What Is the Internet of Energy Network (IOEN)?

Internet of Energy Network (IOEN) is a community-driven network built on the Holochain network. The Holochain is an open-source framework that aims to perform secure and reliable peer-to-peer transactions. As per the website, the platforms aim at accelerating a clean energy future by interconnecting mini grids. Besides this, the IOEN seeks to create and deliver digital infrastructure through blockchain and accelerate transition for everyone. The IOEN platform can perform transactions within and between the mini grids from appliance and consumption level to storage and generation.

Internet of Energy Network is an open protocol that coordinates with microgrid and ecosystem financing. A microgrid is a group of power sources and power-consuming devices. The platform provides governance, supports, and fosters the community with numerous initiatives. Besides this, the IOEN protocol offers many templates, examples, support, etc., that users can implement in real-life energy solutions. According to the IOEN whitepaper, the platform aims to use a fixed supply model. DeFi liquidity pool, monitoring active address, rewards from staking, stimulating, and redistributing rewards are objectives of the IOEN treasury pool. Liquidity pools are a crowdsourced pool of cryptocurrency locked in the smart contract.

IOEN is the ticker name for the Internet of Energy Network. IOEN follows standards of ERC-20 token which defines how the tokens are transferred between the traders and how traders can access data. Besides this, by locking ERC-20 tokens, traders can access membership that provides energy credit. Moreover, IOEN uses smart contracts for distribution. Smart contracts are like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

IOEN is a decentralized nonrefundable functional utility token. The token can be used as a medium of exchange between the users on the IOEN platform. The token combines macroDAO with miniDAO. DAOs are automated organizations that establish the ‘rule of the game’ tailored by each individual, micro, and mini grid project.

History of Internet of Energy Network (IOEN)

According to the website, IOEN, pronounced as ‘ion,’ seeks to be launched in early October. A team of twelve members contributes toward the launch. Adams Bumpus, Simon Wilson, Alex Evans, and Mike Gamble are cofounders of the IOEN platform.