- 5ire was founded in 2021 by Pratik Gauri, Dr. Vilma Mattila & Prateek Dwivedi.
- The startup is a fifth-generation blockchain ecosystem, built from the ground up with the United Nation’s sustainable development goals in mind.
- The startup is a communal response to finding technological solutions that are communally centred.
Website: https://www.5ire.org/
What is 5ire?
The startup is a scalable decentralised, sustainable open-source blockchain. It is a blockchain ecosystem for Impact & SDG-related development, aiming to help accelerate the United Nations (UN) 2030 Agenda for Sustainable Development. 5ire can be considered to be a communal response to finding technological solutions that are communally centred.
5ire recently became India’s 105th unicorn.
“5ire is a fifth-generation blockchain ecosystem, built from the ground up with the United Nation’s sustainable development goals in mind.”
Who Founded the Startup?
5ire was founded in 2021 by Pratik Gauri, Dr. Vilma Mattila & Prateek Dwivedi, who worked together to create what they call the ‘world’s first sustainable blockchain‘.
“We value community, accountability, innovation, transparency, and a shared sense of purpose. Blockchain’s ability to provide a verifiable and transparent record may make it well-placed to be central to our innovation. By decentralising and digitising the adjudication of what is trustworthy, 5ire also has the potential to empower broader communities and improve the slow, costly intermediation associated with our current models of environmental governance.“
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What are the USPs?
There are many things about this startup that make it unique in the world of blockchain. Here are three of the several USPs that 5ire boasts.
Transaction Pools
The startup addresses the need for scalability through their use of multiple transaction pools. Existing blockchains tend to use single transaction pools where all of the transactions are stored with every node. However, 5ireChain instead distributes transactions based on wallet addresses, with each transaction pool serving unique addresses.
Quantum Resistance
Current blockchains usually use an Elliptic Curve Digital Signature Algorithm (ECDSA) that could potentially be broken by the quantum computers of the future. As opposed to using an ECDSA, the startup utilises a digital signature algorithm that is ‘uncrackable, even by the powerful quantum computers that will exist in the future’.
Homomorphic Encryption
Including end to end encryption while computing, the startup’s homomorphic encryption allows users to keep their financial and personal information secure. While keeping their data secure on 5ireChain, validating nodes can still be enabled to perform operations on encrypted data.
What is 5ire’s Mission?
Put simply, the startup’s mission is to become a blockchain ecosystem for the fifth industrial revolution. 5ire aims to empower and incentivise decentralised organisations towards accelerating the implementation of the UN 2030 Agenda for Sustainable Development.
5ire is on a mission to create a user-centric, sustainability-driven ecosystem. The startup achieves this user-centric, sustainability-driven ecosystem by embedding sustainability in the consensus mechanism architecture.
“Our goal is to work hard to provide finance platforms that could potentially revolutionise access to capital and unlock potential for new investors in projects that address environmental challenges.“
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