International Journal of Social Sciences and Management Review
In this paper, we propose a new transaction sharding technique that aims to improve the scalabili... more In this paper, we propose a new transaction sharding technique that aims to improve the scalability of the 5irechain network. This sharding technique called “nested chain” can be easily implemented in a decentralized setting like the blockchain. The sharding technique reduces cross-chain dependencies by ensuring that all the transactions sent from the same address will be found in blocks along the same chain and there will be no possibility of double-spending of the same token in two different chains. Our technique does not require additional tokens and it operates only on the same token across multiple shards.
International Journal of Social Sciences and Management Review
With the growing interest in blockchain in both academic research and industry, the security and ... more With the growing interest in blockchain in both academic research and industry, the security and privacy of blockchains have attracted huge interest, even though only a small part of the blockchain platforms can achieve the set of abovementioned security goals in practice. Leveraging from the state-of-the-art security paradigms, we propose 5irechain protective covering which has the ability to continuously identify, map, scan, assess, and grade the risk portfolio of all the assets, vendors, and acquisitions of a company giving a hackers perspective to the company. The dashboard gives visibility of not just only the web2 infrastructure in place, but also covers the web3 space and allows 5ire to monitor all of its nodes and their activities including historical data, tracking large wallets, monitoring bot activity, detecting transaction stats and volume along with the ability to block possible large scale attacks.
International Journal of Social Sciences and Management Review
In this paper, we study the slot allocation algorithm of 5irechain. This algorithm distributes ti... more In this paper, we study the slot allocation algorithm of 5irechain. This algorithm distributes timeslots to block assemblers. The block as- sembler that receives a certain timeslot gets the opportunity to produce a block in that timeslot. The slot allocation algorithm allocates slots to block assemblers depending upon their weights. That is the block assem- bler with higher weight gets to assemble more blocks than others and thus earns higher incentives.
International Journal of Social Sciences and Management Review
It is sufficiently predictable that most paper currencies will disappear and digital currencies w... more It is sufficiently predictable that most paper currencies will disappear and digital currencies will become the mainstream. This is why the Central Bank Digital Currency (CBDC) has recently begun to attract attention. Blockchain technology bring unique advantages to a CBDC. A blockchain-based CBDC enables central banks to control the currency while protecting the privacy and independence of the CBDC’s use to the end users. The 5irechain based CBDC benefits from the innovative products and services that are being built across the open source blockchain ecosystem including zero-knowledge cryptography, non-custodial wallets, and decentralized finance. 5irechain ecosystem assists all of new financial models that will guarantee financial stability and inclusion, fraud control as well as greater efficiency and modernization of the monetary system. In this paper, we propose 5irechain based CBDC that enables communication between blockchains using Inter-Blockchain Communication (IBC) protoc...
International Journal of Social Sciences and Management Review
Since public blockchains are permissionless, it is subject to passive adversarial attack. In 5ire... more Since public blockchains are permissionless, it is subject to passive adversarial attack. In 5irechain we have addressed the security problem related to this passive adversarial activity by applying 5ireHE, a homomorphic encryption technique that encrypts the transactional details using the receiver’s public key. Since the transaction is encrypted by the receiver’s public key, it is harder for other validators to validate the transaction in 5ire. In this paper, we introduce ZKP for validating the transaction in a sense that validator can check if the sender’s previous balance and the remaining balance are in harmony with the amount of the transaction despite the difference in public keys that are used for the encryption of transaction and the encryption of account balance.
International Journal of Engineering Research Updates
With the advent of multiple emerging technologies, we are on the verge of 4IR. This revolution ex... more With the advent of multiple emerging technologies, we are on the verge of 4IR. This revolution exposes new challenges as well as exciting opportunities. Only the countries with expertise in these emerging technologies can successfully meet the challenges and exploit the opportunities. Blockchain technology is widely regarded as one of the core and foundational technologies that will be one of the driving forces for the upcoming 5IR (Fifth Industrial Revolution). Realizing its potential, many developed as well as developing countries around the world have started exploring how blockchain technology can prepare them for the future challenges and benefit them to solve many existing complex problems to achieve the SDGs (Sustainable Development Goals) by 2030. This paper is an effort to recognize the need to explore blockchain technology in order to advance its technical capacity, increase efficiency in e-Governances and foster innovations.
With increased security from encryption, and cheaper from decentralizing cloud storage, the block... more With increased security from encryption, and cheaper from decentralizing cloud storage, the blockchain is transforming this business around the world. All industries have storage requirements not only to process but also to compute huge amounts of data. Blockchainbased storage is emerging as a better alternative to traditional cloud storage systems. This study shed lights on public blockchain network in secured file storage and prospects. The study conducted a secondary data analysis based on different academic and public databases and this qualitative study helps to identify some recent cases of using public blockchain network, impacts, and prospects.
