28 Nov 202114:30
5ire AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Utkarsh, Content and Media Head @utkarsh_5ire
Aman, Marketing Manager @hedonistmarketer
AmanHey Everyone, It's an honour to be here in this community.
UtkarshHi everyone! It is a pleasure to be here for this AMA! Thank you @mykocryptodiffer for the introduction and hosting us here in this awesome community
Myko (CryptoDiffer)thank you guys, its a pleasure for us too)
let’s start with some introduction
Q1: Can you introduce yourself to our community?
AmanWould love to
I work closely with the 5ire CMO on marketing and 5ire consulting.
I have been into affiliate marketing and ecommerce for more than 6 years.
UtkarshYes, absolutely. I am Utkarsh and I am a Content Specialist/Social Media Head for 5ire. I have been in the marketing industry for 6 years now, have been into affiliate, ecommerce, native etc.
Myko (CryptoDiffer)okie, thanks for the answers
Q2: Can you introduce 5ire to us?
UtkarshYes, that is actually a broad question but I will be as brief as possible.
5ireChain is a tier 1 high-performance distributed computing platform with lavish runtime functionalities oriented towards sustainability at the consensus level.
It is a blockchain ecosystem that brings sustainability, technology & innovation to build the 5th industrial revolution by ensuring that the activities which are aligned with the UN 17 Sustainable Development Goals either on-chain or in the real world are highly incentivized.
We want to works towards empowering more than 1billion+ people to create businesses that act as force for good and help create a more sustainable and greener world.
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.
let’s move on to the final question
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
AmanIt's tough to choose one particular moment.
We are proud of finalizing the Proof of Benefit incentive mechanism and that the progress regarding the nodes is promising, and at the same time, the technical team is becoming full of talent and experience.
We recently acquired coins91, the most Secure and robust platform for customers to invest into cryptocurrencies. We had recently just raised $10m in our private sale as well. Next few months, high focus would be on expanding the tech team, strengthening the 5ire ecosystem infrastructure and building the product.
We also acquired a part of a wallet, 5ire will also have it own NFT metaverse marketplace and it's own security wing. You find more news about this soon. So make sure you follow our social media channels and also are a part of our official telegram group.
Myko (CryptoDiffer)thanks for your answers!
now we can move to the community part! would you like to share your socials before?
Utkarsh@OfficialFireChain guys, show us some love! ❤️
Cryptodiffer CommunityHow does 5ireChain ensure sustainable practices are incentived?
thank you for asking
5irechain will work on bringing the 17 SDGs on-chain by using protocol level oracles and hundreds of ESG-family data sources for the purpose of making the for-benefit paradigm more promising by taking advantage of the 5irechain transparency and accountability features, and of the sustainable reward distribution.
This new mechanism encourage community to have sustainable best practices. By changing the incentive mechanism we are assuring that the community and ecosystem growth is guided by the 5ire vision where actors that adhere with it.
Cryptodiffer CommunityYou just mentioned about two different acquisition. Will you guys keep acquiring or upon subject on future period?
UtkarshThank you for asking Serkan, I chose this question because yes, partnerships play a substantial role in our aim, to impact 1+ billion people and help create a more sustainable world.
To answer your other question, yes. Infact, some of the biggest partnerships are still yet to come, we have received a staggering support from our community and we have to thank the people involved in the project, the team members, the investors, the community, and all of you people. We are moving in the right direction.
Cryptodiffer Community📍Can the 5IRE token also be used as an electronic payment system?
📍I have read that the 5IRE token will serve as a central unit of betting and exchange. How exactly will this happen? Can data providers and consumers provide data exchange and pricing interaction on the 5ire network?
UtkarshYes. Infact, 5ireChain is not just a utility token but an ecosystem of blockchain solutions that organically grow to become a multi-chain realm for building the 5th industrial revolution, investors are assured of their inclusivity in the ecosystem by getting rewarded for each active participation they provide to the ecosystem, while Proof of 5ire assure to reward validators nodes based on their sustainability best practices.
These tokens are used for governance, staking, and other network utilities.
Economics: 5ireChain will mint or burn tokens to fund the treasury, control the inflation rate, or reward the nodes that run the consensus protocol.
Staking: Tokens will be used to incentivize validators and nominators, based on the Nominated Proof-of-Stake reward distribution mechanism.
Slashing: Tokens also play a role in the slashing protocols designed to disincentivize attacks or adversarial behaviors.
Incentivized distributed data storage (IPFS): 5ire tokens are used in the incentive mechanism of nodes, as per data storage.
Incentivized data exchange & analytics: 5ire network provides data exchange and pricing marketplaces for data providers & consumers.
Cryptodiffer CommunityWhile I was going through your Roadmap, i saw that you have 7 goals to achieve in this last quarter of this year, but i didn't come across any auditing plan. Should we assume that 5irechain careless about the security of it platform or am i missing something? What plans do you have as regards security and safety?
UtkarshWell, good question, I'm glad you are paying attention.
Regarding the security, our blockchain is secure by design of its underlying technology as 5ireChain runtime is compiled to WebAssembly, and its written in Rust. 5ire team are security experts and its one of 5ire ecosystem strengths, and on the same note, we also recently announced our plans to expand the ecosystem that will also have its own security wing, with the best of the bests experts in the world.
Cryptodiffer CommunityWith a project like this, I feel there will be need for enormous funding from venture capitalists or partners, is the funding already in place or will there will be ICO and IDOs to raise funds
Aman5ire raised a total of $10M in the private sale round. Here is a list of our investors
* Marshland capital
* Alphabit (Techstars crypto Fund)
* Advisor to Private Office of HH SJM AlMaktoum
* Fomo lab
* Sky ventures
* Vcommission Global affiliate marketing network
*Skybridge 20 Vetures
*AV Star Capital
* BSC Launch
* Millionaire mentor
*Oracle Investment Group
* Gains VC
and also ZBS Capital :)
Have been a great supporter :)
I think that's a wrap guys
Thanks for your comprehensive answers)
AmanWe answered some the best questions. I think we'll consider them as winners :)
AmanIf you have any more questions or were left un answered you can ask us at out official telegram channel @officialFireChain
Thank You for hosting us @mykocryptodiffer :)
It was a pleasure to be here in this AMA.