, creating a tangible and tradable representation of sustainable efforts.
Decentralized Identity for Stakeholder Authentication: Blockchain’s decentralized identity solutions can enhance the authentication of stakeholders involved in ESG reporting, reducing the risk of fraudulent or inaccurate data submissions.
All of these are solid applications will help find product market fit.
The third component include a wide range of pivotal partnerships with governments, universities, incubation hubs, startups and enterprises. These partnerships ensure that numerous impactful use cases can be built out across sectors and serve millions of people around the world.
Take the example of 5ire’s collaboration with Government of India’s NITI Aayog through which is shaping the next generation of blockchain developers.
Toward the larger mission of democratizing the upsides of blockchain enabled products and services, 5ire is committed to building its unique category among layer 1 blockchains.