Pratik Gauri, CEO of 5ire, Discusses Generating Income Through Positive Impact and Additional Topics | Episode 373

Cryptonews Podcast host Matt Zahab recently engaged in an exclusive discussion with Pratik Gauri, the founder and CEO of 5ire, a fifth-generation blockchain ecosystem designed with the United Nations (UN)’s sustainable development objectives in focus.

Gauri elaborated on the convergence of profit and purpose, the idea of generating greater income by contributing positively to the world, and how 5ire facilitates this.

He highlighted the innovative sustainable proof-of-stake model, its lucrative ESG-as-a-service framework, and the significant (past and forthcoming) milestones on the project’s journey.

Earning Money by Doing Good

Before establishing 5ire, Gauri founded eight companies. He shared with Matt that his aspiration has always been to create a positive impact on a billion individuals.

After departing from his last venture, he pinpointed his focus area – the Fifth Industrial Revolution.

This realization led him to pursue work at the crossroads of profit and purpose, or financial gain and impact.

Gauri aimed to “demonstrate that individuals can earn money while doing good.” In fact, he noted that the more good they accomplish, the more income they generate.

Consequently, 5ire marked his entry into the cryptocurrency/blockchain/Web3 domain.

“I was inspired by the potential to impact a billion people, but not through philanthropy since I wasn’t wealthy,” he stated.

Gauri does not subscribe to that notion – he considers it unsustainable.

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The principle he does endorse is empowering individuals to increase their earnings beyond their current levels.

A million empowered individuals thriving will enable ten million more, creating an exponential ripple effect.

Through his experience of building eight companies, Gauri recognized that incorporating blockchain and cryptocurrency would accelerate progress and restore power to the community.

It serves as a tool for financial inclusion and economic enhancement.

“This is the direction banking is heading. This is where data storage will evolve,” Gauri commented.

Never Done Before: Sustainable L1

The 5ire team opted to create something unprecedented, Gauri informed Matt. They developed a sustainable proof-of-stake model, integrating sustainability directly into the Layer-1 infrastructure.

This approach rewards and encourages sustainable practices from the very foundation of the blockchain.

This essentially represents a nominated proof-of-stake (NPOS) with an ESG layer added on top.

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Validators utilizing more sustainable methods earn more points, thereby increasing their chances of validating blocks and generating higher income.

“If you adopt sustainable practices, you ultimately earn more within the entire 5ire ecosystem compared to other ecosystems,” Gauri stated.

In a conventional proof-of-stake system, the affluent validate blocks and accumulate more wealth, while the less fortunate remain disadvantaged. Gauri contends that bridging this gap is quite challenging.

Thus, 5ire introduced this sustainable proof-of-stake to “incorporate an element of sustainable behavior.”

The team emphasizes both NPOS and ESG.

“This weighted average now incentivizes sustainable behavior from the ground up,” the CEO clarified.

The model also features a “unique” ESG score.

Indeed, its ESG-as-a-service represents a significant revenue stream for the project. According to Gauri, it is already performing well with institutional clients and several Fortune 500 companies in the UAE and beyond.

The Journey Has Just Begun

Nonetheless, blockchain development is not inexpensive. Creating a robust product requires time, financial resources, and a sizable team of technical engineers.

Establishing a blockchain presents various challenges.

For instance, 5ire had to revise their blockchain twice before arriving at the final version.

Moreover, attracting and retaining skilled talent is quite difficult.

Additionally, securing funding poses its own challenges.

However, 5ire’s concept “resonated with numerous early investors.” Approximately 250 investors contributed between $100,000 and $200,000 each.

The team achieved their funding goal and commenced technology development. Subsequently, an equity investor expressed interest in investing $100 million at a $1.5 billion valuation, granting them unicorn status.

However, the team declined the investment, stating they did not require such a large sum. Once they list the token, they anticipate generating revenue. Furthermore, they will collect gas fees once the mainnet is operational.

In December 2023, the team conducted the IEO on Bybit, followed by listings on additional exchanges. “We plan to pursue more listings during this bull market,” Gauri mentioned.

Regarding the mainnet, 5ire has formed key partnerships, including with the Indian government and a state government in the United States.

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They have also achieved milestones in both institutional adoption and retail sectors, according to the CEO.

Additionally, over 200 dapps are set to be developed on 5ire, “so I believe our journey has only just begun.”

He expressed hope that the entire crypto market will grow from $2.5 trillion to $5-6 trillion. 5ire would benefit from increased liquidity for dapps, resulting in a high total value locked (TVL).

And the message remains consistent, he asserts. “You can indeed earn money while doing good. Even if your project is centered around sustainability and environmental friendliness, profitability is still achievable.”

What is Next for 5ire?

Looking ahead for the project, Gauri mentioned that the token is currently listed on four exchanges and will receive additional listings in the coming months.

Next, the team is focused on adoption and securing quality projects. The primary emphasis is on AI and RWA.

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The third major focus is the native DEX. “We’ve been developing it for quite some time now, and we are launching it very soon,” Gauri stated.

Additionally, the team is creating “a humorous meme launchpad.”

Lastly, the project has a substantial $10-million grant program, with plans to increase it to $25 million for the next round.

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That’s not all.

In this interview, Gauri also covered:

• his professional background prior to entering crypto;
• investing in cryptocurrency;
• the challenges associated with blockchain development: bear market, talent acquisition, team dynamics, and investors;
• integrating AI into a proprietary L1 blockchain;
• the factors driving the current bull market: AI, RWA, and DePIN;
• sustainability strategies: how 5ire reduces its carbon footprint;
• the synergy of profit and purpose – the essential element of business;
• environmentally conscious blockchains.

You can view the complete podcast episode here.

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About Pratik Gauri

Pratik Gauri is the founder and CEO of 5ire.org, a fifth-generation blockchain ecosystem developed with the United Nations (UN)’s sustainable development goals in mind.

It is recognized as one of the fastest-growing unicorns globally, achieving the prestigious billion-dollar valuation within less than a year of its inception.

Gauri coined the term the Fifth Industrial Revolution, or 5IR, as a foundational principle for creating a purpose-driven world that merges 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.