AMA Recap — 5ireChain
The session of AMA ( Ask Me Anything ) with 5ireChain was conducted on 9 Feb 2022 at 7 PM IST (1:30 PM UTC) and lasted for 1:30 hours.
ADMIN ROUND
Aman & Utkarsh from 5ire Chain has joined us for this AMA session.
Jonty|Host
Please tell us about yourself and the team working on 5ireChain?
Utkarsh
Sure. Well, I had been working in the internet marketing field for more than 5 years before I joined 5ire as head of social media/content, and tbh — it has been the best 6 months in terms of all the learning — and what we have achieved over a period of definitely not more than 8 months 🙂
Aman
I work as a Marketing Manager for 5ire, closely with 5ire’s CMO.
I have been into affiliate marketing, eCommerce, native & google advertisements for 6 years. I was introduced into the crypto space a few years back and there’s no turning back since then. I love it here ❤️
Jonty|Host
What is 5ireChain? Please provide a detailed introduction.
Utkarsh
5ireChain is a tier 1 high-performance distributed computing platform with lavish runtime functionalities oriented towards sustainability at the consensus level.
We are the first sustainable blockchain ecosystem ever!
5ire aims to become a blockchain ecosystem for the 5th industrial revolution, where self-sovereign decentralized organizations are empowered & incentivized toward accelerating the implementation of the United Nations 2030 Agenda for Sustainable Development. 5ireChain’s primary proposition is its unique consensus mechanism — “Proof of 5ire”, which includes proof of benefit, sustainable proof of stake, and proof of donation. It integrates sustainability at the core of blockchain and empowers nodes for sustainable practices, by incentivizing them economically. In the real world, if there are two individuals, Jonty & Pulkit, and Jonty has more sustainable practices than Pulkit, then he would end up making more rewards! Simple 🙂 You can earn more while you do more good!
This is 5ireChain’s way of ensuring sustainable practices are incentivized and help accelerate UN Agenda for Sustainable Development, now more urgent than ever! Things that can be built on 5ire:- Governance & DAO frameworks for individuals, investment funds & companies. Custom Blockchain, Smart contracts, IoT, AR/VR, AI solutions for UN SDGs & impact.
Jonty|Host
Can you please tell us about it’s features and utility? Also tell us in detail about the phone number integration in Blockchain technology?
Aman
We have already discussed things that can be built on 5ire
Adding to that
The listing below few more features of 5ire from the complete list:
* Stronger security guarantee
* Sustainability by design
* First movers in the market
* More Decentralised
* Better Governance & Democracy
* Easier Upgradeability
* Faster Transaction Speed
We are bringing more relevancy to phone numbers by enabling uh monetary transactions to phone numbers, can be tied to your web3 wallet, hosted independently by 5ireChain server, not depending on any web3s and web 2 structure, rather based on ibfs.
Please watch the detailed video for more info here — https://www.youtube.com/watch?v=uT9LPQUb1oY
Jonty|Host
Tell us about the recent updates and partnership in 5irechain ecosystem? Also about the 5irechain staking mechanism based on (NPoS).
Utkarsh
Well, absolutely — a lot has been going on recently — which is why the reason for the ido delay — obviously — is in the best interest of the community and the investors that are a part of the ecosystem 🙂
We have partnered with some of the biggest names in the crypto space.
About to close out the third round which makes a total of $21 million in a private sale, partnerships formed with over a dozen partners with names like FxDx, Moonrock capital, SafeLaunch, OIG, Croc Capital, Marshland Capital, Magnus Capital, Sanctum, and Alphabit Fund and well-connected strategic advisors. We also recently added to our already magnificent advisory council — big names like Jeff Hoffman from Booking.com, Ed Martin, Senior Advisor for Nobel Peace Prize, and Ex-CMO of Coca Cola, Raj Kapoor, founder of IBA.
The list goes on 🙂
We also signed MOUs with different governments:
1. 5irechain signed MOU re smart policing with a state government in India. We will be signing 4 more state MOUs where 5ire is a partner to govt.
2. 5irechain signed MOU with Nigerian Govt
3. 5irechain signed MOU w State of Nebraska, the USA re: smart policing.
And a lot more is yet to come 😄
Jonty|Host
5ire chain , whats the need to open another chain? is 5ire going to set other chains on fire?? if yes, how?? the main question is multichain+crosschain+bridging+hackproof+bridgefee+liquidity+usecase?
