Sustainable Energy-based Blockchain Project IOEN Raises $2.8M by leading Investors By BTC Peers
It is no secret that many countries in the world are suffering from power problems. While technological developments have helped the world move forward in the last century, there are still many places that remain dark due to poor infrastructure, poor governance and lack of local technology. Even countries that have a decent infrastructure leave much to be desired in electricity distribution. Communities can find themselves without power for weeks or days.
A problem is not only the availability of electricity, but also how it’s produced and distributed. Industrial revolution was a catalyst for advancement in all areas of society. It also allowed us to use fossil fuels to generate electricity. This unprecedented expansion saw economies flourish. These benefits have also come with heavy environmental costs. Global warming, rising sea levels and forest fires are just a few of the many problems that have been created by this revolution and its increasing power demands.
Renewable energy is now a viable option to address rising electricity demand and distribution problems. It has been developed over many decades and can be used in many parts of the globe as a reliable source for electricity. It will need substantial investment before it is mass-adopted to achieve a global net zero goal in 2030.
The Internet Of Energy Network is a company that has been developed by RedGrid. It links devices using the Holochain platform and increases efficiency in energy distribution. Efficient distribution will largely drive down operating costs in many areas of the world as power will be used where it’s needed the most and less power overall will be needed to power city grids.
IOEN’s Vision Attracts Industry Heavy Hitters
To further progress its goals, the project is raising awareness and attracting big players from the crypto sphere. It seems IOEN’s goal of cleaner, more accessible energy worldwide is shared by quite a few people who have deemed it fit to throw their hat into the ring.
SL2 Capital was the leader of this round and brought in many other big names like Polygon (Matic), Skyman Ventures. Holo, Mashables, Bullish Unicorns, Bullish Unicorns, Insignius Capitals, Twin Apexs, Exnetwork Capitals, Bullish Unicorns, Insignius Capitals LLC, Solidum and Extrwatts. It remains to be seen how well the funds raised will be used but the background of the team in RedGrid a similarly ‘green’ project raises hopes that they can duplicate their success with IOEN.
RedGrid was founded by Adam Bumpus, an Oxford doctorate holder and a variety of other talented individuals. It is similar in general to IOEN’s goal of improving power consumption in local communities but it is not a profit-oriented venture, unlike IOEN. IOEN, on the other side, is a non-profit organization. Redgrid is also looking to include IOEN within its infrastructure.
Adam Bumpus, IOEN Director & Co-Founder of Internet of Energy Network said,
“Since 2018, releasing the Internet of Energy Network has always been a part of our vision. We decided to wait rather than launch immediately. Instead, we spent time developing our technology and testing what worked with top-tier corporate clients through RedGrid. Our products and technology are creating value in Australia for both households and virtual microgrids. It is now time to realise that vision, open our technology to the world, and rapidly accelerate the transition to a fully renewable energy future that’s accessible to everyone.”
How IOEN Works
IOEN is a project built on Holochain. Holochain is far more efficient than its popular counterparts and uses less energy. Holochain also has lower transaction costs. IOEN plans to use this information to establish mini power grids throughout local communities. Every grid will have interconnected devices connecting to find the points where most energy is required. This will allow them to connect and create a global virtual grid for an energy market.
If IOEN succeeds, it will change how energy is consumed in all countries. This vision could be a positive one. It will make energy less damaging to the environment and more efficiently distribute it.
Local grid managers around the world will also benefit from some of this power. Agents can acquire the IOEN token as well as the IOEC community currency. These currencies, along with many other benefits, will enable them to pay for the cost of maintaining each local grid.