Exemption to appoint 5 ex-government officers, C-level officers

Chief Executive Prateek Gauri said in an interview that the company will allocate funds in four buckets including research and strengthen its technology infrastructure.

Unicorn currently has around 65 developers in-house, besides 50-60 consultants based in chief technology officer, Dhanraj Dadhich, Mohali, he said.

“We are going to add more people to our technology teams,” Gauri said.

By hiring C-level executives and retired government officials, 5ire aims to make deep inroads into corporations and governments. It currently has a total of 10 stakeholders, including government agencies and corporations, testing its upcoming 5ireChain blockchain. These include consumer electronics firm Intex, men’s personal care firm V-John, Uttar Pradesh’s Muzaffarnagar Police and the US’s Nebraska Police.

“Around 10 stakeholders are already testing the product and we plan to go from 10 to 100 big stakeholders apart from developer adoption,” Gauri said. “They (early stakeholders) are going to be mostly validators, but they are testing multiple uses.” -Case. Together with Eagle Hunters (a manpower services company), we are testing an employee record use-case where all of their 120,000 employees will go on the blockchain. Once we get tested with them, we want to go directly to the railway ministry, for example,” he said.

The 5ire mainnet, the blockchain network that is part of the company’s core product offering, is set to launch in November. The company has built on top of the proof-of-stake (PoS) consensus mechanism used by platforms such as Solana, Cardano and Ethereum, it said. The company plans to provide this to stakeholders for decentralized storage, healthcare, telecommunications networks and more.

Its flagship offering is a new “proof-of-benefit” mechanism that it has built on top of the POS system, it said.

PoS is a relatively new consensus mechanism used to validate entries in a distributed blockchain-based database. The old proof-of-work system invited all the miners on a network to validate a transaction and rewarded the one who was the fastest. In PoS, miners are invited to stake their own tokens on the network and only top stakeholders are allowed to validate transactions, thus reducing the overall computing power required to validate each transaction. does less. A variation of PoS is called Named Proof-of-Stake (NPoS), which is used by networks such as Polkadot. It adds a set of nominators to the network who select validators.

According to 5ire, its new proof-of-benefit system is built on top of traditional NPoS mechanisms.

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