5ire

<h3 id="strong-blockchain-and-sustainable-development-strong">Blockchain and Sustainable development</h3>Blockchain technology gained popularity due to its use in Bitcoin; it is now used to store computer code and “smart contracts.” While the technology enables innovation in nearly any field, the primary applications are cryptocurrencies and decentralized finance (DeFi) apps that utilize blockchain-based smart contracts to create financial instruments. According to Coinmarketcap.com, there were over 5,000 cryptocurrencies with a market valuation of more than $ 3 trillion as of November 2021. The top ten DeFi coins have a market valuation of $171.4 billion. At its annual conference in May 2021, the UN Commission on Science and Technology for Development (CSTD) placed a premium on the use of blockchain in the real economy, examining commerce, logistics, and supply chains. UNCTAD has produced a paper on utilizing blockchain technology for sustainable development in response to debates at the CSTD. As with any technology, blockchain can contribute to the SDGs in a variety of ways — from giving food vouchers in refugee camps to strengthening property and land records to facilitating access to national identity. However, blockchain innovation has thus far been mainly focused on speculative gains in crypto-financial assets rather than on producing tangible value through new products and services.<h3 id="strong-what-is-5ire-strong">What is 5ire?</h3>5ire is a decentralized blockchain ecosystem dedicated to advancing sustainability, technology, and innovation in order to usher in the fifth industrial revolution. In opposition to the Fourth Industrial Revolution’s inclinations toward dehumanization, technology, and innovation, best practices must be redirected toward humanity’s service. 5ire is a bridge that facilitates the world’s shift from 4IR to 5IR. The primary goal of 5ireChain is to build a user-centric, sustainable ecosystem. This is accomplished through incorporating sustainability into the network’s base layers and the democratic decision-making at the network’s apex. 5ireChain is a Nominated Proof-of-Stake blockchain with off-chain validators and governance mechanisms that ensure the empowerment of working groups and decentralized organizations that work toward the implementation of the 2030 Agenda, thus bringing a shift from a for-profit to a for-benefit paradigm by altering the fundamental concepts and leveraging the true power of blockchain as a source of truth and multi-layered oracles as the tools to bridge the divide.<h3 id="strong-the-5ire-experience-strong">The 5ire experience</h3>The followings are the technologies that enable our ecosystem in doing this:<ul><li>Security: The cutting-edge technology that is used to build 5ireChain plus the Nominated Proof-Of-Stake scheme allows 5ireChain to have strong security guarantees that other older blockchains lack.</li><li>Upgradable scalability: 5ireChain can achieve high transactional throughput and enables the migration of real-world use cases that need high scalability promises on-chain.</li><li>Governance and Democracy: Older blockchains have no governance procedures, and this has led to chain maximalism, 5ireChain sophisticated and transparent governance mechanism allows everyone to democratically participate in the network and propose changes.</li><li>Future-proof and Forkless upgradeability: By being a cutting-edge blockchain-based on WebAssembly. 5ireChain can upgrade its runtime logic without hard forking. These upgrades are enacted through the 5ireChain governance mechanism.</li><li>Interoperability: 5ireChain can interoperate with a variety of blockchains. Enabling cross-blockchain transfers of any data through bridges.</li></ul><img src="https://miro.medium.com/max/700/1*XZ6IusHNkvtNABsVABkQqQ.png" />With the above mechanisms, 5ireChain can incorporate the following into our sustainability powered ecosystem:Sustainability: 5ireChain enables Innovation and Sustainability to co-create the ecosystem of the future, with Sustainability and the United Nations Sustainable Development Goals serving as a shared value system and WebAssembly serving as the underlying environment that ensures 5ireChain’s seamless upgradeability as technology advances.Governance: 5ireChain’s mission is to serve as a springboard for governance infrastructures, allowing collectives and communities to self-govern, federate, and explore the future of governance systems. It is an Ecosystem that includes governance mechanisms, treasuries, liquid democracy and a variety of voting systems, and procedures for DAOs to create unions and confederations.Future-Proofing: One of the primary requirements for achieving society 5.0 and digital communities is the future-proofing property of the digital solutions that will shape the society and organizations of the future. Since the application is built on a substrate and is based on WebAssembly, it is easily upgradeable and adaptable to changes.Scalability: 5ireChain has a unique approach to scalability. All network players and stakeholders can propose and vote on network modifications in the future. Future-proofing ensures that upgrades and modifications are easy, even for the whole algorithm and code, using both homogeneous and heterogeneous sharding.Developability: The modular design and self-upgradability of the 5ireChain runtime enable the combination of smart contract logic and runtime modules to serve as building blocks for various fields, including IoT, on-chain governance, Defi primitives, self-sovereign digital identity management, and e-governance. 5ireChain is capable of executing EVM smart contracts with complete interoperability with Ethereum’s tools and the more powerful WebAssembly WASM smart contracts through Ink! As an e-DSL based on rust.Interoperability: 5ireChain is compatible with the majority of current blockchains. One of the 5ire’s primary goals is to establish interoperability between legacy systems and on-chain activities through the development of off-chain worker oracles and decentralized web technologies that will bring sustainability indicators and off-chain legacy processes on-chain to demonstrate blockchains’ ability to create sustainable, decentralized communities, democratic governance, sophisticated identity and document management solutions. 5ireChain will ensure interoperability by establishing bridges to current blockchains and enabling cross-chain communication with the 5ire ecosystem.Oracles and Off-chain workers: Oracles are one of the most underrated components of Blockchain technologies. 5ireChain addresses the oracle problem by establishing off-chain workers and data bridges to connect legacy systems, real-world scenarios, and DLT technology, thereby demonstrating the true power of blockchains by separating facts from narratives and establishing an unprecedented “Cryptographic Truth” that can be used to underpin how humans agree.<h3 id="strong-conclusion-strong">Conclusion</h3>The three pillars of sustainability are economic performance, social performance, and environmental performance. It is frequently difficult for organizations to adhere to sustainability principles while improving their environmental and financial performance. Social performance necessitates a democratic design that safeguards the rights and interests of all stakeholders. Promoting sustainability in blockchain technology has long-term advantages.More information about 5ireChain can be found by clicking on the following links:Website: <a href="https://5ire.org/" rel="noopener noreferrer nofollow">https://5ire.org</a>White paper: <a href="https://bit.ly/3OhWn4H" rel="noopener noreferrer nofollow">https://bit.ly/3OhWn4H</a>LinkedIn: <a href="https://www.linkedin.com/company/5ireChain" rel="noopener noreferrer nofollow">https://www.linkedin.com/company/5ireChain</a>Twitter: <a href="https://twitter.com/5irechain" rel="noopener noreferrer nofollow">https://twitter.com/5irechain</a>Discord: <a href="https://discord.com/invite/5ire" rel="noopener noreferrer nofollow">https://discord.gg/5ire</a>Telegram: <a href="https://t.me/OfficialFireChain" rel="noopener noreferrer nofollow">https://t.me/OfficialFireChain</a>

The 5ire experience — How sustainable is sustainability in blockchain

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