2 Million Transactions, 1 Powerful Ecosystem: 5ireChain's Breakthrough
With a lot of anticipation and excitement, the 5ire Testnet: Thunder Beta had gone public on Feb 13, 2023. In a little over a month, we had hit our first big milestone of a million transactions on the EVM and Native chain respectively. True to the words of American poet and author Hemingway, our journey to the testnet launch happened ‘slowly and then suddenly’.
But before we dive into the testnet data, demographics and more, let's take a step back.
Our raison d'être
The Fourth Industrial Revolution held the promise of increased productivity through automation of manual tasks. It envisioned a world of unleashing human creativity and unlocking technological potential. While the jury is still out on whether it will meet its promise, what is alarmingly obvious is the disastrous impact it has had on climate change and sustainability. The Fourth Industrial Revolution’s "for-profit" paradigm has caused excessive depletion of natural resources, climate change, and biodiversity loss. The need for a paradigm change from for-profit to for-benefit is pertinent.
Driven by the idea of taking the world to the 5th Industrial Revolution, 5ire was conceptualized. We are a Layer 1 Patent Pending Sustainable Blockchain at the consensus level with a mission to make Blockchain sustainable & accessible for 1 billion+ people by 2030 which became a billion-dollar unicorn in a record eleven ( 11 ) months.
5ire Testnet: Thunder
Our Testnet Alpha went live on November 30, 2022. Shortly after that, the Testnet Beta (public release) went live on February 13, 2023. Here’s how the numbers look so far (as of March 20, 2023) -
● Total transactions: 2.2M
● Native chain transactions: 1.2M
● EVM chain transactions: 780K
● Total wallets: 270K
● Native chain wallets: 510K
● Native chain smart contracts: 2000
Insights in hindsight
Getting to the golden number of million transactions has been an adventurous journey. In addition to providing us with key insights, it has made us very enthusiastic about our road to mainnet.
To achieve 1 million transactions, we had to level up our transaction speed game significantly. The testnet became an important litmus test for the combined power of our EVM and Native chains. The Native Chain operates natively without relying on other
platforms or technology, while the EVM Chain runs on the Ethereum Virtual Machine. Together, they create a powerful combination that can handle high transaction volumes while ensuring scalability and security.
Now coming to the key insights:
1. The power of community always compounds. Our google analytics data shows us that our testnet has seen participation for 163 unique countries. What is even more promising for us is that in the top 15 countries the numbers are fairly uniform, ranging between 11k to 4k. This list includes countries where we don’t have offline presence yet and the adoption is driven purely by community efforts and support.
From day one at 5ire, we have kept community building as a core priority. The beauty of this is that while it is often difficult to quantify community building effort and calculate ROI in the short term, in the long term it has high returns.
2. Quality and quantity need to go hand in hand. In addition to the number of overall adoption, what makes us even happier is the data we see on usage patterns. So far the average time spent on the testnet is upwards of 8 minutes. This shows that not only do we have quantity we also are doing well on quality.
3. Accessibility needs to be a design principle, not an afterthought. Often in early days of ecosystem building the focus is on getting the numbers and the big milestones. But for us, inclusion and accessibility has been a core component and our ambassadors have helped us champion it. All major updates and announcements by 5ire have been translated by our ambassadors and made available in different regional languages. We believe this is what has helped us see a high degree of global adoption.
Road to Mainnet
This achievement marks a significant breakthrough for blockchain technology and sets us apart as leaders in the industry. We have opened up new use cases for blockchain technology, such as high-frequency trading, micropayments, and real-time gaming. We have provided businesses and developers with a platform that can handle their needs, and we have shown the world what is possible with blockchain technology.
We will continue to push the boundaries of blockchain technology, exploring new technologies and techniques to improve the performance and scalability of 5ireChain. The future is bright, and we are excited to be at the forefront of the blockchain revolution. Join us as we continue to innovate, explore, and push the limits of what's possible!