The field of sustainability is one of the areas where the efforts of the international community ... more The field of sustainability is one of the areas where the efforts of the international community are scarce and deficient. Therefore, blockchain could be implemented to improve and advance in the achievement of global objectives. While the original applications of this technology focused on the financial sector, as it has evolved its uses have been extended to other areas such as the field of sustainability which this study addresses. This study presents the opportunities offered by blockchain towards UN Sustainable Development Goals (SDGs).
No one can deny the benefits achieved through technological advances. However, the growth rate an... more No one can deny the benefits achieved through technological advances. However, the growth rate and momentum of the fourth industrial revolution raised questions about the directions it is leaning toward and about the lack of control over it as it is wrapped in a for-profit paradigm that only focuses on maximization and economic profit while ignoring sustainability and service of humanity. On the other hand, Blockchains have demonstrated an impressive ability in bringing people to consensus and unity of purpose. Nevertheless, present-day state-of-art and implementations face many challenges regarding scalability, security, speed, interoperability, future-proof, and the lack of governance. 5irechain is a fifth-generation blockchain that aims to bring a paradigm shift from a for-profit to a for-benefit. To be able to achieve this, 5irechain implements sustainability by design while it ensures democracy and governance, interoperability, and forkless upgradeability.
International Journal of Social Sciences and Management Review, 2022
Blockchain technology, therefore, creates opportunities to make things differently. The field of ... more Blockchain technology, therefore, creates opportunities to make things differently. The field of sustainability is one of the areas where efforts of the international community are scarce and deficient. For this reason, blockchain could be implemented to improve and advance the achievement of UN-SDGs. This paper focuses on the application of blockchain to address pressing environmental challenges such as climate change, biodiversity loss, and water scarcity along with a case study of 5ireChain. It looks at emerging applications including those that might be the biggest game-changers in managing our global environmental commons while assessing the potential challenges and developing recommendations to address them.
5irechain aims to become the first layer-1 protocol to develop a sustainable and for-benefit ecos... more 5irechain aims to become the first layer-1 protocol to develop a sustainable and for-benefit ecosystem based on the sustainable development goals (SDG) defined by the UN. Our proposed consensus mechanism considers sustainability as one of the most important components of the consensus mechanism. Other than sustainability we also aim to curtail favouritism or cartelization in the proof of stake consensus mechanism where nodes can delegate their stake or nominate the nodes of their choice, which helps these nodes being selected for the creation of blocks. Our block assembler nodes are selected based on multiple factors, including the reliability score, stake, randomized voting and sustainability score(Environmental, Social and Governance). In order to promote the competitive position of smaller holders on the network, the reliability score, randomised voting and sustainability score weighting provides the level playing field to all nodes to an extent. This helps in providing more equa...
International Journal of Social Sciences and Management Review
In this paper, we propose a new transaction sharding technique that aims to improve the scalabili... more In this paper, we propose a new transaction sharding technique that aims to improve the scalability of the 5irechain network. This sharding technique called “nested chain” can be easily implemented in a decentralized setting like the blockchain. The sharding technique reduces cross-chain dependencies by ensuring that all the transactions sent from the same address will be found in blocks along the same chain and there will be no possibility of double-spending of the same token in two different chains. Our technique does not require additional tokens and it operates only on the same token across multiple shards.
International Journal of Social Sciences and Management Review
With the growing interest in blockchain in both academic research and industry, the security and ... more With the growing interest in blockchain in both academic research and industry, the security and privacy of blockchains have attracted huge interest, even though only a small part of the blockchain platforms can achieve the set of abovementioned security goals in practice. Leveraging from the state-of-the-art security paradigms, we propose 5irechain protective covering which has the ability to continuously identify, map, scan, assess, and grade the risk portfolio of all the assets, vendors, and acquisitions of a company giving a hackers perspective to the company. The dashboard gives visibility of not just only the web2 infrastructure in place, but also covers the web3 space and allows 5ire to monitor all of its nodes and their activities including historical data, tracking large wallets, monitoring bot activity, detecting transaction stats and volume along with the ability to block possible large scale attacks.
International Journal of Social Sciences and Management Review
In this paper, we study the slot allocation algorithm of 5irechain. This algorithm distributes ti... more In this paper, we study the slot allocation algorithm of 5irechain. This algorithm distributes timeslots to block assemblers. The block as- sembler that receives a certain timeslot gets the opportunity to produce a block in that timeslot. The slot allocation algorithm allocates slots to block assemblers depending upon their weights. That is the block assem- bler with higher weight gets to assemble more blocks than others and thus earns higher incentives.
International Journal of Social Sciences and Management Review
It is sufficiently predictable that most paper currencies will disappear and digital currencies w... more It is sufficiently predictable that most paper currencies will disappear and digital currencies will become the mainstream. This is why the Central Bank Digital Currency (CBDC) has recently begun to attract attention. Blockchain technology bring unique advantages to a CBDC. A blockchain-based CBDC enables central banks to control the currency while protecting the privacy and independence of the CBDC’s use to the end users. The 5irechain based CBDC benefits from the innovative products and services that are being built across the open source blockchain ecosystem including zero-knowledge cryptography, non-custodial wallets, and decentralized finance. 5irechain ecosystem assists all of new financial models that will guarantee financial stability and inclusion, fraud control as well as greater efficiency and modernization of the monetary system. In this paper, we propose 5irechain based CBDC that enables communication between blockchains using Inter-Blockchain Communication (IBC) protoc...
