5ire is the first Layer 1 blockchain project focused on sustainability, featuring an exchange, wallet, NFT marketplace, and a VC fund to assist other sustainable blockchain businesses to flourish.

Intending to go public, blockchain network 5ire has received $100 million from GEM Global Yield LLC SCS (GGY), a Luxembourg-based private alternative investment organization.

GEM plans to solidify its foothold in the emerging markets for sustainable level 1 or layer one blockchains by investing in 5ire. The company said on February 15, with a broadly diversified portfolio of use cases and rising cache memorandums of understanding with the government and private sector associates. “I am very excited about our partnership with GEM and looking forward to finding synergies in how we further promote our vision of ‘For-benefit’ ventures in the 5ire ecosystem to transition the world from 4th Industrial Revolution to 5th Industrial Revolution, meet the 2030 SDGs, and beyond,” 5ire co-founder and CEO Pratik Gauri was recorded saying.

5ire had secured $21 million in its seed round with a valuation of $110 million before GEM’s investment.

The money will expand the ecosystem, including collaborating with government stakeholders in India and emerging foreign markets, investing in technology and resources, hiring, and increasing 5ireChain usage.

5ire and the World: Collaboration with the UN

5ire has worked on the United Nations’ Sustainable Development Goals and collaborated with countries on three continents.

According to the firm, by signing MOUs, 5ire has taken the first step in bringing its technical solutions for sustainability, improved governance, and more to India, Nigeria, and the United States.

According to 5ire’s CBO and co-founder Vilma Mattila, sustainable development is expected to be a $20-30 billion industry in 2022, growing to $50 billion by 2030. “For us to be able to make an impact on the world, multiple stakeholders in the ecosystem will need to come together and build a community that encourages businesses to do good. With this capital, we aim to develop initiatives that help in community building as well,” Mattila said.

The Use of the Elusive technology Sharding

Nischal Shetty, the founder of crypto exchange WazirX, and blockchain architect Omar Syed recently revealed “Shardeum,” an L1 blockchain network that is EVM-compatible and sharded. The project is scheduled to start in the last quarter of 2022.

“Sharding” is a scalability and efficiency strategy used by blockchain organizations to split data into smaller pieces, or “shards,” allowing for more transactions per second. Shardeum combines dynamic computation and state sharding to accommodate users, enabling global-scale decentralized applications.