In the world of cryptocurrencies, just a handful of projects contribute to the greater environmental issues leveraging blockchain technology.
Potentially amongst the thousands of projects, sustainable projects currently have taken a back seat; however, IOEN’s vision and dedication have garnered increased attention.
IOEN is a blockchain-based smart-grid energy distribution protocol with major interests in providing clean and sustainable energy with the help of virtual microgrids. The community-driven network adopts an innovation that is similar to blockchain just in name but uses a unique mechanism.
IOEN’s Holochain employs an agent-centric infrastructure. The network is built in such a way that enables the exchange of connection and value between energy devices, users or markets
Internet of Energy Network (IOEN) has recently launched its Initial Decentralized Exchange Offering (IDO), with a dual-IDO on the TrustSwap and TrustPad launchpads followed by joint listings on the DEXs QuickSwap and Uniswap exchange.
Building a Virtual Energy Microgrid
Maximizing the Holochain technology, IOEN allows homes in any region to run an intelligent, cooperative electricity ecosystem such that devices like air-conditioners, washing machines, solar panels can tweak their behavior to match both local and individual needs, depending on economic initiatives. By connecting homes this way, they become a local virtual energy microgrid.
With the recent calls for a transition to clean energy sources, especially for crypto mining amid rising concerns of the environmental impact of using energy sourced from fossil fuels, IOEN aims to pioneer that transition with its virtual energy microgrid solution that is not only reliable, secure and scalable but unveils the opportunity for more renewable energy within a network and contributes immensely to the goal of net-zero global carbon emissions by 2030.
The network is supported by two currency layers – the IOEN token and IOEC credit systems. The former is an ERC-20 token pronounced as ‘ion’ and a staking asset to access new mini-grid economies. At the same time, the IOEC credit systems are unique for each community trading energy in every mini-grid.
Staking Initiative for Native Token
IOEN has also launched a staking program in collaboration with Kaizen Finance, a crypto-token platform enabling users to earn rewards by holding their tokens.
The partnership allows users to earn APY for up to three months. Staking IOEN gives users express access to discounts and exclusive events.
IOEN announced that all tokens received during the IDO are known as sIOENs and users can go ahead to stake them on its website. Before staking, users can decide whether or not to withdraw 30% of their tokens immediately or keep all tokens staked, with the remaining 70% vested over three months.
With a supply cap of 1 billion and a circulating supply of 20 million, IOEN will be distributed by the network throughout its investment rounds, such as seed, strategic, private, public and at varying prices as well. IOEN has other utilities apart from staking such as using it to purchase energy credits with up to 90% discount, governance, efficiency in terms of transaction speed and cost using the post-blockchain technology Holochain.