5ire Chain x Satoshi Club AMA Recap from the 16th of March

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from 5ire Chain and our guest was . The AMA took place on the 16th of March

The AMA session was divided into 3 parts with a total crypto reward pool of $500

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Mary | Satoshi Club

Hello  Satoshi Club! We are happy to announce our AMA session with 5ire Chain!  Welcome to Satoshi Club

Jonah 🏅🎹 | Satoshi Club

Our guests for today are @hedonistmarketer, @utkarsh_5ire

Mary | Satoshi Club

@hedonistmarketer, @utkarsh_5ire welcome to Satoshi Club

Jonah 🏅🎹 | Satoshi Club

Hello welcome

Utkarsh | 5ire.org

Hi everyone!

How are you?

Aman

Hey

How is everyone?

Jonah 🏅🎹 | Satoshi Club

Doing very fine, we are glad to have you both here

How are you doing today?

Mary | Satoshi Club

Hello! We are fine, excited to hear more about 5ire Chain

Utkarsh | 5ire.org

Glad to be here really.

We’re excited to tell you more.

Lets go!

Mary | Satoshi Club

We are happy to see you here today as well! Let’s go

Jonah 🏅🎹 | Satoshi Club

And we are super excited

Mary | Satoshi Club

We will start with intro!

Could you please introduce yourselves and tell us more about 5ire Chain i

Utkarsh | 5ire.org

Yes, ofcourse.

Aman

I work as a Marketing Manager for 5ire,closely with 5ire’s CMO.

I have been into affiliate marketing, ecommerce, native & google advertisement since 6 years. I was introduced into the crypto space few years back and there’s no turning back since then. I love it here

Utkarsh | 5ire.org

Well, I have been into internet marketing for more than 6 years and have had experience running native, affiliate, facebook, adwords etc before I joined 5ire last year.

Mary | Satoshi Club

Ahaha, yes i understand you

Jonah 🏅🎹 | Satoshi Club

You’ve both had great deal of experiences in the digital space

Mary | Satoshi Club

Nice experience, sure it will help a lot here!

Aman

Can say that

Mary | Satoshi Club

So, what is 5ire Chain and its main goals?

Aman

Would love to explain

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.

Jonah 🏅🎹 | Satoshi Club

So how many people do you have currently working on this project?

Mary | Satoshi Club

Great goals, guys! Who helps you to reach them? I am asking about your team as well

Aman

5ireChain is a tier 1 high-performance distributed computing platform with lavish runtime functionalities oriented towards sustainability at the consensus level.

5ireChain 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.

5ire 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.

Utkarsh | 5ire.org

Our team has rapidly grown to a full time 70+ members.

Utkarsh | 5ire.org

With 30+ developers.

Aman

Our team has actually been exceptional, without all of them, we wouldn’t be here.

Jonah 🏅🎹 | Satoshi Club

Very impressive numbers

Mary | Satoshi Club

Wow, it’s quite big! How long you were developing 5ire Chain project?

Aman

You already might know the co-founders.

Pratik Gauri (Co-founder & CEO) is s Serial social entrepreneur, investor, public speaker and writer creating 5th Industrial Revolution and championing UN SDGs.

Prateek Dwivedi (Co-founder & CMO) is a Blockchain enthusiast, investor and veteran Internet Marketer. He conceptualized the proprietary 5IRE consensus mechanism and reward protocols.

Vilma Mattila (Co-founder & CBO) is a Venture Capitalist & Futurist. She has Incubated 40+ Projects including Qtum, Tron & Aleph Zero. She is also an Advisor at the EU Blockchain Observatory.

Mary | Satoshi Club

Awesome team

Utkarsh | 5ire.org

Well. The idea was formulated in a tea shop in Delhi.

But it has been almost a year officially.

Mary | Satoshi Club

You are developing very fast! Great job!

Thank you, guys for this great intro! Are you ready to start with the questions from our community?

Aman

Our team, at 5ire, is pleased to announce that we have completed one #5iresome year!

We are truly grateful to our 5ire community for the immense love and support

Without YOU, there is no US!

