Blockchain startup 5ire has gone live with its Layer-1 hybrid model mainnet after undergoing its testnet that involved over 1 million transactions. The latest launch is a major development towards 5ire’s goal of increasing the sustainability of blockchain technology. Some of the goals include making the firm the go-to-Blockchain solution provider firm while also integrating sustainability into the business to embrace the international sustainable development goals and practices. This comes close on the heels of the company’s $100 million Series A round two years back which placed the 5ire at $1. 5 billion, and, thus, becomes one of the first global sustainable blockchain startups or unicorns.
5ire’s Hybrid Layer-1 Mainnet Launch: A New Chapter in Sustainable Blockchain
Ire’s mainnet launch is the final step in the testing phase that has been going on for some time now, and during which more than one million transactions were made on the testnet within the first month. It is built to accommodate up to 1,500 transactions per second, and uses a Proof-of-Stake consensus model that is meant to encourage users to act more sustainably. As the company claims, using of this approach allows not only to perform transactions accurately but also get back 50% of gas fees as the maximal utilization of resources.
The network has a dual-chain structure that can also be integrated with Ethereum Virtual Machine or EVM, for construction of dApps that are not only efficient, but also possess a beneficial eco-friendly footprint. Thus, the focus on sustainability as the key strategic direction makes 5ire stand out in the gradually overcrowded field of blockchain solutions.
“Our primary goal is to build a long-term, sustainable product with a proven track record,” said Pratik Gauri, co-founder of 5ire. The company’s vision is to provide a platform that not only supports the growth of decentralized finance (DeFi) but also contributes positively to the environment.
Blockchain Technology Meets Environmental Sustainability
It is noteworthy that the concept of using the blockchain technology at 5ire has a direct relation to environmental sustainability, which is not the case with most other platforms. 5ire Coins, the native token of the company, holds a paramount objective in this network. These tokens are used as an incentives for participation in the network, where the users are either validators or those that nominate validators. The compensation structure is structured to be responsive to the United Nations Sustainable Development Goals (SDGs), to make sure the people who help to support the sustainability of the network are fairly rewarded.
5ire has also been able to ink deals with several institutional clients, one of which is the Indian government. This has made the integration of the 5ire platform into the country’s school curriculum another way the startup is dedicated to working in education and sustainability.
As stated in the press release provided to crypto media outlets by the mining company. news, the novelty 5ire approach can bring new levels to the blockchain networks’ functionality, bringing them to a defensible position with reference to sustainability and a growing population of users. By ensuring that the platform has the capability of transacting with other blockchains without the need to expend resources and energy, it makes the platform to be unique in the market as it is a relieve to the environment.
Global Expansion and Future Prospects
The mainnet launch of 5ire is a significant achievement, but this is not the only feather in the cap of this brilliant startup. This fast-growing blockchain technology start-up recently closed a $100m Series A funding round that was co-led by Sram and Mram, the company has its sight set on working across Asia, North America and Europe. The funds thus collected have been designated to expand the platform and enhance the ecosystem to accommodate a lot more dApps and Services that are eco-friendly.
The two-chain design not only supports interactively with existing blockchain solutions but also owns the structural potentials for further advancements. With time, 5ire aims at adding new features as well as new partners that will ensure it cements its place as the leading blockchain technology that has moved to a sustainable future.
During a statement, Pratik Gauri commented that his major concern was creating a product with longevity. “Our company is primarily concerned with generating a technical environment that is suitable for using as a foundation on which it will be possible to create an infrastructure that will conform to the need of the international community for green blockchain,” Gauri continued.
Major Takeaway
The Layer-1 mainnet launched by 5ire is a unique one since it has both centralized and decentralized formations; overall, this is a breakthrough in the sphere of the blockchain. 5ire claims to have processed more than one million transactions in testnet and is dedicated solely to the green blockchain. The platform is characterized by the double-chain structure and the unique PoS system; the cooperations and the plans for internationalization reassure about the future development of the platform. Thus, due to its focus on sustainability and growth, 5ire can be considered one of the leaders of the blockchain market in the process of its further development.
