5ire — Telegram AMA — November 1
On Monday, November 1 we had the pleasure to welcome to our telegram chat
Utkarsh Dubey, Head of Content, and,
Aman Parashar, Marketing Manager
We asked them some questions about the development of 5ire
Some sentences have been slightly edited for readability but the meaning has been conserved.
5ire is a blockchain ecosystem that brings forward Sustainability, Technology & Innovation to build the 5th industrial revolution and where individuals and enterprises can develop, build, transact and participate in sustainable economic growth while assuring democracy and justified fair representation of stakeholders.
5ire is a distributed high-performance computing network based on blockchain technology to enable SDG-related measurement, development, management & investment. 5ire’s mission is to accelerate the implementation of the United Nations’ 2030 Agenda for Sustainable Development and align itself to create a platform to leapfrog from the current 4th Industrial Revolution to a 5th Industrial Revolution.
The concept behind the for-benefit economy started with Pratik, who has been working in the social impact sector for more than 10 years. He is also constantly promoting the sustainability goals of the UN and aims to make a difference in the lives of 1 billion people using a 5th generation blockchain.
It has a tier 1 high-performance distributed computing platform with lavish runtime functionalities oriented towards sustainability at the consensus level.5ireChain is the first truly sustainability-driven platform that incentivizes enterprises to be more sustainable & innovative, just by making the world a better place. Actions in the 5ireChain adhere to the philosophy of the industrial revolution, creating a net positive impact on the planet.
Q — Ayeley from GAINS: Please tell us about yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Utkarsh from 5ire: I’m Utkarsh, and I head content/social media for 5ire. I have been into internet marketing for more than 5 years.
A — Aman from 5ire: I’m Aman and I work closely with the 5ire CMO on marketing and 5ire consulting. I have been into internet marketing and eCommerce for over 6 years.
Q — Ayeley from GAINS:Is 5ire your first crypto venture? It would be interesting to know about your exploits so far and how you ended up with 5ire
A — Utkarsh from 5ire: Yes, 5ire is actually my first venture in crypto. Regarding how 5ire idea formulates, it all started when Pratik Gauri, renowned for being the creator of the 5th Industrial Revolution, met his other co-founders, Prateek Dwivedi and Vilma Mattila.
They realized the pressing need to integrate social impact at the central theme of technology and innovation. Dedicated to impacting 1B+ humans by creating multiple businesses to act as a force for good, Pratik and other co-founders realized the potentials of blockchain as a catalyst to move from the 4th Industrial to the 5th Industrial Revolution.
And hence, 5ireChain came into existence after months of research from some very smart individuals.
Q — Ayeley from GAINS: What is the 5ire project about in a few simple sentences? And what sets you apart from other projects.
A — Aman from 5ire: 5ireChain is a tier 1 high-performance distributed computing platform with lavish runtime functionalities oriented towards sustainability at the consensus level.
Its technology stack offers protocol-level SDG oracles, cross-chain interoperability, Metaverses, WebAssembly and EVM smart contracts, real-time economy data collection, telemetry with IoT, AR/VR, smart sensors, and incentivized AI SDG analysis.
5ireChain is the first truly sustainability-driven platform that incentivizes enterprises to be more sustainable & innovative, just by making the world a better place.
With regards to its open-source or corporate competitors, 5ireChain is superior in the following ways:-
* Stronger security guarantee
* Sustainability by design
* First movers in the market
* More Decentralised
* Better Governance & Democracy
* Easier Upgradeability
Q — Ayeley from GAINS: Do you have any partnerships with institutions promoting sustainability?
A — Utkarsh from 5ire: Yeah, this is 5ireChain’s way of ensuring sustainable practices are incentivized and help accelerate the UN Agenda for Sustainable Development. We have formed partnerships with some renowned names from the crypto space and we move forward with an aligned vision of a more sustainable and greener world, now that the global sustainability goals are more important than ever.
Q — Twitter user @tuan_iker: Partnerships are one of the important factors for every project. Could you name some of 5ireChain’s partners? What are the benefits that you get from them? And is there any partnership that will be established in near future?
A — Aman from 5ire: Marshland capital, Alphabit (Techstars crypto Fund), Launchpool, Advisor to Private Office of HH SJM AlMaktoum, Yield.app, Fomo lab, Sky ventures, Vcommission global affiliate marketing network, Skybridge 20 Ventures, A2DAO, CSPDAO, AV Star Capital, BSC Launch, DCI Capital, Millionaire mentor, Magnus Capital, MoonBoots capital, Oracle Investment Group, GAINS VC :) and other known VCs and HNWIs from the industry.
Q — Telegram user @ Aisha: Regarding 5ire token UTILIZATION, you mentioned staking, governance, and exchange. Could you please elaborate a little?
A — Utkarsh from 5ire: It would not just be a utility token but an ecosystem of solutions that organically grow to become a multi-chain realm for building the 5th industrial revolution, investors are assured of their inclusivity in the ecosystem by getting rewarded for each active participation they provide to the ecosystem, while Proof of 5ire assure to reward validators nodes based on their sustainability best practices
The 5IRE utility token serves as a central unit of staking and exchange. These tokens are used for governance, staking, and other network utilities. It can also serve as an electronic payment system.
