After a successful testnet phase, blockchain startup 5ire launched its mainnet to redefine blockchain’s environmental impact.
Layer-1 blockchain platform 5ire has launched its mainnet, furthering its goal of promoting environmentally sustainable blockchain development.
5ire announced the debut of its testnet on August 15 and shared the press release. The testnet logged over one million on-chain transactions in its first month.
The network says it can handle 1,500 transactions per second, gives users back 50% of gas fees, and has a long-lasting Proof-of-Stake system that incentivizes green behavior.
According to the news release, developers may construct decentralized applications with a positive environmental impact using the platform’s dual-chain architecture, which is compatible with Ethereum’s virtual machine. Pratik Gauri, 5ire co-founder:
“Our primary goal is to build a long-term, sustainable product with a proven track record.”
Ecologically Friendly Blockchain
The network leverages its native token, dubbed “5ire Coins,” to incentivize users to join 5ire as validators or nominators.
According to the press release, nominators can earn rewards by choosing and supporting validators with their staked 5ire Coins, whereas validators can earn rewards by confirming transactions and creating new blocks.
According to the company, award distribution is predicated on “adherence to the network’s protocol” and a dedication to eco-friendly behaviors that complement the Sustainable Development Goals of the United Nations.
The Government of India, which is incorporating the platform into its school curriculum, is among the institutional clients with whom the project has agreements.
This announcement comes after Sram and Mram led 5ire’s $100 million Series A fundraising round two years ago, which increased the startup’s valuation to $1.5 billion and made it one of India’s first sustainable blockchain unicorns.
The company intends to use the money to grow its business in Europe, North America, and Asia.
