5ire, an Indian development firm that focuses on sustainable developmental projects is looking to bridge the gap between sustainability and blockchain technology with a proprietary layer-1 protocol incentivizing the use of United Nations sustainable development goals.
The project has secured a total of $100 million in its Series A funding to drive the development. The 5ire project, a fifth generation blockchain network, is being spearheaded by Indian entrepreneurs Pratik Gauri and Prateek Dwivedi. They are looking to incentivize the implementation of the United Nations’ sustainable development goals, also known as SDGs, for users of its system.
According to the CoinTelegraph report, the project has now attracted a total of $121 million in investment. A seed round secured $21 million from notable tech investors, including Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital.
The Series A funding for 5ire was investments from United Kingdom-based business empires, namely SRAM & MRAM. With the vision and successful funding, 5ire intends to expand its business into Asia, North America, and Europe in addition to keeping its operations center in India.
The use case that 5ire presents for the world using its blockchain technology is novel and the practices align themselves with United Nations SDGs. CoinTelegraph mentioned in its news that the 5ireChain network is described as a first-layer, sustainability-driven, and fifth-generation blockchain.
5ireChain is operated by a unique consensus protocol known as the sustainable proof of stake protocol. This consensus method will rank node validators based on the number of sustainable and ESG practices they will follow. As explained in its white paper, nodes are assigned weights based on metrics which include their stake, reliability, randomized voting, sustainability score, and previous nomination.
Not only are blockchain protocols looking for venturing into sustainability. There are many queries and work going on, in the NFT and Metaverse space, where crypto and its tokens, or NFTs are being minted to sustain the planet we reside in.
Additional Read: Top Crypto Price Today
How Metaverse and NFTs can Help Save Earth?
Many NGOs and organizations who are working for the environment are leaning toward NFTs as a way to raise funds to save the ocean or wildlife. The surge in NFTs and the booming of the crypto space as a whole has opened doors for NFTs to be the holy grail by which organizations can not only raise funds or awareness but also use the NFT space to present the horrors of the ecosystem; pollution of the ocean bed, endangered species, etc.
Holiday decors, gift boxes, etc are usually bought and then discarded; which then ends up polluting the ocean bed. Thus, next time while making a list of the holiday items there is an exciting option waiting in the Metaverse, in the form of NFT! Add items and create an NFT of your own, or invest in the various NFTs already available!
Additional Read: How to mint NFTs?
Minting NFTs is not an add-on footprint on the already fragile environment. The more adoptive people will be to migrate their consumption of non-biodegradable objects to the blockchain-based metaverse, the physical consumption of commodities will also be largely replaced by the virtual and more eco-friendly NFTs.
More and more artists, celebrities, and even politicians are turning to releasing their NFT collections on the blockchain. The social influence of these significant individuals is leading the way, issuing digital limited editions and special collections, instead of printing cards, molding plastics, manufacturing chemicals, and polluting the environment.
Additional Read: Top 10 most expensive NFTs ever sold.
Wrapping it Up!
The crypto space is still venturing into a lot of new upgrades and launches amidst the bear market phase. It is advisable to do thorough research before diving into any investing. For the latest news on the crypto block, keep an eye out for CoinDCX Blog.