Pratik Gauri, CEO of 5ire, on Earning Money by Doing Good, and More | Ep. 373
Cryptonews Podcast host Matt Zahab recently sat down for an exclusive chat with Pratik Gauri, the founder and CEO of 5ire, a fifth-generation blockchain ecosystem, built from the ground up with the United Nations (UN)’s sustainable development goals in mind.
Gauri discussed the intersection of profit and purpose, the concept of earning more money by benefiting the world, and how 5ire enables this.
He talked about the novel sustainable proof-of-stake model, its profitable ESG-as-a-service model, and the major (past and upcoming) milestones on the project’s path.
Earning Money by Doing Good
Gauri had built eight companies before 5ire. His goal has always been to impact a billion people positively, he told Matt.
After exiting the last company, he identified his niche – the Fifth Industrial Revolution.
This is when he realized he wanted to work at the intersection of profit and purpose, or money and impact.
Gauri wanted to “prove that people can make money while doing good.” Actually, the more good they do, the more money they make, he said.
Therefore, 5ire was his entry into the cryptocurrency/blockchain/Web3 space.
“I was motivated by how you can impact a billion people, but not through philanthropy because I wasn’t rich,” he said.
Gauri doesn’t even believe in that concept – he finds it unsustainable.
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The concept he does believe in is empowering people so that they make more money than they’re currently making.
Million empowered people doing well will empower ten million more, which will continue to spread exponentially.
Through the process of building the eight companies, Gauri realized that integrating blockchain and crypto would expedite the progress and give power back to the community.
It is capable of providing a tool for financial inclusion and monetary improvement.
“This is where the banking is going to go. This is where the data storage is going to go,” Gauri remarked.
Never Done Before: Sustainable L1
The 5ire team decided to invent something never seen before, Gauri told Matt. They created a sustainable proof-of-stake model, embedding sustainability into the Layer-1 infrastructure itself.
It works to reward and incentivize sustainable practices from the core of the blockchain.
This is basically a nominated proof-of-stake (NPOS) with an ESG layer stacked on top.
5ireChain @5ireChain is a sustainability-focused layer-1 blockchain with Dual-Chain Smart Contracts.
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The validator using more sustainable options receives more points, hence higher chances to validate the block and make more money.
“If you’re sustainable, you end up making more money in the whole ecosystem of 5ire versus if you’re in some other ecosystem,” said Gauri.
In a typical proof-of-stake, the rich get to validate the blocks and get richer, and the poor keep going poor. It’s very hard to bridge that gap, Gauri argues.
Therefore, 5ire came up with this sustainable proof-of-stake to “give an element to sustainable behavior.”
The team gives weightage to both NPOS and ESG.
“And now that weighted average helps incentivize sustainable behavior from bottoms up,” the CEO explained.
The model also includes a “unique” ESG score.
In fact, its ESG-as-a-service is a big revenue model for the project. Per Gauri, it is already working well with institutional clients and some Fortune 500 companies in the UAE and other countries.
The Journey Has Just Begun
However, blockchain is not cheap. Building a good product takes time, money, and a large team of technical engineers.
Building a blockchain comes with a set of challenges.
For example, 5ire had to scrape their blockchain two times before the final version was ready.
Also, finding and retaining good talent is very difficult.
Additionally, there’s the challenge of raising money.
However, 5ire’s idea “resonated with a lot of early investors.” About 250 investors invested between $100,000 and $200,000 each.
The team hit the goal and started building the technology. Then an investor on the equity side wanted to invest $100 million on a $1.5 billion valuation, which gave them a unicorn status.
The team, however, returned the money, saying they didn’t need as much. Once they’ve listed the token, they would make money. Additionally, they’d collect gas fees once the mainnet goes live.
In December 2023, the team did the IEO on Bybit, followed by listings on other exchanges. “We’re going to do some more listings now in this bull market,” Gauri said.
When it comes to the mainnet, 5ire has made some key partnerships, including the Indian government and a state government in the United States.
They’ve also accomplished milestones on institutional adoption and retail sides, the CEO says.
Additionally, more than 200 dapps are going to be building on 5ire, “so I think the journey has just begun for us.”
Hopefully, he added, the entire crypto market will go from $2.5 trillion to $5-6 trillion. 5ire would get good liquidity for dapps, which would give them a high total value locked (TVL).
And the message remains the same, he says. “You can actually make money while you do good. Even if you have something built on sustainability around environment, friendly stuff, you can still make money.”
What is Next for 5ire?
As for what awaits the project in the near future, Gauri noted that the token is listed on four exchanges and will get further listings in the next few months.
Next, the team is working on adoption and getting good projects. The biggest focus is AI and RWA.
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The third biggest focus is the native DEX. “We’ve been building it for a long while now, and we are launching it very soon,” Gauri said.
Additionally, the team is working on “a funny meme launchpad.”
