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5ire, a blockchain platform focused on sustainability, has announced the public launch of its mainnet. This milestone follows a testnet phase that processed over 1 million transactions in its first month, the company said.

🪩Our Mainnet is live! 🪩

Revolutionize blockchain with our innovative eco-friendly SPoS.

🤝Join us in building a sustainable Web3 future. Read on to learn more about our journey.

Thank you @Benzinga for recording our milestone.

🔗https://t.co/jHwF5tOsT4

— 5ireChain (Mainnet goes live today at 10pm IST) (@5ireChain) August 15, 2024

The 5ire mainnet network is designed to process up to 1500 transactions per second, with 50% of gas fees returned to users. At the core of the platform is a Sustainable Proof-of-Stake (SPoS) mechanism, which aims to reward environmentally conscious practices from users.

5ire positions itself as an alternative to energy-intensive blockchain networks. The company cites estimates that Bitcoin mining emits around 65 megatons of carbon dioxide annually. In contrast, 5ire’s platform aims to demonstrate the potential of a fast, secure, and cost-effective network while promoting environmental responsibility.

“Our mission is to demonstrate that blockchain technology can be a powerful force for good,” said Pratik Gauri, CEO and co-founder of 5ire.

This focus on sustainability is implemented through sustainability metrics integrated into the protocol, Gauri claims. This design choice of the protocol, Gauri says, means that the 5ire blockchain is aligned with the United Nations Sustainable Development Goals.

Sustainability rewards mechanism

The platform’s SPoS mechanism rewards users with 5ire Coins, the network’s native token, for participating as validators or nominators. Validators earn rewards by verifying transactions and producing new blocks, while nominators can support validators with staked tokens. Reward distribution is based on adherence to the network’s protocol and commitment to sustainable practices.

5ire reports partnerships with several institutional clients, including a partnership with the Indian government to integrate the platform into school curricula. The company has also worked with universities to develop Web3 talent through hackathons and meetups, generating over 80,000 man-hours of hacking across 16 hackathons and 23 meetups.

The platform features a dual-chain architecture that is fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to build decentralized applications (dApps). 5ire’s system uses a single key to derive both a Substrate-native and EVM account, which should simplify the development process for Ethereum developers.

Subsidy program

To encourage adoption, 5ire has announced a Grants Program. This three-month initiative aims to attract developers and accelerate the creation of dApps on the 5ire blockchain. The program includes early project funding, marketing assistance, technical support, and investor connections.

The launch of 5ire’s mainnet comes amid growing debate in the blockchain industry over energy consumption and environmental impact. As with any new blockchain platform, its performance in real-world conditions and ability to deliver on sustainability and efficiency promises remains to be seen.

While 5ire has promising sustainability features, it is important to note that the long-term viability and environmental impact of the platform has yet to be independently verified.

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