FAQ

What is IOEN?

The Internet of Energy Network (IOEN) is two things:

1) A community: a community for the sharing of ideas, concepts and projects that enable and accelerating the clean energy transition from the bottom up.

2) A technology: IOENs technology is a protocol for Peer to Peer transactions, accounting and agreements between distributed energy devices, users, and systems. Through its technology and token IOEN enables an ecosystem for clean energy value transfer that is fast, scalable and works globally and locally.

What are IOEN's goals and mission?

Clean energy community driven energy grids are the future of energy everywhere. IOEN’s mission is to create and deliver the digital infrastructure through blockchain and Holochain technologies that accelerate this transition and provide the tools for everyone.

We have set up the IOEN organisation, which coordinates microgrid and ecosystem financing, provides project governance support, fosters and engages the community, curates the code base and evangelises the initiative.

We see IOEN as the location for anyone interested in community clean energy transformation to find templates, technology, examples, tools and support, they need to implement transactive energy solutions and projects.

Where can I find the price of IOEN?

The IOEN token price can be tracked on Coinmarketcap and CoinGecko.

How green is IOEN?

IOEN initially uses a standard ERC20 at the layer 1 / macro level, but a crypto accounting system based on Holochain in the microgrids.

Holochain does not require mining or consensus, it is strictly a peer-to-peer framework. This means no gas fees, no competition for the block, since each node has its own local chain that can be shared with others via its privacy rules.

Why will the token gain value?

The IOEN Token reflects value of a clearly growing movement of community energy projects and microgrids. The value of the token is direct representative of the size, value and volume of projects connected.
IOEN token is fixed supply so as more and more grids become connected the demand for that fixed supply IOEN token will increase in turn making its value increase.

What pain points are IOEN addressing?

The problem isn't energy generation, it's the system by which energy moves between energy assets that produce, store and consume energy.
We allow energy grids to run on more renewable energy.

Pain-point 1: The world needs to pivot, quickly, to renewable energy and requires a frictionless path to capital to raise projects. IOEN is targeting microgrids; geographically proximate sets of producers, storage, and consumers. IOEN will also support “software defined grids”, where disparate participants can trade services to support this new economy worldwide.

Pain-point 2: This emerging new view of energy needs to be turbocharged for connecting new solutions and growing these empirically. IOEN is a marketplace and Grand Central Station of ideas from an open source, grass roots perspective.

Pain-point 3: Energy, currently, is hard. It is in the hands of a large entrenched infrastructure at the national level, heavy investment to maintain. Microgrids democratise energy, and give energy to the local level. We see IOEN changing the game similar to how Canva allowed non-designers to create quality presentations.

Pain-point 4: The flow of energy is very top down. There are currently 2.2 million households with power plants sitting on their rooftops in Australia, and now these are being switched off because the grid lacks a transactive energy system through which they can coordinate and integrate safely. To solve the grid problem will cost $14tr over the next 10 years if a digital integration solution isn’t implemented. The problem is not a lack of technology or ability for devices to transact. The problem is that there is no common service for their coordination.

Where is the IOEN roadmap?

https://medium.com/@IOEN/roadmap-building-the-internet-of-energy-network-145b0c2dbff

How do IOEN tokens convert to microgrid (IOENFuel) credits?

Please check our currency paper for additional information. Layer 1 ERC-20 based IOEN tokens are used to direct funding towards microgrid initiatives, or projects that would benefit the broader ecosystem. These are handled by a number of smart contracts for staking, vesting, and direction as per the participant's wishes. These are delivered to the respective organisation's "miniDAOs", a local set of smart contracts that define how the particular microgrid is governed and how energy value transfer rules are applied. Visibility of the use of the IOEN tokens are available to registered token owners.

Why is IOEN using HoloChain?

Please check out the Medium articles available through https://ioen.tech under Blog on this. In short:
- Scalability
- Speed (latency)
- Very high levels of micro transactions
- Privacy (agent-based)
- Secure against bad actors
- Via validation warrant system
- Cost (value stable, no ‘gas’ fees)
- Small executable
- Suitable for IoT
- Rust -> WASM, most bugs detected at compile time

What is a microgrid? How would I create a microgrid?

The textbook definition of a microgrid is a decentralized group of electricity sources and loads that normally operates connected to a traditional wide area grid (macrogrid), but is able to disconnect and to function autonomously in "island mode" as technical or economic conditions dictate. It can also be designed to be off-grid permanently.
A microgrid can meet this definition with a power source and power-consuming devices. If you have a solar panel on your roof and it feeds your appliances, that fits the definition, although this can also be defined as a 'nanogrid' (within one building).One of IOEN's goals and earliest tutorials will explain how to do this for yourself.

What are the official IOEN Telegram groups?