Lastly, the project offers a large, $10-million grant program, while the next one will rise to $25 million.
____
That’s not all.
In this interview, Gauri also discussed:
- professional life before moving into crypto;
- investing in crypto;
- the challenges of building a blockchain: bear market, talent, team, and investors;
- integrating AI into your own L1 blockchain;
- the drivers of the bull run this season: AI, RWA, and DePIN;
- sustainability approach: how 5ire minimizes the carbon footprint;
- combining profit and purpose – the secret sauce of business;
- environmentally responsible blockchains.
You can watch the full podcast episode here.
__________
About Pratik Gauri
Pratik Gauri is the founder and CEO of 5ire.org, a fifth-generation blockchain ecosystem built with the United Nations (UN)’s sustainable development goals in mind.
It is one of the world’s fastest-growing unicorns that achieved the coveted billion-dollar valuation less than one year from the day it was founded.
Gauri conceptualized the term the Fifth Industrial Revolution, or 5IR, as a founding principle for shaping a for-purpose world that combines sustainability, innovation, and business viability.
The post Pratik Gauri, CEO of 5ire, on Earning Money by Doing Good, and More | Ep. 373 appeared first on Cryptonews.
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Analysts Caution ‘Next Wave’ as $65K Bitcoin Break Sparks Altseason FOMO
Bitcoin’s bullish break above $65K has ignited FOMO in the altcoin market as altseason anticipation rises, according to 10x Research CEO Markus Thielen.
In a September 26th 10x market update, Thielen maintained a bullish outlook for altcoins, citing Bitcoin’s recent break above the stubborn resistance threshold at $65,000 as a prelude to the “next wave.”
Thielen opined that Bitcoin’s breakout above $65,000 has “fuelled” FOMO returning to the altcoin market. “A major surge could be on the horizon, sparking even more FOMO across the crypto space,” he added.
A scenario he forecasts to unfold quickly, setting a Bitcoin target of $70,000 in the next two weeks, with “all-time highs by late October.”
This focus on altcoins is underscored by notable shifts in market dynamics. Bitcoin’s dominance has waned, down 1.57% to 57.51%, according to TradingView data. Meanwhile, Ethereum gas fees have spiked, fueled by a surge in altcoin activity across the ecosystem.
Analysts have interpreted this as a sign that Bitcoin’s dominance is peaking. Investors appear to be selling BTC and rotating their capital into alternative coins, indicating that “altcoins are likely the focus for now.”
What’s Pushing the ‘Next Wave’ For Altcoins?
Thielen suggested that if the US Federal Reserve “remains open to cutting rates,” high-beta altcoins will likely gain further momentum.
His comments come shortly after the Fed’s September 18th decision to cut rates by 50 basis points, a bullish indicator for riskier assets. Declining interest rates make traditional investments like bonds and term deposits less appealing to investors.
Something made credible by the Fed’s dovish dot plot, which showed that the median Fed policymaker expects a further 150 basis points in rate cuts by the end of 2025.
Meanwhile, retail crypto trading activity in South Korea supports this trend, with daily trading volumes now hovering around $2 billion. Shiba Inu has reclaimed the top spot in trading volume in South Korea, signaling “rising speculation and setting the stage for a potential Q4 rally.”
The recently announced People’s Bank of China (PBOC) stimulus package also sets grounds for optimism. Timed just as the Fed begins cutting rates, it could trigger significant capital outflows from China into the cryptocurrency market.
Thielen speculated that the $278 billion Chinese stimulus plan could “ignite a parabolic rally in cryptocurrency prices, fueled by increasing global liquidity.”
In 2013, Chinese exporters used over-invoicing to funnel billions into Bitcoin, triggering a massive rally—a scenario Thielen can see recurring.
Altseason Isn’t Here Yet, According to Metrics
The analyst summarized his analysis by saying “the likelihood of a Q4 rally is exceptionally high” as catalysts continue to stack in the market’s favor, particularly for altcoins—something analysts have cited with the potential to spark the “biggest” altseason since 2017.
However, it’s not yet time to celebrate, as the altcoin season index by Blockchain Center indicates that “it is not altcoin season.” According to this index, it is considered altcoin season if 75% of the top 50 coins have outperformed Bitcoin over the last 90 days.
This score is steadily increasing, though. Currently, 41% of the top 50 coins have outperformed Bitcoin, approaching a recovery of the levels seen immediately after the Fed rate cut, which peaked at 46%.
Therefore, while optimism is high and catalysts are aligning, caution remains as the market waits for a more decisive shift in altcoin performance.
Meanwhile, we remain in an accumulation zone as we approach this critical juncture. This presents a valuable opportunity for investors to reaffirm their positions in the most promising altcoins leading into the anticipated altseason.
The post Analysts Caution ‘Next Wave’ as $65K Bitcoin Break Sparks Altseason FOMO appeared first on Cryptonews.
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