In the dynamic landscape of blockchain technology, one company is emerging as a beacon of innovation and sustainability. Founded in 2021 by Pratik Gauri, Prateek Dwivedi, and Vilma Mattila, 5ire has swiftly risen to prominence, joining India’s prestigious unicorn club in July 2022. With a valuation of $1.5 billion after a successful funding round led by UK-based conglomerate SRAM & MRAM, 5ire is revolutionizing the blockchain space with its fifth-generation Layer-1 (L1) network.
At the heart of 5ire's mission is its proprietary blockchain, aptly named 5irechain. Unlike traditional blockchain networks, 5irechain is built upon principles of sustainability, leveraging a unique Proof-of-Benefit methodology for consensus. This innovative approach measures and rewards sustainability by evaluating performance against the UN’s 17 sustainable development goals (SDGs) and 650 environmental, social, and governance (ESG) parameters.
In a recent interview with Inc42, Pratik Gauri, co-founder of 5ire, emphasized the significance of their Proof-of-Benefit model in driving positive change. By aligning blockchain incentives with global sustainability goals, 5ire is not only revolutionizing technology but also catalyzing meaningful societal impact.
Despite its rapid growth and global recognition, 5ire remains steadfast in its commitment to India. The company is actively collaborating with various stakeholders, including businesses and government agencies, to address diverse challenges across sectors using blockchain solutions.
As we witness the dawn of a new era in blockchain technology, 5ire stands out as a shining example of innovation, sustainability, and social responsibility. With its visionary leadership and groundbreaking approach, 5ire is poised to shape the future of decentralized systems, one block at a time.
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