What features are we testing in Testnet 1.0?

5ireChain
3 min readNov 28, 2022

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.

5ireChain is a multi-asset blockchain that stores, transmits, and verifies data and assets. Following the realm of success and pursuit of technology, 5ire has announced the release of Testnet 1.0. Our platform will enable and drive the development of solutions that bring sustainability, Technology & Innovation using blockchain technology to build the 5th industrial revolution.

The following post focuses on using Testnet 1.0 for the developers and their role in the network expansion. Decentralized Exchange, Decentralized Finance, and Gaming Dapps are just a few examples of Dapps that can be tested and uploaded using Testnet 1.0. Developers can earn up to $10,000 by becoming part of 5ire Testnet.

Testnet 1.0 is open for anyone within the system to become a beta-tester. The source code and setup instructions can be found in our repository, enabling access to a complete set of available features. Validators will be incentivized with up to $5000 following the Bug Bounty Program (terms and conditions applied).

Specific Features in 5ireChain Testnet
5ireChain Testnet cleverly features our Proof of 5ire algorithm. Proof of 5ire is a next-gen revolutionary consensus algorithm that finalizes transactions within seconds.

5ireChain explorer, another Testnet available feature, provides real-time multichain 5ire data that is comprehensible and accessible. The 5ireChain Block Explorer essentially serves as a viewing and exploration tool for created blocks on the 5ireChain platform. This is done to enhance and promote transparency throughout the entire 5ireChain ecosystem.

At the heart of the 5ireChain ecosystem are our validators, the main blockchain node accounts that possess the authority to produce and propose blocks on the 5ireChain. The Testnet blocks are arranged in chronological order. Users can use the unique block hash to fetch the required information.

Further, 5ire Testnet would allow users to run Smart Contracts. Typically, a smart contract automatically carries out an agreement so that all parties know the result. There is no need for a mediator or additional time spent on the process. Also, it ensures immutability, governance, and decentralization.

A copy of the digital ledger will be present on every node of the 5ireChain. Therefore, it is practically impossible to update anything in the system without changing it on every user’s ledger.

The network of the 5ireChain is decentralized, which means that no one person or governing body is in charge of maintaining the structure. Instead, the network is decentralized since several nodes keep it running.

A mechanism of on-chain governance will be used by 5ireChain to oversee and carry out blockchain improvements. The protocol of the 5ireChain will provide the guidelines for implementing updates. Through code updates, developers submit modifications and each node votes on whether to accept or reject the change.

Let’s begin the countdown for a new world of DeFi cross-chain functionalities with 5ire Alpha Testnet.

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

Website: https://5ire.org

White paper: https://bit.ly/3Qcsmor

LinkedIn: https://www.linkedin.com/company/5ireChain

Twitter: https://twitter.com/5irechain

Discord: http://discord.gg/5ire

Telegram: https://t.me/OfficialFireChain

Facebook: https://www.facebook.com/5irechain

Instagram: https://www.instagram.com/5irechain

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5ireChain

5ireChain — www.5ire.org | Layer-1 EVM Compatible Smart Contract Platform | In Consensus Sustainability