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International Journal of Social Sciences and Management Review
Volume: 05, Issue: 03 “ May - June 2022”
ISSN 2582-0176
www.ijssmr.org Copyright © IJSSMR 2022, All right reserved Page 268
5IRE’S COMPREHENSIVE PLATFORM FOR CBDC
VILMA MATTILA, PRATEEK DWIVEDI, PRATIK GAURI &
DHANRAJ DADHICH
5ire (Sustainable Distributed Computing)
Unit Number 101, IFZA Dubai - Building A2, Dubai Silicon Oasis,
United Arab Emirates
https://doi.org/10.37602/IJSSMR.2022.5321
ABSTRACT
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) protocol to ensure interoperability. It can give different user privileges and privacy-
preserving.
INTRODUCTION
5ire proposes a comprehensive platform for managing, minting, transacting, and
extinguishing CBDCs. Each solution is built on private sidechains with a proven blockchain
and is trusted by financial advisors around the world.
Why should choose 5ire's CBDC platform:
- Sustainability: Commit to sustainable innovation using a unique consensus
mechanism that consumes negligible energy.
- Stability, security, and resilience: Enabling consistent standards, privacy, and security.
- Interoperability and overlay services: Connect to domestic payment systems and other
CBDCs to reach new levels of innovation through smart contracts and
programmability support.
- Access and inclusion: Enable wholesale and retail use cases by supporting a variety of
participants.
Benefits with 5ire CBDC platform:
International Journal of Social Sciences and Management Review
Volume: 05, Issue: 03 “ May - June 2022”
ISSN 2582-0176
www.ijssmr.org Copyright © IJSSMR 2022, All right reserved Page 269
Step 1: Onboard
Step 2: Mint
Step 3: Distribute
Step 4: Transact
Step 5: Redeem
The CBDC platform assists the protected destruction of currency, giving the bank full regulation over supply
Step 6: Destroy
Participants can return funds on the CBDC platform to the issuer in exchange for fiat
Interoperability facilitates cross-asset and cross-border transactions when connected to another CBDC
Issuers can directly send CBDCs to certified accounts, confirming only valid contributors can receive and hold
the CBDCs
Banks can exploit the CBDC platform's cryptographic multi-sign panels to mint CBDCs
Standard APIs allow integration of the CBDC platform into current systems
Partnering with 5ire can help to create a national digital currency that can lead to
financial innovation and technologies that will provide the citizens with greater
financial access.
With 5ire's groundbreaking technology, you can experiment with CBDCs within your
existing payments infrastructure while ensuring efficient and cost-effective cross-
border transfers.
Global transfers were difficult for foreign workers. Now the unique 5ire-powered
benefits of convenient, low-cost, and real-time remittances can boost global transfers.
5ire can help clients directly address the issues of speed and transparency around
international payments and make sending money abroad superior.
5ire can deliver real-time global payments without tying up capital in destination
markets.
Mechanisms of 5ire's CBDC platform:
International Journal of Social Sciences and Management Review
Volume: 05, Issue: 03 “ May - June 2022”
ISSN 2582-0176
www.ijssmr.org Copyright © IJSSMR 2022, All right reserved Page 270
5ire Liquidity Hub:
Businesses and financial institutions will be able to proficiently and easily source digital
assets from global crypto markets through a 5ire liquidity hub. 5ire platform unlocks new
revenue streams for organizations by enabling them to offer end-customers the ability to buy,
sell, and hold digital assets.
REFERENCES
Adrian, T. and Mancini-Griffoli, T. (2019). The Rise of Digital Money.
Agur, I., Ari, A., and Dell’Ariccia, G. (2019). Designing Central Bank Digital Currencies,
WP/19/252, November 2019.
Bergara, M. and Ponce, J. (2018). Central Bank Digital Currency: The Uruguayan E-Peso
Case. In Gnan, E. and Masciandro, D., editors, Do We Need Central Bank Digital
Currency?, pages 82–90
European Central Bank (2019). Exploring anonymity in central bank digital currencies.
Moreton, T. (2019). Celo’s Proof of Stake mechanism.
Patel, B., Sinha, S., Middleton, P., and Gaur, N. (2019). Retail CBDCs: The next payments
frontier.
Wadsworth, A. (2018). The pros and cons of issuing a central bank digital currency. Reserve
Bank of New Zealand Bulletin, 81(7).