FAQs

What is IOEN?

A protocol for connecting devices within clean energy microgrids, enabling them to transact with one another.
The Internet of Energy Network, a community-driven network aiming to build a new energy economy powered by blockchain and Holochain.
The open protocol and standard for enabling connection and value flows between any energy device, user, or market.

What are IOEN's goals and mission?

Clean energy microgrids 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 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 providing lots of templates, examples, and support, so that you can implement them as real life energy solutions.

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.

IOEN is getting interest in a use case where energy saved could be used to mine other cryptocurrencies, but the true value is in becoming as green as possible: carbon neutral and as new applications emerge, carbon negative: running software that helps remove CO2 from the atmosphere.

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.

When is the IDO?

Friday 8th of October
TrustSwap pledge 9:00 AM PST (16:00 UTC) begins.

Saturday 9th of October
TrustSwap pledge 9:00AM PST (16:00 UTC) ends.
TrustPad registration open.

Sunday 10th of October
TrustSwap lottery and KYC.  Users are given 18 hours to complete KYC.

Monday 11th of October
⚡️ Official IDO day for TrustSwap.

Wednesday 13th of October
TrustPad registration ends.
⚡️ TrustPad sale starts 12:00pm UTC
⚡️ TrustPad sale ends 18:00 UTC

Thursday 14th of October
Gate information to follow during the week.

More exchanges coming soon. Keep an eye on our Twitter for announcements.

What are the tokenomics?

Click here to view article on tokenomics.

Who can participate in the IOEN Flash Launch?

Individuals with Citizenship and/or Residency status in the United States, China, or any UN-sanctioned countries are not eligible to participate in the IOEN FlashLaunch.

What if my KYC is rejected?

Please reach out to the respective launchpad as they set the terms and conditionsTrustSwap: https://t.me/TrustSwapTrustPad: https://t.me/TrustPad

How is IOEN launching it's Staking programme?

IOEN is working with Kaizen.Finance to deliver the world’s first token lifecycle management platform in the energy and crypto space and create additional sources of income for token holders.

What are sIOEN tokens? How do I get my tokens?

sIOEN are Stakeable-IOEN tokens. If you purchase tokens from our launchpads, your sIOEN tokens are pre-staked.

⚡️ You must visit https://ioen.tech to turn the tokens into sIOEN and begin earning staking benefits.

Staked IOEN tokens are locked for three months.

⚡️ After 3 months sIOEN become available to exchange to regular unlocked IOEN, which can be traded on CEXs like Gate.io or DEXs like Uniswap.After 3 months the locked sIOEN for the user becomes claimable as regular IOEN which they can take away and trade outside of the IOEN website on GATE or Uniswap as they wish.

What if I don't want to stake my tokens? 

If you don’t wish to stake tokens, you can enter a lesser amount purchase IOEN tokens on exchanges, such as Gate.io.  Check the IOEN website often for the current list of supporting exchanges.

What are the benefits of staking to me?

For those in the public sale who stake 100% of their sIOEN:

⚡️ 100% APY for three months.

⚡️ Unlock after 3 months or keep within the ecosystem, and stake to support new clean energy microgrids worldwide and open up governance opportunities over the emerging IOEN DAO.

⚡️ VIP NFT drops, including the ability to co-create an NFT, with your name coded into the metadata.VIP IOEN merchandise.

⚡️ IOEN Forum (open forum with the founders to develop and deliver IOEN virtual microgrids).

⚡️ Early access to the upcoming RedGrid App with access to tiered discounts and bootstrap the network.

⚡️ Exclusive first access to our DeFi partner benefits.

What are the benefits of staking to the community?

⚡️ Immediate staking and access to guaranteed returns.

⚡️ Access to exclusive opportunities in the IOEN ecosystem and with IOEN partners.

⚡️ All locked tokens will have liquidity that can trade them on the DEX service on the IOEN webpage.

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.

