5ire is a blockchain ecosystem that embeds sustainability to its consensus mechanism.
It is creating a paradigm shift from a for-profit to for-benefit modality for rewarding nodes in the network. The resultant effect of the 5ireChain protocol is to reward activities that are in line with the UN 2030 goals.
5ireChain is Taking PoS a Step Further by Bringing Democracy On-chain
5irechain, the proprietary 5ire blockchain, calls its consensus protocol the sustainable proof of stake (SPoS). SPoS has been made more democratic by considering multiple factors beyond the staked amount assigned by a node.
The SPoS protocol is based on Stake, Reliability, randomized voting, sustainability score (Environmental, Social, and Governance), and time of the previous nomination.
The PoS consensus mechanism is deployed in the majority of the existing blockchain networks. With this mechanism, validators are selected in accordance with their staked amount.
While every node is considered randomly in the node selection, the PoS mechanism throws more weight behind nodes with larger staked amounts.
On 5irechain, we take the PoS mechanism a step further by integrating sustainability, reliability, randomised voting, and the time of the previous nomination. Combining these factors alongside the staked amount births the Sustainable Proof of Stake mechanism we pride ourselves on.
It should be understood that SPoS ensures that a node having a higher stake should get the higher priority, but to make it more democratic, it believes that stake should not be the only criteria for selecting the node.
The SPoS mechanism also wants to reward the loyal nodes, which are always there and hold the stake for a more extended period. Similarly, the mechanism further ensures that ESG compliance additionally rewards the nodes for being there for the benefit of society as a whole.
Along with the requirement of ESG compliance and giving it a sizable 20% weight, SPoS also uses Randomised voting to make the node selection more democratic. Randomized vote carrying 20% weight ensures that nodes having a lower stake can still be selected for the assembly of the block.
This 20% weight helps us curtail the cartelization of the network where nodes can create a nexus among each other by nominating or delegating their stake to favourite nodes each time.
Along with randomised voting, nodes are assigned a reliability score based on the time nodes have been online at the time of the vote. This incentivizes participation in the network.
The proposed consensus mechanism considers the sustainability score consisting of the organizations or individuals running the nodes’ environmental, social, and governance scores.
Initially, we will assign these scores depending upon credible inputs obtained from trusted authorities. Later, when the 5ire ecosystem stabilizes, there will be a decentralised mechanism to assign and update the sustainability scores.
In this manner, weighted elements other than the stake ensure the democratic participation of smaller nodes and makes the entire chain more sustainable.
Please visit us now at 5ire.org.
Media Contact
Company Name: 5ire
Contact Person: Vilma Mattila
Email: Send Email
Country: United Kingdom
Website: https://5ire.org