5irechain aims to become the first layer-1 protocol to develop a sustainable and for-benefit ecosystem based on the sustainable development goals (SDG) defined by the UN. Our proposed consensus mechanism considers sustainability as one of the most important components of the consensus mechanism. Other than sustainability we also aim to curtail favouritism or cartelization in the proof of stake consensus mechanism where nodes can select the nodes of their choice for the creation of blocks.
Our block assembler nodes are selected based on multiple factors, including the age, stake, randomized voting and sustainability score(Environmental, Social and Governance). In order to promote the competitive position of smaller holders on the network, we reduce the weight of previously selected nodes, decreasing the probability of their being selected again. This weighting levels the playing field to some extent, providing more equal access to all nodes participating in the creation of the blockchain.
We also aim to introduce the concept of nested chains, which will enable the 5irechain nodes to create simultaneous blocks and thus providing scalability to the chain. The nodes will be grouped together based on latency and throughput to build and manage smaller chains. These independent chains will then be merged into 5irechains and their reliability, integrity, and authenticity will be measured through 5ire blocks, which are being introduced as blocks of blocks instead of blocks of transactions.