In conversation with Prateek Dwivedi, Co-founder, and CMO of 5ire, the sustainable blockchain network
Still, in its infancy, blockchain has now entered the general public’s conscience due to its strong association with cryptocurrency and finance. But the technology is poised to revolutionize businesses across the board, including technology, education, transportation, agriculture, logistics, and healthcare. Blockchain could be the quintessential saviour that could solve the perennial problems of our world. And businesses are starting to wake up to this particular fact.
Although the benefits associated with blockchain are aplenty, one particular problem with the technology has gone unaddressed: sustainability. This is where 5ire comes in. Led by co-founders Prateek Dwivedi, Vilma Mattila, and Pratik Gauri, 5ire is working to ensure that the problem of sustainability comes to the forefront of blockchain technology so that businesses can change the world without inflicting any damage to it.
The trailblazing company’s vision of building a sustainability-focused Layer 1 blockchain ecosystem got significant validation when 5ire received – a giant – $100 million capital commitment from Luxemburg-based GEM Global Yield LLC SCS (GGY) in February 2022.
Business Outreach recently got in touch with Prateek Dwivedi, Co-founder, and CMO of 5ire, for an interview.
Could you tell us about your background prior to co-founding 5ire?
After being a serial entrepreneur and launching successful affiliate marketing brands like AdBooba, Kaching Media, and DOTS, I started seeking technological solutions for sustainable development. I’ve always aimed for living a healthy, balanced, and fulfilling life, and I thought – why can’t this be true globally? I’m still a marketer at heart. And my designation at 5ire as the CMO reflects that. But, moving to blockchain from affiliate marketing was very organic for me. I also began to realize the flaws of thinking in a ‘for-profit’ mode and forced myself to look at things in ‘for-benefit’ terms.
How did you happen upon the idea of 5ire?
The current ecological emergency and the resulting pandemic that we are going through have really got us all concerned about sustainability. I thought that the only way out of this was to enable the communities and companies to adopt sustainable practices instead of just punishing bad actors. We must begin rewarding good behavior too. I saw sustainable development as the next big thing, and one day my co-founder Pratik Gauri and I were having a conversation over a cup of tea, and the idea struck us.
5ire’s been insistent on pushing the idea that you can generate more capital by doing good in the world. How does the company manifest this idea into reality?
As I said, we have to enable the communities/companies and reward good behavior. But, there is no singular platform doing this. You see, someone has to bring it together for the masses, and that is what the 5ire ecosystem is all about. It’s not simply a Level 1 blockchain. It’s an entire ecosystem that combines an exchange, an NFT marketplace, community education at the grassroots level, and a VC that can get budding entrepreneurs the help they need to create sustainable products and services and grow this ecosystem.
What helps you stand out in today’s already-crowded and still-growing blockchain space?
The real-life use cases and technological applications we have developed set us apart. We’re not just talking about it; we’re developing systems with MoUs signed across three continents. And we’re not just impacting communities; we’re working in education to train the next generation’s mindset. We’re working with governments, like the State of Nebraska in the United States, and we’re working with countries like Nigeria and bringing sustainable practices in their agriculture. You can’t just stand on the sidelines. You have to roll up your sleeves and get going.
Whom have you partnered with so far – in India? Could you tell us about your work so far?
We have partnered with multiple states and localities, including the police in Muzaffarnagar, UP. We are helping the East Burdwan district with smart policing systems, and we have brought the world’s biggest Happiness blockchain on the 5ire network, and there are many more projects underway in India.
How is 5ire helping educate the next-gen about the looming fifth industrial revolution and blockchain?
One of the elements that we have added to 5ire is 5ire School, which will develop courses not only on blockchain but also on sustainable development and community awareness around sustainable growth.
5ire has secured $100 million in funding. How does 5ire plan to use this funding?
We have quite a few ideas in mind, but for now, we are utilizing the funds for the following purposes:
- Expansion of the ecosystem that involves liaising with government stakeholders in India and upcoming international markets
- Investing in technology and resources; adding tech developers to build a more robust 5ireChain infrastructure
- Investing in research for innovation and keep building the most disruptive technology as well as a for-benefit consensus mechanism
- Amplifying human capital and hiring the best talent in the industry across sales, marketing, and product development, among other functions
- Enhancing adoption of 5ireChain across crucial target audiences – Governments, Fortune 500 companies, Family Offices, Universities, and civic bodies
What does 5ire aspire to achieve in the next five years?
We look to have sustainable growth and an everyday practice around sustainability, to develop systems that ensure our survival, and of course, to prepare the next generation of leaders to take the baton and run with the ideas we have propagated.