International Journal of Social Sciences and Management Review
Since public blockchains are permissionless, it is subject to passive adversarial attack. In 5ire... more Since public blockchains are permissionless, it is subject to passive adversarial attack. In 5irechain we have addressed the security problem related to this passive adversarial activity by applying 5ireHE, a homomorphic encryption technique that encrypts the transactional details using the receiver’s public key. Since the transaction is encrypted by the receiver’s public key, it is harder for other validators to validate the transaction in 5ire. In this paper, we introduce ZKP for validating the transaction in a sense that validator can check if the sender’s previous balance and the remaining balance are in harmony with the amount of the transaction despite the difference in public keys that are used for the encryption of transaction and the encryption of account balance.
International Journal of Engineering Research Updates
With the advent of multiple emerging technologies, we are on the verge of 4IR. This revolution ex... more With the advent of multiple emerging technologies, we are on the verge of 4IR. This revolution exposes new challenges as well as exciting opportunities. Only the countries with expertise in these emerging technologies can successfully meet the challenges and exploit the opportunities. Blockchain technology is widely regarded as one of the core and foundational technologies that will be one of the driving forces for the upcoming 5IR (Fifth Industrial Revolution). Realizing its potential, many developed as well as developing countries around the world have started exploring how blockchain technology can prepare them for the future challenges and benefit them to solve many existing complex problems to achieve the SDGs (Sustainable Development Goals) by 2030. This paper is an effort to recognize the need to explore blockchain technology in order to advance its technical capacity, increase efficiency in e-Governances and foster innovations.
With increased security from encryption, and cheaper from decentralizing cloud storage, the block... more With increased security from encryption, and cheaper from decentralizing cloud storage, the blockchain is transforming this business around the world. All industries have storage requirements not only to process but also to compute huge amounts of data. Blockchainbased storage is emerging as a better alternative to traditional cloud storage systems. This study shed lights on public blockchain network in secured file storage and prospects. The study conducted a secondary data analysis based on different academic and public databases and this qualitative study helps to identify some recent cases of using public blockchain network, impacts, and prospects.
The field of sustainability is one of the areas where the efforts of the international community ... more The field of sustainability is one of the areas where the efforts of the international community are scarce and deficient. Therefore, blockchain could be implemented to improve and advance in the achievement of global objectives. While the original applications of this technology focused on the financial sector, as it has evolved its uses have been extended to other areas such as the field of sustainability which this study addresses. This study presents the opportunities offered by blockchain towards UN Sustainable Development Goals (SDGs).
No one can deny the benefits achieved through technological advances. However, the growth rate an... more No one can deny the benefits achieved through technological advances. However, the growth rate and momentum of the fourth industrial revolution raised questions about the directions it is leaning toward and about the lack of control over it as it is wrapped in a for-profit paradigm that only focuses on maximization and economic profit while ignoring sustainability and service of humanity. On the other hand, Blockchains have demonstrated an impressive ability in bringing people to consensus and unity of purpose. Nevertheless, present-day state-of-art and implementations face many challenges regarding scalability, security, speed, interoperability, future-proof, and the lack of governance. 5irechain is a fifth-generation blockchain that aims to bring a paradigm shift from a for-profit to a for-benefit. To be able to achieve this, 5irechain implements sustainability by design while it ensures democracy and governance, interoperability, and forkless upgradeability.
International Journal of Social Sciences and Management Review, 2022
Blockchain technology, therefore, creates opportunities to make things differently. The field of ... more Blockchain technology, therefore, creates opportunities to make things differently. The field of sustainability is one of the areas where efforts of the international community are scarce and deficient. For this reason, blockchain could be implemented to improve and advance the achievement of UN-SDGs. This paper focuses on the application of blockchain to address pressing environmental challenges such as climate change, biodiversity loss, and water scarcity along with a case study of 5ireChain. It looks at emerging applications including those that might be the biggest game-changers in managing our global environmental commons while assessing the potential challenges and developing recommendations to address them.
5irechain aims to become the first layer-1 protocol to develop a sustainable and for-benefit ecos... more 5irechain aims to become the first layer-1 protocol to develop a sustainable and for-benefit ecosystem based on the sustainable development goals (SDG) defined by the UN. Our proposed consensus mechanism considers sustainability as one of the most important components of the consensus mechanism. Other than sustainability we also aim to curtail favouritism or cartelization in the proof of stake consensus mechanism where nodes can delegate their stake or nominate the nodes of their choice, which helps these nodes being selected for the creation of blocks. Our block assembler nodes are selected based on multiple factors, including the reliability score, stake, randomized voting and sustainability score(Environmental, Social and Governance). In order to promote the competitive position of smaller holders on the network, the reliability score, randomised voting and sustainability score weighting provides the level playing field to all nodes to an extent. This helps in providing more equa...
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