Testnet means a mainnet is nearby.
5ire is delighted to announce that its blockchain network is coming live in testnet mode on November 30, 2022.
5ireChain is a sustainability-focused blockchain ecosystem, one of its kind, that uses blockchain technology to develop real-world solutions for humanity. It aims to lead the transition from the 4th industrial revolution to the 5th. More interestingly, 5ireChain adopts a for-benefit initiative instead of the prevalent for-profit approach.
5ire has come a long way since embarking on the mission to innovate into sustainable development through blockchain. Thanks to your support, we overcame many challenges.
Finally, we are ready for the testnet launch.
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, expose the ecosystem to malicious attacks. Testnet is more about users than it is about the developers. Like a goldsmith’s blaze, a testnet exposes a new project to its natural environment.
Why Testnet is Important
The upcoming testnet will pave a smooth path for realizing a fully functioning, sustainable ecosystem. User experience and product efficiency top the priorities in 5ireChain, and the testnet provides the opportunity to assess these factors.
The outcome of the testnet determines the next line of action– gearing up for the mainnet or going back to the drawing board. To this note, we highly value user participation and feedback.
A Closer Look at the 5ireChain ecosystem
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.
The 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 pools maintain 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 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 transactions 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.
The State of 5ireChain
5ire is a unicorn. The ecosystem’s upgrade to the unicorn status followed after it attracted the attention of a UK-based conglomerate– SRAM & MRAM.
The Series A round generated $100 million, making 5ireChain one of the fastest-growing blockchain companies in India, with a valuation of $1.5 billion. The fund will serve as a springboard for the expansion of the ecosystem to other regions of the world.
We are pleased to announce the launch date of our TGE, which is scheduled to take place on 15th December.
As the testnet draws closer, we will unwrap exciting packages for the 5ireChain community– contests, quizzes, and giveaways. Stay tuned to our social media channels for first-hand updates concerning the exact listing date, exchange details, testnet, and the ecosystem.
More information about 5ireChain can be found by clicking on the following links:
White paper: https://bit.ly/3UowTa0