5ire aims to combine sustainability and blockchain technology with a layer-1 protocol incentivising the use of UN sustainable development goals (SDGs)
An ambitious sustainability-based blockchain project, 5ire, secured $100 million in a Series A funding round from United Kingdom-based conglomerate SRAM & MRAM. According to Cointelegraph, the project has already attracted a total of $121 million in investment. The fifth-generation blockchain network presents a groundbreaking use case for blockchain technology that looks to promote practices that align with United Nations SDGs.
The project, founded by Indian entrepreneurs Pratik Gauri and Prateek Dwivedi, now intends to expand its business into Asia, North America and Europe. After the initial seed round, which attracted notable tech investors Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital, the company established an operations centre in native India.
5ireChain has a unique “sustainable proof of stake consensus protocol,” which ranks node validators based on the number of sustainable and ESG practices they follow. Every node is assigned significance based on various metrics, which include their stake, reliability, randomised voting, sustainability score and previous nomination.
The project representatives told Cointelegraph that they would use the fresh capital investment to implement an aggressive growth strategy and develop 5ireChain-based solutions for businesses.
The company claims to employ more than 100 staff and expects to continue rapid growth. 5ire hopes to weather the current ‘crypto winter’ with the help of its business model being a bridge between blockchain and sustainability. It intends to build more use cases with stakeholders from governments, Fortune 500 companies and family offices.