5ire

Security becomes paramount for developers as more people and money are added to web3/DeFi networks. Testnet environments allow developing teams to ensure their smart contracts and DApps are functional and safe before deployment.5ire forthcoming testnet will pave the way for a fully functional, sustainable ecosystem. User experience and product efficiency are at the forefront of 5ireChain, making this test run a valuable chance to assess those two aspects. The result of this test reflects the next step — gear up for MainNet or go back to the drawing board.What makes 5ire Testnet different from other networks? The answer is its discrete features, which include:Governance Mechanism5ireChain’s robust governance mechanism ensures the will of both public and council members are taken into account when proposing future network changes. Proposals are subject to a voting system, so every actor within 5ire Chain can voice their opinion in this democratic process. Referenda range from one single proposition — open-ended and independent — to multiple proposals related under one general theme; all referenda use structured data input with predetermined outputs of Yes or No.Unique Consensus MechanismProof of 5ire &#61; Sustainable PoS &#43; Proof of Benefit &#43; Proof of Donation.5ire Sustainable Proof of Stake is a multifactor consensus protocol where a node is assigned a weight based on Stake, Reliability, randomized voting, sustainability score, and previous nomination. These advantages outweigh the benefits of the proof of stake consensus mechanism over the proof of work consensus mechanism. This essentially helps us curb the cartelization of the network, where nodes can create a nexus among each other by nominating or delegating their stake to favorite nodes each time. The 5ireChain network system does not intend to penalize nodes with higher stakes; instead, it strives to provide equal opportunity for all without punishing those with fewer shares.Sustainability ScoreUnderneath the proposal’s consensus mechanism, an organization or individual’s sustainability rating is determined by several factors, such as environmental, social, and governance ratings. Let’s say that we are taking the average E, S, and G scores to calculate the sustainability score. The downside of calculating with averages is that two companies can get a similar score but perform differently across different metrics. For example, Company A might always have a higher environment or community involvement ranking than Company B. When deciding between companies with similar sustainability strategies — one company excelling in certain areas while the other lags behind — it would seem unfair to award both equally without acknowledging the difference.Reliability ScoreIn today’s digital world, where nearly everything can be digitized — it makes perfect sense that digital assets are becoming increasingly popular. Investors see enough merit to add these assets to their portfolios, while organizations seem content in digitizing their assets for growth opportunities. But since these digital records of physical or intangible items are just bits and bytes, we must secure the way they’re handled and distributed; for instance: if node 1 has been active at all times during the past 8 epochs and holds an equal or greater number of stakes than the other nodes — then node 1 will receive a higher reliability score. If one doesn’t assemble a block within the allocated time frame, there’ll be a reduced reliability score, dropping ranks accordingly.Randomized VotingOn 5ire, we’ve implemented a randomized voting system based on individual rewards and punishments. This way, no one is coerced or has higher rewards if they vote for someone else — it also prevents cartels from co-voting the same nodes and getting more shares in block creation than the stake they represent. Proof-of-Stake (PoS) algorithms punish every node who votes for the fraudulent node regardless of whether or not the node was actually at fault because there will always be some form of chance that a user could get tricked by malware.Transaction Pools5ire tackles the problem of scalability by splitting transactions into smaller pools. Currently, blockchains store every transaction, but 5ire breaks those up into queues for individual wallet addresses at one time. The intertwining chain also helps to speed up transactions because they can happen simultaneously without interacting with each other — no matter which orders the blocks are processed in.Key Points<ul><li>5ire Sustainable Proof of Stake or Proof of 5ire is a multifactor consensus protocol where a node is assigned a weight based on stake, reliability, randomized voting, sustainability score, and previous nomination.</li><li>But since these digital records of physical or intangible items are just bits and bytes, we must secure the way they’re handled and distributed.</li><li>Randomized voting carries 20% weight to the consensus mechanism, ensuring that nodes with lower stakes can still be selected for block assembly.</li><li>The 5ire ecosystem aims to address the issue of scalability by breaking down transactions into multiple pools.</li></ul>What else can you demand?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/3Qcsmor" rel="noopener noreferrer nofollow">https://bit.ly/3Qcsmor</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: http://discord.gg/5ireTelegram: <a href="https://t.me/OfficialFireChain" rel="noopener noreferrer nofollow">https://t.me/OfficialFireChain</a>Facebook: <a href="https://www.facebook.com/5irechain" rel="noopener noreferrer nofollow">https://www.facebook.com/5irechain</a>Instagram: <a href="https://www.instagram.com/5irechain" rel="noopener noreferrer nofollow">https://www.instagram.com/5irechain</a>

You’ve Never Seen a Blockchain Like This

5ireChain

Alte articole publicate pe 7 feb. 2023

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