How do IOEN tokens convert to microgrid (IOEC) 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 are you using ERC-20 for IOEN?

Isn’t creating yet another ERC20 put you in the pump-and-dump crowd? A: The fact is ERC20 is now turnkey with 1000s of developers and auditorsAlternatives (April 2021): https://coinquora.com/best-ethereum-smart-contract-alternatives/. None of these can make that claim: Hyperledger, Tez0s, TRON, NEM, NEO, EOS, Waves, QTUM, Zilliqa.
ERC20 could also be cleanly substituted in the future, with for example, a Holochain-based exchange.

Why is Holochain better than blockchain in the IOEN?

- Scaleability
- 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 blockchain are you using?

We have the ERC20 IOEN token for layer 1, and a mutual credit system (crypto accounting, not a currency) for layer 2 called Holochain. Holochain has been referred as "post-blockchain" because it does not require many of the attributes common to blockchains, such as consensus, gas fees, and built-in latencies.

What does IOEN ERC20 purchase get me? Why do I need to buy it? How do I as an individual participate?

The IOEN token is the entry fee to the ecosystem. This gives the purchaser access to a growing catalog of energy services and opportunities around the globe, such as battery technology suppliers, a new community grid project in central Africa, or a pool of developers who share your interest in making the world better through clean affordable energy.

What is the relationship between IOEN and RedGrid

IOEN is its own separate entity, but RedGrid are the initial curators, since it is open source. Over time the faces on the websites will diverge. RedGrid One is focussed in Australasia, but we see a RedGrid Two, Three, Four... opening in other areas of the world. RedGrid has strong interest in the EU and in Africa. IOEN is born as a worldwide organisation.

What notable milestones have you achieved to date?

IOEN: Raise of TGE expected mid to late August, product built and deployed and traction with Australia's largest property developer and one of the most advanced microgrids in the world (UN award winning microgrid at Australia's largest university, Monash University).

RedGrid, the initial curator of IOEN: Successful Crowd-Equity Capital raise in Australia ($825,000 - maximum target reached, was largest energy company to hit maximum target). Invested in by one of Australia’s largest property developers (Mirvac - Publicly Listed Company) following the success of the crowdfunding campaign. Since then RedGrid has worked with tier-1 corporate clients (energy retailers, banks, property developers and leading microgrids) to help them develop their intelligent clean energy strategy, and implement RedGrid’s products in the field.

Notable milestones:
• The IOEN product is built, deployed, and is being used in collaboration with Mirvac—one of Australia's largest property developers and the UN award winning Microgrid at Monash University.
• Attracted a number of key investors.
• The underlying technology (RedGrid) that will enable IOEN was able to successfully raise crowd-equity capital of $825k), along with investment by Mirvac. Their products have helped clients to establish a clean energy roadmap and execute it.
• Underlying technology played the hero in the global documentary “2040”, where a German solar panel owner was able to donate and send power from excess solar produced to a doctor in a Bangladeshi village. This is an amazing use case and demonstrates the true vision of IOEN.
• RedGrid power app allows users to get energy usage analytics, see rewards for smart usage, and more (reminder, RedGrid is the for-profit technology that underlines the IOEN non-profit initiative).
• Successful proof of concept using Holochain to capture close to 100 transactions per second on local/shared chains in 2020, with expectations of an order of magnitude increase possible.

Does IOEN distribute power?

IOEN's primary goal is to distribute energy value, and provide an economy where energy value and its related services are exchanged. For example, excess solar could be bought back by a grid as a feed-in tariff; IOEN allows the producer to direct where this value goes.  

IOEN is also about being more clever in consumption of energy, by shifting demand to renewables. This can include intelligence to turn off certain devices when not required (e.g. an air conditioner without affecting comfort levels).  

The concept of routing electricity at a local level has been created in a lab.  Moving electrons do come up against the laws of physics, but we would welcome further discussions in this area.

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