The blockchain ecosystem is marked by a meteoric growth since its inception as countless projects fly their flags to the moon with mouth-watering solutions and offers. However, amid the scramble to lead the ecosystem, the blockchain trilemma remains unsolved. 5ire aims to lead the pace with a novel approach that addresses decentralisation and scalability without compromising the security of its network.
How 5ire is Solving the Trilemma Puzzle
Over the decade, blockchain projects have battled with developing a secure, scalable and decentralised network to serve their users. However, the existing blockchain projects fall short in one or two aspects of the trilemma. Hence a secure and decentralised project will not be scalable, a scenario in which Ethereum is a perfect example. Other projects may be scalable and secure but not decentralised. The puzzle here is how to crack the three nuts without losing any kernel.
5ire is solving this three piece puzzle of the blockchain trilemma with a novel approach. Our proprietary blockchain, 5ireChain is developed with a consensus protocol that addresses security, scalability and decentralisation effectively.
Our security protocol is programmed with homomorphic encryption, hardware root of trust and it is provably secure against quantum computers.
As the computing age journeys towards the adoption of quantum computers, it is necessary to secure our network against such powerful programs that run them. Quantum computers possess a processing power that outsmarts even the traditional state-of-the-art supercomputers. This poses a threat to blockchain networks that are developed with traditional computers of low processing power. However, the 5ireChain security protocol is a step forward with provisions that offer quantum resistance to the network.
Homomorphic encryption is a type of data encryption scheme that works on encrypted data without decrypting it. The possibility of running a mathematical operation on encrypted data and getting the expected result without decryption shows that there is a relationship between a plaintext and ciphertext. Homomorphic encryption not only processes encrypted data but also ensures that the relationship between the plaintext and ciphertext is not revealed in the process. This confers an unusual high level of security against malicious observers in the network.
The 5ire ecosystem ensures that all nodes in the blockchain ecosystem establish a certain level of trust. We are introducing a hardware-based root of trust based on Trusted Platform Module (TPM) technology. A TPM device will allow the 5ire nodes to remotely attest devices for any malicious code.
The need for a scalable network is paramount as blockchain gradually gets adopted and enters mainstream usage. Even a secure network needs a seamless throughput to handle transactions on a busy day. 5ire is using parallel chains to ensure that 5ireChain is scalable. In order to support this, 5irechain allows multiple transaction pools, one for each parallel chain. Whenever the number of transactions in a transaction pool surpasses a threshold, that particular transaction pool is divided into two different pools. This network architecture guarantees throughput in the event of an increased demand on the network without implicating the security protocol.
5ireChain is neither deployed with PoW nor with traditional PoS. The 5ireChain protocol uses a sustainable proof of stake consensus, SPoS, to validate and add new blocks to the chain. SPoS is a multifactor protocol that weighs in sustainable and ESG practices while assigning block assembler roles to nodes. This 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.
As the scramble to solve the blockchain trilemma puzzle continues, 5ire aims to lead the pace with a novel approach. 5ire deployed the most secure security patches, and a scalable network architecture while keeping the network fully decentralised.