#1YearOf5ire

Retweet Here! 🔃 (https://twitter.com/5ireChain/status/1503419948462665728)

Aman

Thank You

Yes, Let’s do it!

Jonah 🏅🎹 | Satoshi Club

Q1 from Telegram user @chinyere2020

I found out that the 5ire Chain ecosystem makes use of a hybrid concensus algorithm called “Proof of 5ire” which is said to be one of the unique selling propositions of the 5ire Chain. Can you give a detailed explanation about this hybrid concensus algorithm used by 5ire Chain? What are its distinctive features and how does this algorithm function? Can you mention the factors you considered before making the decision of using the Proof of 5ire algorithm and the contributions/benefits this algorithm will give to 5ire Chain and its users?

Aman

Proof of 5ire – our primary proposition and a really unique consensus mechanism,  which includes proof of benefit, sustainable proof of stake and proof of donation stacked on top of each other to generate your proof of 5ire score.. It integrates sustainability at the core of blockchain and empowers nodes for sustainable practices, by incentivising them economically.

Mary | Satoshi Club

Can you explain how it works as for newbies?

Aman

5irechain is using what is known as hybrid consensus, 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.

Tried to elaborate as much as I can

Jonah 🏅🎹 | Satoshi Club

So much here but impressive

Aman

That is what 5ire is

Mary | Satoshi Club

Oh, it seems clear do you have competitors? Can you name them?

Aman

Yes we do

Utkarsh | 5ire.org

In simple terms, if there are two individuals, Mary & Jonah, and Mary has more sustainable practices than Jonah, she would end up making more rewards.

Jonah 🏅🎹 | Satoshi Club

This is crystal clear

Aman

5ireChain Comparison Reports (https://twitter.com/5ireChain/status/1481671154595426305)!

What do feel about these results?

COMMENT BELOW

Jonah 🏅🎹 | Satoshi Club

This is insane and very exciting

Mary | Satoshi Club

I feel that if that’s true i will use 5ire Chain and not only me)

Aman

Here is our recent comparison report.

Ethereum, Solana , Cardano, Avalanche , etc

Mary | Satoshi Club

Unbelievable

Jonah 🏅🎹 | Satoshi Club

And it’s inpressive to see how well you compare with them

Utkarsh | 5ire.org

We consider them brother chains, more like.

Mary | Satoshi Club

Thank you for your answers, guys! Ready to proceed?

Utkarsh | 5ire.org

Yes

Jonah 🏅🎹 | Satoshi Club

Q2 from Telegram user   @Cheriemike

Sustainability and supporting the 17 Sustainable Development Goals (SDGs) of the United Nations are at the heart of everything done in 5ire Chain.So far can you tell us how you have been achieving your goal of a Hunger Free World?And to create the “Unicorns of Tomorrow”,you are searching for mission driven founders that are interested in creating a new paradigm in “Social Impact”.So is this offer open up to all or are there some criteria/requirements you are actually looking out for?How can those who are interested make their applications and what benefits/rewards are laid out for them?Please explain Thanks

Aman

5irechain will work on the tokenization of the 17 SDGs and bringing 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.

Mary | Satoshi Club

Have you heard that the problem of hunger may increase due to the fact that large agricultural producers Ukraine and Russia will not deliver products this year? I know one employee of the UN, so he estimated that because of this war the number of starving people could increase by one billion? According to these estimates, he was almost fired, but the problem will soon become real. How do you see its decision? Any thoughts?

Aman

5ireChain intends to be the leading blockchain ecosystem to solve sustainability issues with its core technology, “Proof of 5ire”, which integrates sustainability & social impact at the consensus mechanism level by economically rewarding companies for their sustainable practices. Thereby, leading the 5th Industrial Revolution where bringing sustainability and support for the 17 Sustainable Development Goals (SDGs) is more profitable than acting against this paradigm. Thus achieving and motivating sustainable actions, by design.

5ire 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 partner to govt.

2. 5irechain signed MOU with Nigerian Govt

3. 5irechain signed MOU w State of Nebraska, USA re smart policing.

