Indian blockchain company 5ire secures $100m to fund sustainability-focused project
Indian development company seeks to bridge sustainability and blockchain technology with proprietary Layer 1 protocol incentivizing use United Nations Sustainable Development Goals.
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An ambitious sustainability-based blockchain project has secured $100 million in a Series A funding round to boost its development.
Indian entrepreneurs Pratik Gauri and Prateek Dwivedi led the founding of a fifth-generation blockchain network known as 5ire, which seeks to encourage the implementation of the United Nations Sustainable Development Goals (SDGs) for users of his system.
The project has now attracted a total investment of $121 million. A seed round raised $21 million from notable tech investors including Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.
A subsequent Series A fundraising raised a $100 million investment from the UK-based SRAM & MRAM conglomerate. 5ire intends to expand its operations in Asia, North America and Europe in addition to its operations center in India.
5ire showcases a new use case for blockchain technology that seeks to promote practices aligned with the UN SDGs. Its 5ireChain network is described as a first-layer, sustainability-focused, fifth-generation blockchain.
5ireChain is operated by a unique “sustainable proof-of-stake consensus protocol,” which will rank node validators based on the number of sustainable and ESG practices they follow. As its whitepaper explains, nodes are assigned weights based on metrics that include their participation, trustworthiness, random vote, sustainability score, and previous nomination.
The company told Cointelegraph that it will use its large capital investment to fund an aggressive growth strategy to implement its set of use cases and develop services for companies wishing to use solutions based on on 5ireChain.
Related: "People should invest in all...
Indian development company seeks to bridge sustainability and blockchain technology with proprietary Layer 1 protocol incentivizing use United Nations Sustainable Development Goals.
New
An ambitious sustainability-based blockchain project has secured $100 million in a Series A funding round to boost its development.
Indian entrepreneurs Pratik Gauri and Prateek Dwivedi led the founding of a fifth-generation blockchain network known as 5ire, which seeks to encourage the implementation of the United Nations Sustainable Development Goals (SDGs) for users of his system.
The project has now attracted a total investment of $121 million. A seed round raised $21 million from notable tech investors including Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.
A subsequent Series A fundraising raised a $100 million investment from the UK-based SRAM & MRAM conglomerate. 5ire intends to expand its operations in Asia, North America and Europe in addition to its operations center in India.
5ire showcases a new use case for blockchain technology that seeks to promote practices aligned with the UN SDGs. Its 5ireChain network is described as a first-layer, sustainability-focused, fifth-generation blockchain.
5ireChain is operated by a unique “sustainable proof-of-stake consensus protocol,” which will rank node validators based on the number of sustainable and ESG practices they follow. As its whitepaper explains, nodes are assigned weights based on metrics that include their participation, trustworthiness, random vote, sustainability score, and previous nomination.
The company told Cointelegraph that it will use its large capital investment to fund an aggressive growth strategy to implement its set of use cases and develop services for companies wishing to use solutions based on on 5ireChain.
Related: "People should invest in all...
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