An Indian sustainability-based blockchain firm has reportedly obtained $100 million of capital injection to form a bridge between sustainability and blockchain, using a proprietary layer-1 protocol. 

Specifically, entrepreneurs from India Pratik Gauri and Prateek Dwivedi have reportedly taken charge of the foundation of a fifth-generation blockchain network that goes by the name 5ire, with a primary target of incentivizing the implementation of United Nations’ sustainable development goals (SDGs) for users of its system.

The project has reportedly now managed to reel in an overall figure of $121 million in investment. A seed round obtained $21 million from high-profile tech investors including Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.

A subsequent Series A funding round concluded with a successful $100 million investment from United Kingdom-headquartered conglomerate SRAM & MRAM. 5ire looks to widen the scope of its presence to cover Asia, North America, and Europe, apart from its operations facility in India.

5ire reportedly offers a novel use case for blockchain, which seeks to promote practices that are in line with United Nations SDGs. Its 5ireChain network is referred to as a first-layer, sustainability-driven, and fifth-generation blockchain.

The operation of 5ireChain is carried out by a unique “sustainable proof of stake consensus protocol”, which will rank node validators dependent on the number of sustainable and ESG practices they adhere to. 

Per the explanation from its white paper, nodes are assigned weights depending on metrics which include their stake, reliability, randomized voting, sustainability score, and previous nomination.

The company additionally remarked that it aims to utilize its sizable capital investment to bankroll an aggressive growth strategy, in an effort to complete the implementation of its set of use cases, as well as building services for businesses planning to use 5ireChain-based solutions.