Mary | Satoshi Club

Nice achievements

Aman

There are a few terms & conditions to that , you can visit our website or join our official group @officialfirechain

Jonah 🏅🎹 | Satoshi Club

This is Impressive

Jonah 🏅🎹 | Satoshi Club

Is the signing with the Nigerian govt also on smart policing?

And what regions are you considering next?

Utkarsh | 5ire.org

It’s horrible, yes. The whole alignment will be changed, and there will be pain, distributed in the order of how much your food budget is. Governments have taken steps to ensure that their food supply is situated close by – it’s war – and it is bound to take a toll, from inflation to protectionism, and trading restrictions.

Jonah 🏅🎹 | Satoshi Club

Quite a sad situation for the world

Aman

Whole world!

Jonah 🏅🎹 | Satoshi Club

Thank you for your Answers

Mary | Satoshi Club

I hope that the governments of countries with food problems will take these warnings seriously

Thank you for your answers, guys! Ready for the next question?

Aman

Yep

Jonah 🏅🎹 | Satoshi Club

Q3 from Telegram user @V1ct0r_26

Hello, 5ire Chain’s Team!

When it comes to the roles users can have on the platform, I saw that there are quite a few, but the most important ones are “Nominators”, and “Validators”. So, could you please give us a more in depth look about this two particular roles on 5ire Chain? What kind of purposes do they fulfill on the platform? Why are they so important within the right development and functioning of the platform? What do I need to do, as a 5ire Chain user, if I want to become either a Nominator or a Validator? Most importantly, what benefits do users get from fulfilling these roles in 5ire Chain? Thanks

Utkarsh | 5ire.org

MOU is signed with Nigeria’s Federal Ministry of Agriculture and Rural Development to support the development of organic farming in Nigeria.

Nominators are actors who provide sustainability and security to 5irechain by electing validators and by staking the 5ire tokens.

Holders that cannot afford to run and maintain a node are highly motivated to become nominators and earn income by electing validators of their choice and sharing block production rewards with them.

Nevertheless, they need to choose wisely from the set of available validators as those with higher reputations are more rewarded, not those who have more at stake.

Mary | Satoshi Club

What does user need to run a node?

Utkarsh | 5ire.org

Validators are one of the major actors in 5irechain, as they are the ones that participate in the verification and in the production of blocks according to our consensus mechanism, and according to their activities appliance with our sustainable vision that is based on the Proof of 5ire, they are highly incentivized to be for-benefit driven and to bring impact to the world.

Aman

If you want. to run a node for us kindly contact us or any of the team member ad we’ll help you. @officialfirechain

Mary | Satoshi Club

Gotcha!

Mary | Satoshi Club

Thank you for your answers! Ready to jump to the next question?

Utkarsh | 5ire.org

Lets go.

Jonah 🏅🎹 | Satoshi Club

Q4 From Telegram user @GracieEne

In 5irechain, users are encouraged to create DAOs around sustainability and the service of humanity. What are the processes involved in creating a DAO using 5irechain? What will be the needed skills for this creation? How expensive will it be to create and run a DAO using 5irechain and What are the rewards or incentives given to users that create DAOs? I also read that the complex account types offered by 5irechain can help in the creation of complex DAO hierarchies and governance mechanisms for the control of multi account shared wealth. What are the complex type of accounts offered by 5irechain for DAO creation? How does the creation of these complex hierarchies control shared wealth?

Aman

Sustainable DAOs – Users are encouraged to create DAOs around sustainability and the service of humanity. And the complex account types offered by 5irechain can help in the creation of complex DAO hierarchies and governance mechanisms for the control of a multi account shared wealth.

Jonah 🏅🎹 | Satoshi Club

What are the account types?

Utkarsh | 5ire.org

The best example of creating DAOs around 5ire is 5ire Capital

5irecapital will be a DAO, powering a bottom-top community building and innovation. As part of the 5ire ecosystem, we will give back a certain percentage of any amount of proceeds 5irecapital does on a project as airdrops. Since there will be a minimum buy-in of our tokens, this represents a meaningful membership in the DAO. In addition to enabling the DAO’s core creative outputs, giving back to the community through airdrops symbolizes a borderless resource distribution. In one part, it will incentivize the next generation of investors, builders, and creators. In another part, it establishes the potential of decentralized governance where new ideas are incubated and scaled. This is what 5ire is all about and we are glad to give back to our community.