Economics: 5ireChain will mint or burn tokens to fund the treasury, control the inflation rate, or reward the nodes that run the consensus protocol.
Staking: Tokens will be used to incentivize validators and nominators, based on the Nominated Proof-of-Stake reward distribution mechanism.
Slashing: Tokens also play a role in the slashing protocols designed to disincentivize attacks or adversarial behaviors.
Incentivized distributed data storage (IPFS): 5ire tokens are used in the incentive mechanism of nodes, as per data storage.
Incentivized data exchange & analytics: 5ire network provides data exchange and pricing marketplaces for data providers & consumers.
We are committed to providing the best staking returns to all our validators and nominators, but we are equally concerned about inflation and want to generate scarcity.
One can participate in the Proof of 5ire mechanism and earn attractive APY while bringing value and benefit to humanity.
Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Aman from 5ire: Yes, We have received some staggering support from investors in the space. Which has led us to where we are today. 5irechain thanks all the investors for the vast experience which they bring to the table. Our private sale is currently ongoing and is heavily oversubscribed.
Q — Ayeley from GAINS: With respect to your roadmap, what should we expect in the next weeks and months?
A — Utkarsh from 5ire: Well, this is how the roadmap looks like for this year.
* Model and whitepaper research.
* Partnerships with various protocols.
* Token economics & documentation.
* Proof of concept code.
* Public website launch, IDO, infrastructure cluster.
* Proof of 5ire reward distribution mechanism Prototype Establishment.
* TestNet Launch for selected partners.
We have ticked some of the boxes there as we look to further expand and accelerate our tech infrastructure and product development.
We have also acquired coins91, which is now 5ire’s official crypto exchange and a part of the 5ire ecosystem that is going to have its own wallet, NFT/Metaverse marketplace, a security wing.
Q — Twitter user @truongtran0305: What are your plans regarding private sales? When will you conduct it? How can I participate in the private round? What are the requirements? When is the public round? How to participate in it?
A — Utkarsh from 5ire: Private sale is ongoing currently, but since we are attracting some big names from the space now, it is soon going to be filled. If you want to participate, you can dm @utkarsh_5ire, I will let you know how you can participate. The tentative launch date is around mid-late December, the details to participate will be announced on our social media.
Q — Telegram user @ Topind: How does 5ireChain ensure sustainable practices are incentivized?
A — Utkarsh from 5ire: 5irechain will work on bringing the 17 SDGs on-chain by using protocol-level oracles and hundreds of ESG-family data sources for the purpose of making the for-benefit paradigm more promising by taking advantage of the 5irechain transparency and accountability features, and of the sustainable reward distribution. This new mechanism encourages the community to have sustainable best practices. By changing the incentive mechanism we are assuring that the community and ecosystem growth is guided by the 5ire vision were actors that adhere with it.
Q — Telegram user @ Crypto Captain: What do u think will allow you guys to keep operating in years to come and not just end in a short time off hype?
A — Aman from 5ire: Our Team efforts, overwhelming support from to one but all our investors, and some other factors have made us believe that we will be a unicorn in 2 years. As our aim is to impact 1+ billion people and focus on blockchain adoption and that too not only in major countries but I developing nations as well.
Q — Telegram user @ Fish Secret: How would 5ire contribute to resolving the global economic crisis, especially given that we are in the grip of a pandemic? What will be the function of 5ire in the market, given that there are several Defi projects now in development or about to be launched?
A — Utkarsh from 5ire: Well, we aim to be the standard blockchain solution people build on so that we can maximize our contribution towards the betterment of the world. Our team has the best of the best individuals, and we believe we can help immensely in terms of achieving the UN Sustainability Agenda. We are excited to see and look forward to the opportunities the future holds for us.
Q — Telegram user @ Tommy: Can You tell more about “Proof Of Benefit Inventive Mechanism”?
A — Utkarsh from 5ire: At the core of our revolutionary, cutting-edge staking mechanism, the democratic proof-of-benefit scheme exists as the median by which the validators are rewarded based on a score that presents a measurement of the amount of benefit such a validator generates for the planet. Our approach is a must for the world. Thus bringing value and positive impact has never been as rewarding as when on-chain and off-chain activities are done on 5irechain. The rewards are proportional to the commitment of network actors to the 17 Sustainable Development Goals (SDGs). For this reason, we choose to incentivize the validators that empower our sustainable vision highly, for example, a validator that is proven to be helping in achieving quality education or taking urgent action to combat climate change and its
impacts are more rewarded than the one who does not. Thus we achieve sustainability by design.
This is right from the whitepaper, if you want to understand in-depth, I highly advise you to go ahead and click here.
Thanks for coming in and answering our questions. We will be following keenly and will join in the sustainable 5th revolution. — Ayeley Commodore-Mensah from GAINS
For further inquiries, please join our telegram channel. — Utkarsh from 5ire