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5ire’s blockchain called 5irechain, offers a way to recognise companies that do good like using renewable energy, and reward them. But that is not all.
5ire calls itself a sustainable blockchain that rewards enterprises that meet the United Nation’s Sustainable Development Goals (SDG) as well as 650 ESG or Environment, Sustainability, Governance metrics.
This funding round of USD21 million coupled with the most recent investment of USD100 million by UK-based SRAM & MRAM, officially earns the company unicorn status with a USD1.5 billion valuation.
“All the data (about the sustainable measures that an organisation takes) is fed into a mathematical algorithm after it is verified by third party sources like the United Nations, or consulting companies, “ Pratik Gauri, one of 5ire’s three founders, said.
“We started our journey in August 2021, doing a lot of research and producing research papers. Then we started building the technology and raised our first funding round in October 2021,” Pratik explained.
This funding round of USD21 million coupled with the most recent investment of USD100 million by UK-based SRAM & MRAM, officially earns the company unicorn status with a USD1.5 billion valuation.
This company achieves many firsts, the most significant being “one of the first billion dollar companies to be using a sustainability-type consensus mechanism.”
Testnet, the name of the test network that 5irechain is being trialled on with business-to-business (B2B) stakeholders is expected to reach the next level come mid-August, when members of the public can access 5ire’s blockchain.
“We are now looking at adoption by many big stakeholders because our end goal is ti impact a billion people, so we have to work with large scale players, like governments, or large corporations,” Pratik said.
Hi co-founder Vilma Matilla later shared that their offerings provides a way for corporations to store their data in a decentralised manner, simultaneously reducing cybersecurity risk, reducing storage and electricity cost, while potentially helping identify an ‘invisible’ portion of the global population who have no access to identity documents, and hence no access to job markets or financial services.
Another use case they are working on is decentralised finance, whereby they hope to build inter-portability features into digital currencies.
5ire’s third co-founder Prateek Dwivedi explained this would allow organisations and individuals to conduct ‘cross-chain’ transaction without the complicated current solution called ‘bridges’.
