Provided you haven’t been living under a rock for the past decade, you have most likely heard about cryptocurrency in some shape or form. What most people think of as magic internet money is in reality a truly innovative technology requiring a web of devices running worldwide constantly verifying transactions to create what could be the next step of the financial revolution and a truly decentralized system.
By contrast, climate change and global warming are age-old problems to society. Perhaps the familiarity with them is primary amongst the reasons why they are not being handled with the seriousness they deserve. Although many think it could be just a hoax, the science and data behind it doesn’t lie. Rising sea levels, increased extreme weather events, and worldwide temperature rises are symptomatic of a problem that is beginning to spin out of control.
As it stands, 2 billion of the world’s increasing population only have access to an intermittent power supply. Even with this, a large amount of that energy is produced from fossil fuels. The battle now becomes important on two fronts. The first is to provide a much cleaner energy supply than is currently available and the second is to make sure that the energy being created is distributed to allow for maximum efficiency and access.
The first of the aforementioned problems is what most people seem to focus on. That focus admittedly has brought fruit. With ‘green energy’ becoming popular worldwide, carbon emissions could see a significant decline provided that investments are met. However for those to be met the current grid would need to see $500 billion annually to reach the target of being majorly green by 2050.
This huge investment, combined with the fact that the second aforementioned problem, distribution, is still largely untackled means that a new solution must be implemented.
IOEN is Combining Blockchain With Efficient Energy Distribution
To solve both problems, the Internet Of Energy Network(IOEN) is being established by a group of seasoned veterans in renewable energy. Led by Oxford doctorate holder Adam Bumpus, IOEN is aiming to be the lynchpin that ties a cheaper energy solution with efficient distribution. Based on Holochain and powered by RedGrid, IOEN will function by creating a grid of interconnected energy devices that will efficiently allocate energy to points on the grid that need it the most.
IOEN plans to incentivize the emergence of “agent-centric” mini-grids by providing all they need to operate. These grids will be interconnected worldwide to create a network of devices that are constantly communicating energy needs and ensuring that energy is where it is needed and distributed fairly.
The IOEN Token
Along with this distribution, the project’s IOEN token will also be available to ensure the smooth running of the network. For people on the network, the token represents a slew of benefits:
Credit Discounts
Holding the token will allow users to purchase IOEC (network credits) at a much-discounted price. These credits can be used to purchase energy services and also for mini-grid applications.
Governance
Holding IOEN tokens will also represent a unit of governance on the network. Grids will be able to vote on network decisions bringing a consensus-based governance process forward.
Cheaper Transactions
Being based on Holochain means that transactions are faster, cheaper, and far more energy-efficient than many competitors.
The IOEN team is also responsible for the building of RedGrid, an Australian-based energy company similarly looking to provide greener alternatives to the current world energy use. With a mission of greener tomorrow, projects like IOEN are a boom to the cryptoverse reinforcing greater inclusion.
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