Aman
We are the first truly sustainability-driven platform. Actions in the 5ireChain adhere to the philosophy of 5IR, creating a net positive impact on the planet. 5ireChain does this by incentivising enterprises to be more sustainable & innovative, just by making the world a better place.
5ire envisions a future where the ecosystem is restructured as sovereign heterogeneous shards of a global network of connected chains — achieving true horizontal and vertical scalability that single chains can never achieve. It assures openness, unity of purpose, and inclusivity. Thus, shaping the ethics of business and collaborations toward sustainability while providing a cross-chain environment, plus advanced governance & rewarding mechanisms.
TWITTER ROUND
I see that #5ireChain uses a so-called hybrid consensus mechanism that combines the BABE and GRANDPA mechanisms. Can you tell us more about this consensus mechanism? How does your platform use this hybrid consensus mechanism? any benifits?
Aman
5irechain is using what is known as hybrid consensus, combining BABE and GRANDPA for block production and provable finality respectively, allowing fast block production and higher levels of security. By our sustainable vision, the 5ire reputation mechanism allows universal and canonical guidance for the network and the real-world activities, and direct those activities toward a for-benefit focused paradigm, in which appealing to the 17 United Nations Sustainable Development Goals is highly rewarding for all the actors while maintaining speed and transaction throughput better than any standard Proof-Of-Stake scheme and high levels of security and efficiency never attained by neither PoW’s nor PoS’s, All of this in the most human-focused sustainable way where bringing value to existence is highly incentivized.
I read that 5ireChain is a blockchain ecosystem based on the 17 UN Sustainable Development Goals. So, can you explain how their blockchain is able to meet these goals put forward by the UN to become the first truly sustainable and environmentally friendly smart blockchain?
Aman
5irechain will work on the tokenization of the 17 SDGs and bring them on-chain for the purpose of making the for-benefit paradigm more promising by taking advantage of the 5irechain transparency and accountability features and the sustainable reward distribution. And for your last question, yes, why not. With respect to how fast we have grown — Sky’s the limit.
All actions at 5ireChain adhere to the 5IR philosophy, creating a net positive impact on the planet. So, explain what the 5IR philosophy is and how it affects the development of your smart chain? Why companies should select their chain and the philosophy on which it is based?
Utkarsh
The 5th Industrial Revolution (5IR) is where humanism, civility, inclusivity, creativity, and purpose will thrive alongside profit and digitally-enabled progress. In contrast to trends in the Fourth Industrial Revolution toward dehumanization, technology, and innovation, best practices need to be bent back toward the service of humanity. As organizations and society look beyond the 4IR, we need to make “conscious choices” to ensure we create a place where profits, purpose, and people can thrive together.
Organizations must remain profitable to fulfil their purpose and invest in growth and their people. For us to move confidently as a collective beyond the 4IR, it is time to integrate purpose and unlock latent human potential by connecting individuals’ purpose and passions to a shared vision, and fostering a community of action — and this is where 5ire comes in.
Well, in terms of the second question — we are clearly shifting towards a world where more and more sustainable businesses are flourishing — and with time unsustainable businesses will just stop flourishing — and we are ready for that 🙂 When people talk about sustainability in the blockchain space — we want to be the default blockchain that people build on — come next 5 years 🙂
I read that 5ireChain has decided to postpone the IDO until March 29, 2022. Can you explain in detail what were the reasons that led them to make this decision? How this will benefit your community and help you as a platform.
Utkarsh
There were several reasons for delaying the IDO — marketing sentiment of course played a part as well. But we wanted to complete all the partnerships and give more value to the investors and the community — by making sure that these are completed with the expansion of the ecosystem.
We have released a very detailed article on why we think it was best to delay the IDO.
Following a surge in interest from investors and additional partners, 5ire has decided to postpone the IDO until these agreements and partnerships are finalized. As usual, this postponement is in the best interest of the 5ire community. By extending partnerships and collaborating with institutional players for MOUs, we believe our community will understand the long-term benefits of this postponement. From pessimistic despair to rabid optimism, we believe the current market sentiment is an opportunity to get more investors into our ecosystem and drive more holders that propel the market. As a result, the new date is scheduled to be 29th of March, 2022 and related updates will be announced on our official channels.
We know that postponing our IDO was not what you wanted, but community members won’t need to wait too long to participate. 🙏
Official Release ⤵️⤵️
http://bit.ly/5ire-news
Most solid projects with token utility and good infrastructure but perform poorly because investors dumped after listing on the first exchange. How do you prevent early investors from dumping your tokens?