Utkarsh | 5ire.org

For the process involved around creating DAOs, the better concept is to know what DAO actually is and moreover who do you want to empower using DAO.

Talking about 5ireChain’s personal DAO, everyone is empowered here from actors & validators to stakers and users.

Mary | Satoshi Club

What will be the minimum buy in? Which amount?

Utkarsh | 5ire.org

Buy in for?

Mary | Satoshi Club

For DAO as i understand

‘Since there will be minimum buy-in of our tokens…’

Aman

Yes

Aman

There will be

For a meaningful membership in the DAO but it is still TBA

Mary | Satoshi Club

Got it! We will follow your updates!

Aman

Indeed!

Mary | Satoshi Club

Thank you for your answers! Ready for the next question?

Utkarsh | 5ire.org

5ire Capital, the VC firm of 5ire is open for incubating such projects who create a meaningful future, if you have a plan let’s work together on it drop us a mail at [email protected]

Utkarsh | 5ire.org

LLets go

Aman

Or else i will have to go through the white-paper to get you the numbers, lol

Jonah 🏅🎹 | Satoshi Club

Q5 From Telegram  User @iceVermithraxx

with NFTs becoming trending in the Industry, every crypto user will like to create their own NFTs and I noted that using 5ire, every user can create their own standard fungible and non-fungible token. Can you explain on the requirements for users to be able to create FT and NFTs on 5ire Platform? how can users trade/sell the FTs and NFTs created in 5ire? I also noted that users can also create a unique readable domain name. can you explain more on the creation of the unique domain Name in 5ire and how users can create it? Lastly, 5ire also allows multi-custodial account, why do you do choose to allow multi-custodial account creations? Wont this promote scam and multiple accounts?

Utkarsh | 5ire.org

Well, the answer to these questions is quite technical since currently, 5ireChain is in its private network mode so the creation of NFTs and other kinds of digital assets over it is not publicly possible.

As for the domains, 5ire will have small domains rather than the long hexadecimal address which will easily allow the users to transfer tokens from one wallet to other.

We also innovated phone number integration on 5ireChain.

Users will be able to create their address using mobile numbers and then can easily access / perform transactions.

Jonah 🏅🎹 | Satoshi Club

Understood

Mary | Satoshi Club

But will it be possible when it will be launched?

Utkarsh | 5ire.org

Here is some info you might find useful –

Research paper on DAO – https://www.researchgate.net/publication/358694594_Mapping_out_the_DAO_Ecosystem_and_Assessing_DAO_Autonomy

Phone number integration – https://www.youtube.com/watch?v=uT9LPQUb1oY

Utkarsh | 5ire.org

Yes.

Jonah 🏅🎹 | Satoshi Club

 Is the entire process of creating a domain free?

Utkarsh | 5ire.org

And More Here – https://www.5ire.org/documentation

Mary | Satoshi Club

Thank you! Very useful info

Mary | Satoshi Club

Ready for the 6th and last question from this part?

Aman

Yes

Jonah 🏅🎹 | Satoshi Club

Q6 From Telegram User @Ask4unik

Last month,5ire Chain secured a $100 Million capital commitment from Gem Global Yield LLC SCS (GGY) as you seek to file for an IPO.So can you tell us what this IPO that you are filing for really means and how will it help in facilitating the growth of 5ire Chain?Will the $100 Million actually be used only for the filing of an IPO or the remaining will be used for something else?Will GGY later be part of 5ire Chain partners?5ire Chains aims to liaising with government stakeholders in Indian,what about doing the same in other places? Thanks

Utkarsh | 5ire.org

Well, this partnership aligns with our vision. The market has acknowledged our hard work and sees things as we see them. We are the only sustainable blockchain in the world and we will continue to work relentlessly until sustainable practices through blockchain, and doing business for benefit, become a way of life for businesses worldwide.

It will focus majorly on how we further promote our vision of ‘for-benefit’ ventures in the 5ire ecosystem.

Funds will help us in:-

Expansion of the ecosystem.

