5ire (5IRE)

5ire is a Layer-1 EVM-compatible smart contract platform that prioritizes the sustainable growth of for-profit organizations on its chain, aligned with the United Nations’ Sustainable Development Goals.

Since its inception in 2021, 5ireChain has successfully achieved a remarkable $1.5 billion valuation. The project has established strong support from various funds, including GEM Digital, Sram & Mram Group, x21 Digital, and Moonrock Capital while raising over $121 million.

The 5ire chain ecosystem is rapidly growing. It has already developed a wallet extension on 5irechain, integrated its chain in MetaMask, and announced the mainnet launch scheduled for Q3 of 2023. It is powered by the native 5IRE coin, which plays a key role in DAO voting and staking and is backed by its innovative Sustainable Proof of Stake consensus mechanism (SPoS).

SPoS is an enhanced version of the Proof of Stake consensus model, designed to increase the probability of selecting smaller yet highly active and loyal validators for block assembly. The selection process takes place every 12 hours, based on validator priority weights, determined by:

• Stake (50% Weight): The node with a higher stake receives a priority during selection.
• Randomized voting (20% Weight): Nodes can randomly vote on potentially chosen candidates for assembly and gain additional weight for the next selection. This adjusts the chances of smaller, but more active and loyal nodes being selected for the assembly.
• Sustainability score (20% Weight): The 5ire crypto protocol collects data from stakeholders participating in the network and evaluates your environmental, social, and governance score. 
• Reliability score (10% Weight) is determined by factors such as the node's age, activity within the last 7 days, amount of time nodes have held the stake, and the number of successfully assembled blocks before.
• Previous nomination (-2% of Weight).

Learn more about SPoS here.