Aman
Some motivations to hold 5IRE can be:-
1. Big Investors & Advisors
5ire is strongly backed by several large, reputable VC funds from the crypto space, including, Marshland Capital, Alphabit, Sanctum, Magnus, OIG, Moonrock, SafeLaunch, ItsBlockchain and Yield.app just to name a few.
5ire has a good experienced advisory board with names like:-
– JeffHoffma -Global entrepreneur from Price line.com,Booking.com, and uBid.com
– RajKapoor-Founder and Chairman of IBA
– IanScarf-Blockchain Founders Fund
– JoeVezzani-CEO-LunarCrush
– DavidMarshall-Cofounder of Marshland Capital
– SamsonLee-Founder Of Ethereum China Community
2. Partnerships
Actively building partnerships
– 1st blockchain with government adoption,(India,NigeriaandUSA, more coming soon)
– Partnership with FomoLabs , XP.Network
– Joined Huawei Cloud x Morpheus Labs Launchpad to promote further adoption
3. Proven Real Use-Case
4. Ecosystem Expansion
5ire will have its own exchange, metaverse/NFT Marketplace, its own wallet,
explorer, and two sidearms — 5ire Capital — a VC sidearm and 5ire Security.
5. Sustainability quotient -
Accelerates UN 2030 Agenda
We are the first truly sustainability-driven platform ever.
5ireChain’s consensus mechanism — “Proof of 5ire”, includes proof of benefit, sustainable proof of stake and proof of donation.
6. Competition
* First movers in the market
* Stronger security guarantee
* More Decentralised
* Better Governance & Democracy * Easier Upgradeability
* Faster Transaction Speed
COMMUNITY ROUND
Tien Thu
Staking programme is very important for any project, I wanna know Can i stake your token? Do you have any plan of starting staking programme?
Aman
The 5IRE utility token serves as a central unit of staking and exchange. These tokens are used for governance, staking, and other network utilities. As far staking is concerned, Tokens will be used to incentivize validators and nominators, based on the Nominated Proof-of-Stake reward distribution mechanism.
Devandra kenzi alaska
What are the main features of the Project that make it easy for users to see the difference in the way it works and what novel features are better than other projects? What advantages and competitive factors make you confident to dominate the DeFi market in the near future?
Utkarsh
Well, we already covered that so I’ll just paste here -
5ireChain is the first truly sustainability-driven platform that incentivises enterprises to be more sustainable & innovative, just by making the world a better place. Actions in the 5ireChain adhere to the philosophy of 5IR, creating a net positive impact on the planet.
With regards to its open-source or corporate competitors, 5ireChain is superior in the following ways:-
* Stronger security guarantee
* Sustainability by design
* First movers in the market
* More Decentralised
* Better Governance & Democracy
* Easier Upgradeability
* Faster Transaction Speed
5ire envisions a future where the ecosystem is restructured as sovereign heterogeneous shards of a global network of connected chains — achieving true horizontal and vertical scalability that single chains can never achieve. It assures openness, unity of purpose, and inclusivity. Thus, shaping the ethics of business and collaborations toward sustainability while providing a cross-chain environment, plus advanced governance & rewarding mechanisms
Sưong Sưong Vài Ly
Do you have an AUDIT certificate or are you working to AUDIT your project, so that its security becomes more secure and reliable?
Aman
https://t.me/Fire_Announcements/321
You read our complete security audit report here
Quach Thi Mai
What is the minimun amount to invest?
Utkarsh
Currently, you can participate in our private sale with $20k allocation 🙂
Chatarun Tansun
How important is the community to you? and how can we collaborate or help you for the development of the project?
Aman
Community play a key role in any project. You can help us by joining ad spreading the word about us.
List of Official Communities:-
Announcement Channel ➡️ @Fire_Announcements
Global ➡️ @OfficialFireChain
🇮🇳India ➡️ @firechainIndia
🇻🇳Vietnam ➡️ @firevietnam
🇨🇳China ➡️ @firecn
🇳🇬Nigeria ➡️ @firechainNG
🇪🇸Spain ➡️ @firechain_spanish
🇹🇷Turkey ➡️ @fireturkey
🇮🇩Indonesia ➡️ @firechainindonesia
🇷🇺Russia ➡️ @firechainrussia
All other communities except for the ones listed above are not affiliated with us.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guests Aman & Utkarsh from 5ireChain. AMA Concluded at 8:30 pm IST.
About us!
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 25000+ telegram members and growing.
