Testnet means a mainnet is nearby.
5ire is delighted to announce that its blockchain network is coming live in testnet mode. 5ire has come a long way since three visionary entrepreneurs founded it. It lived through hurdles and survived the winter– it’s summertime.
Thanks to our resilient team, we are about to testnet.
What is Testnet
Testnet is a prelude to the mainnet. It gives developers a risk-free environment to have on-field experience with their projects. Testnet is the developers’ playground to feel what the project will be like when it migrates to the mainnet. It is like a baby’s first encounter with reality after the comfort of prenatal days.
Testnet, however, is not just for developers to explore. The intended users are invited to use the product. Users’ feedback– which is highly valuable to the developers– provides an insight into the strengths and vulnerabilities of the project. Such vulnerabilities, if not discovered, can be exploited by hackers when the project enters the mainnet.
Testnet is less about the developers and more about the project and its users. Like a goldsmith’s blaze, a testnet exposes a new project to its natural environment.
Blockchain meets sustainability. As humanity battles to sustain its existence on a technology-burdened planet, 5ireChain leads the struggle with blockchain technology.
5ireChain is a sustainability-driven layer one blockchain network. It aims to transition the world from a for-profit to a for-benefit economy. 5ireChain’s visions are aligned with the United Nations Sustainable Development Goals.
5ire believes that a blockchain is a vital tool in achieving these goals.
Some Facts and Features
- Unique Consensus
5ireChain is cleverly designed with a peculiar consensus algorithm at the core of its architecture. PO5 (Proof of 5ire) is a multifactor consensus protocol.
5ireChain consensus algorithm considers five factors during node selection– stake, randomized voting, sustainability score, reliability score, previous nomination, and waiting time. For detailed information on 5ireChain consensus, read our whitepaper here (PDF).
- Transaction Pool
The 5ireChain ecosystem will use multiple transaction pools to support the parallel chains. There shall be one transaction pool per chain having a unique serial number.
Transaction maintains the chain’s scalability in the face of growing demand.
- Sustainability Score
One of the factors considered during node selection is a score based on the environmental, social, and governance (ESG) index given to the potential block assemblers.
The sustainability factor incentivizes organizations to imbibe sustainable practices. The sustainability weighting score in the 5ireChain consensus is 20%. When other factors are equal, sustainable nodes are selected — more information is in the whitepaper here (PDF).
- Faster Settlement
5ireChain offers a faster settlement of funds compared to traditional banking systems. This way, a user can transfer crypto relatively faster, which saves a lot of time in the long run.
5ireChain will have an on-chain governance system for managing and implementing changes to the blockchain. The rules for instituting changes will be encoded into 5ireChain’s protocol. Developers propose changes through code updates, and each node votes on whether to accept or reject the proposed change.
More information about 5ireChain can be found by clicking on the following links:
White paper: https://bit.ly/3Qcsmor