5ire Announces the Launching of its Testnet
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
5ire, the 5th-generation blockchain network founded by two entrepreneurs of Indian origin, Pratik Gauri and Prateek Dwivedi, along with blockchain enthusiast and entrepreneur Vilma Mattila, is delighted to announce its blockchain network is coming live in Testnet mode.
From a technical perspective, Testnet can be defined as a prelude to the Mainnet. It allows developers a risk-free environment to have on-field experience of their projects. Testnet is also the developers’ playground to feel what the project will be like when it migrates to the Mainnet. However, Testnet is not only required for developers to explore. The intended users are invited to use the product.
Users’ feedback– which is highly valuable to the developers– provides an insight into the strengths and vulnerabilities of the project. Hackers can exploit such vulnerabilities when the project enters the Mainnet. Testnet is less about the developers and more about the project and its users.
On this occasion, 5ire’s CEO and Co-founder Pratik Gauri said, “We have come a long way with the anticipated 5ireChain Testnet launch. This has allowed us to become the blockchain platform that will empower the next generation of solutions that bring sustainability, Technology & Innovation. This includes innovations such as decentralized finance and human-centric identity systems to empower digital economies.”
5ireChain is a sustainability-driven layer one blockchain network. It aims to transition the world from a for-profit to a for-benefit economy. The vision of 5ireChain is aligned with the United Nations Sustainable Development Goals. 5ire believes that a blockchain is a vital tool in achieving these goals.
5ireChain is cleverly designed with a peculiar consensus algorithm at the core of its architecture. POF(Proof of fire) is a multifactor consensus protocol. 5ireChain consensus algorithm considers five factors during node selection– stake, randomized voting, sustainability score, reliability score, previous nomination, and waiting time.
The 5ireChain ecosystem uses multiple transaction pools to support parallel chains. One transaction pool per chain having a unique serial number is allowed. In the face of growing demand, transaction maintains the chain’s scalability to meet increasing demand.
5ireChain provides faster settlement of the funds compared with conventional banking systems. As a result, a user can transfer crypto relatively faster, which saves a lot of time in the long run. 5ireChain will have an on-chain governance system for managing and implementing changes to the blockchain. The rules for instituting changes will be encoded into the 5ireChain’s protocol. Developers propose changes through code updates, and each node votes on whether to accept or reject the proposed change.
5ire is a blockchain ecosystem that focuses on widespread adoption of blockchain technology by integrating sustainability, technology, and innovation to build the 5th industrial revolution (5IR). Founded by blockchain proponents Pratik Gauri, Prateek Dwivedi, and Vilma Mattila in August 2021, the mission of the 5ire ecosystem is to increase the adoption of blockchain for worldwide benefit by embedding a for-benefit paradigm at the heart of the blockchain, highly incentivizing practices that align with the United Nations Sustainable Development Goals (SDGs), facilitating the transition from 4IR to 5IR, and accelerating the implementation of the UN 2030 Agenda for Sustainable Development. The company’s primary offering is 5ireChain, a first-layer, sustainability-driven 5th-generation blockchain that ensures adherence to the philosophy of 5IR, creating a net positive impact on the planet and serving humanity.
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