Blockchain enthusiasts and founders Pratik “PG” Gauri and Prateek “PD” Dwivedi not only the same name, but also a common vision for the future viability of decentralized networks.
When they met in a tea shop in Delhi, they started talking about how a sustainable blockchain ecosystem could be built and scaled for a billion users.
In addition to a third co-founder – Vilma Mattila – this idea led to the creation of 5rda Web3 project to build a user-centric, sustainability-oriented ecosystem around 5irechain (a layer 1 blockchain).
“5ire stands for the fifth industrial revolution – a concept that I have advocated for many years. The thesis is that if you do more good in the world, you can make more money,” PG said in a video interview with The Decrypting Story.
“Last year I was at a turning point where I wondered how such a concept could be scaled to a billion people and accelerate progress from the fourth to the fifth industrial revolution. That’s where blockchain technology came in and we started building a sustainable blockchain ecosystem,” he adds.
5ire claims to be the world’s first sustainability-focused Layer 1 project (A Layer 1 network refers to a blockchain, such as Bitcoin, Ethereum, etc).
5ire has also aligned its network to United Nations Sustainable Development Goals (SDGs). Additionally, it is building its ecosystem with an exchange, wallet, NFT marketplace, as well as a VC fund to support the growth of other sustainable blockchain projects built on top of 5irechain.
Recently, the project announced that it had secured a 100 million dollars capital commitment Global Emerging Markets (GEM) Global Yield LLC SCS (GGY)as it attempts to go public.
Sustainability in the 5ire ecosystem
For the co-founders, quantifying and contextualizing the meaning of sustainability at 5ire required a significant amount of research, they say, adding that it’s important to note that the concept of sustainability is changing in global terms.
Prateek Dwivedi says: “Because sustainability as a concept can constantly change, it is important to build a corresponding blockchain system Forkless upgradeable. Ethereum, for example, doesn’t work that way and gets stuck or takes a lot of time to update itself. For us at 5ire, the governance mechanisms in place ensure easy upgradability and elasticity.”
According to the project’s lightpaper, 5ire embeds sustainability in the base layers of the network and the upper decision-making process that democratically governs the network.
Also, 5irechain is a Nominated Proof-of-Stake Blockchain with participants financially motivated and rewarded to bring sustainability out of their off-chain operations.
“We indexed sustainability factors to generate a score for the chain. For example, a project that uses geothermal energy will receive a higher score and will be better financially rewarded than a project that causes a significant amount of CO2 emissions. The 5ire network is therefore designed to work Projects are encouraged to move towards a beneficial paradigm‘ adds Praek Dwivedi.
The future of 5ire
5ire has worked with various nations, governments, corporations and educational institutions to expand its ecosystem. Its use cases include e-governance, smart cities, naming services, identity management, decentralized finance and more.
However, the co-founders admit that making it easier for stakeholders to adopt blockchain technology has been an ongoing challenge – mainly because the technology is new.
“Also, human capital was a challenge for hiring tech talent. To address this, we organize several hackathons and work with schools to create curricula around blockchain. When working with governments and universities, our solutions have been adopted because they prefer a sustainable network like ours over other Layer 1 blockchains,” says Pratik Gauri.
Going forward, the race to become the Layer 1 blockchain of choice will only intensify as projects like 5ire aim to disrupt the status quo and early adoption achieved by chains like Ethereum, BNB Chain, Solana (SOL), Polkadot (DOT), Avalanche (AVAX), Algorand (ALGO), Cardano (ADA), etc.
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