Investment in technology and resources and adding tech developers to build a more robust 5ireChain infrastructure.

Investment in research for innovation.

Amplification of human capital.

Enhancement of adoption of 5ireChain across crucial target audiences.

And about the role of a liaison – we are just 8 months old – and we’re already this far. Our ultimate goal is to impact the whole population of our globe, hence, India serves as the entry barrier to millions of people. We have huge plans for the future – and we are not limited to India.

Mary | Satoshi Club

I believe you will reach all your goals

Jonah 🏅🎹 | Satoshi Club

Thank you for your well detailed response to our community questions

Mary | Satoshi Club

We came close to the next live part of our AMA now

Are you ready, guys?

Mary | Satoshi Club

Let’s go

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Rakshhit

Funding is an important part for any project. So I want to know how much funding you raised from the Investor?

Utkarsh | 5ire.org

Thank you for asking. Well, Our private round was closed a couple of days back – worth $21.5M.

And as you might’ve heard – we have also received a $100mn ecosystem funding from GEM

Find more info about that here – https://blog.5ire.org/5ire-raises-100-million-from-gem-global-yield-llc-d3349e214b7a

Q2 from Telegram user Crypto Captain

Can you let us know more about your roadmap for 2022 and how did your roadmap for 2021 pan out?

Utkarsh | 5ire.org

https://5ire.org/roadmap

This is our roadmap – most of our focus is on product development, and we want to get the product out into the marketing as soon as possible. Building a layer 1 from scratch takes a lot of effort – and thankfully we are on track – there might be some delays in timelines here and there – but the team is really excited and is up for the time ahead.

Q3 from Telegram user @Fatima6734

Why do you believe that users will attached to 5irechain in the Long Term?What is the Key to this?

Utkarsh | 5ire.org

Good question. Well, to be honest, we clearly see the shift in businesses being more and more sustainable over the past few years. Juices are more profitable than coke, EVs are the future of cars.
There will come a time when all the unsustainable businesses would stop flourishing. And 5ire is ready for that. This in itself is the biggest key in our adoption

Q4 from Telegram user @MCBTrade

It uses a hybrid consensus mechanism that combines 5irechain’s BABE and GRANDPA mechanism. Could you please give information about the importance of this mechanism and how it is used? What are the advantages and benefits of this mechanism?

Utkarsh | 5ire.org

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

Q5 from Telegram user @DK177

Why did you combine a number and letters in your name as 5IRE? What do you indicate by that?

Utkarsh | 5ire.org

5IRE, pronounced FIRE, stands for the 5th Industrial Revolution – our core ideology for moving the for-profit paradigm towards a for benefit one.

Q6 from Telegram user @Robotliker1

Project security is important for investor trusts. Will you do any third party Audit in the future? Do you have any Audit credential certificate or not?

Utkarsh | 5ire.org

We do.

https://t.me/Fire_Announcements/321

Q7 from Telegram user Rakesh

Are you conducting any Whitelist Event of 5ireChain? If yes can you please share?

Utkarsh | 5ire.org

We are. Thank you for asking. For anyone willing to participate – please click here – https://bit.ly/5ireWL

Q8 from Telegram user Rima

Sir. I am interested in your project. When and where can I buy your tokens? Is it already listed exchanges?

Utkarsh | 5ire.org

Stay tuned for an official announcement soon. @officialfirechain

Q9 from Telegram user @laaf0

Could you tell us in what phase of development is 5ire chain? Could it be that it is ready to launch its test versions? or is it really ready for its official launch?

Utkarsh | 5ire.org

For the former, very very soon. And about the mainnet – it is scheduled for Q3-Q4 2022 – and now that the fundings round is over – our top priority is the product and our team is working really really hard towards the same.

Q10 from Telegram user @Ajpaa

How can I become validator authoring the block transaction and what are the requirements?

Utkarsh | 5ire.org

We did covered this question but again, if you are interested get in touch with our team. You can contact us at @officialfirechain

Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club/
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Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/

Our partners:
Telegram –https://t.me/OfficialFireChain
Twitter-https://twitter.com/5ireChain
WebSite – http://www.5ire.org/

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