AMA Recap: CRYPTO MINERS X IOEN TECH
The Internet of Energy Network is an interconnected system that facilitates transactions within and between microgrids: from the appliance level, to energy generation, storage, and consumption. There are two subsystems. The Internet of Energy Network (IOEN, pronounced ‘ion’) currency is the top layer token that is used as a staking mechanism to unlock value transfer to, from and between microgrid applications.
Staking the IOEN tokens unlocks Internet of Energy Community (IOEC) credits, which are used locally to support grid services and applications, and are used to transact energy value within them. The system is built on the Holochain platform and benefits from Holochain’s unique mutual credit accounting as well as its core competencies in privacy, scalability, and efficiency.
We hosted an AMA session with IOEN Tech on 15th November at 11:00 AM UTC.
Mr. Ramsy was the host from Crypto Miners and Mr. Mike Gamble (MG) from IOEN Tech was our guest. He shared delightful knowledge and unique features of IOEN Tech.
Segment 1️⃣: Introduction
Hello everyone 👋 and welcome to the Crypto Miners AMA session with IOEN Tech
Thank you all for joining us today!❣
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Mike, Welcome to our community 🤝
Hey thanks Ramsy, really great to be here!
Glad to see you here Mike,
Thanks for bringing Us IOEN Tech❣
We're pretty proud of it, which I hope you will see 🙂
Haha, Sure ✌️
I'm pretty sure that our AMA participants are very much excited to learn more about IOEN Tech, so let's get started if you're ready!
Let's do it!
Q1) Can you give a brief explanation about 'IOEN TECH' .What popped up in your mind to create such a platform in this space?
Yes sure.. it wasn't just my mind tho, the four founders all came to the same realisation at the same time.. it was a powerful moment!
The idea of inexpensive clean energy has been on our CEO’s mind for 20 years!
Three years ago the four founders of IOEN got together and realised that Holochain, which we use in the microgrids, was the missing link. I’ll explain..
Internet of Energy Network (IOEN) tech enables homes anywhere to operate as an intelligent cooperative system, where devices in the network adjust their behaviour to suit local grid needs and the needs of individuals, based on economic incentives.
We have two currency layers: IOEN itself (pronounced “i-on”), which is used as a staking asset to unlock new microgrid economies, and a series of Icredit systems unique for each community transacting with energy in each microgrid.
The IOEN Protocol is open source to unlock the capabilities of clean energy microgrids globally.
Our vision is to see a world where everyone has access to clean energy, and that our electricity grids never fail because every house is an active participant in supporting that grid and everybody is rewarded for doing this.
We needed tech that could scale, and was fast, and that is what we found in Holochain in 2018.
Yeah, we are not your typical crypto project 🙂
Alright, Now let's deal our second one..
Q2) So what are your main features that discern you from other projects and what key advantages do you have?
OEN brings concepts together in unique ways.. I’ll write a Medium article on this shortly on our innovations, but I invite you now to our website ioen.tech and press the Blog menu, we have something like 40 articles up there already!
So first of all IOEN is a hybrid blockchain-Holochain solution, use the best characteristics of each to provide an architecture that can breath and quickly grow
We have a blockchain talking to each microgrid through what we have named "microDAOs".
These are an automated means to establish the ‘rules of the game’ tailored for each individual microgrid or microgrid project. Throughout this paper we refer to the IOEN currency and many IOEC credit systems. Each can be appropriate for that Community.
IOEN the organisation will provide a growing set of templates so people can create their own microDAOs
At the top end is a blockchain, and we will work with DAO makers to create a "macroDAO" for governance of the funding.
If you have been following COP26 in Glasgow, a goal is to fund renewables, and we have connections... I'll discuss when we talk a bit about the team.
I personally find the microgrid layer pretty cool (our CTO Simon is actively working on the blockchain / DeFi part)
The microgrids use something called agent-based architecture, which is found in Nature. Think ants and bees.
This is what I find pretty fascinating, and I've written a few Medium articles on that.. and what is called "biomimicry". Anthills and beehives scale!
And finally (for now) we are an open architecture who will embrace all new innovations, including new blockchains. We are open source because we see this as the only way to get energy usage down and converted to renewables worldwide!
Q3) How has the experience and background of your team been effective in the success of your project so far?
We have an amazing team and I'd like to name them all, but I'll just talk a bit about my fellow founders
Our CEO Dr Adam Bumpus has worked in clean energy innovation and carbon finance for 20 years with the UN, World Bank, and large companies to deliver energy solutions globally. He has a PhD from Oxford in this area, and is a regular climate expert on a popular nightly national news programme here in Australia.
Simon the CTO spent over ten years working with leading Australian banks in both domestic and global capacities. This included a position at the National Australian Bank (NAB), as their joint lead for blockchain technology and strategy. He is the lead and co-founder of the Global Impact Fintech ThinkTank (GIFT) that operates in 68 Countries.
Alex has over 6 years experience in blockchain. He has led the marketing at RedGrid (our company that spawned IOEN) as CMO and has consulted to some of the biggest NFT sales in the sports industry, including for the largest NFT sale by an NBA player (Lamelo Ball) and directly for international sporting leagues.
And me.. In 2015 he co-hosted the very first blockchain meetup in Melbourne, Australia and brought our CTO Simon along. I was an advisor to the Asia Pacific blockchain conference in 2018. Later that year he discovered Holochain. I'm an electrical engineer, mostly on national telecommunications networks, with the past three years in cyber security.
I would love to tell you about everyone on our team, but that would mean over twenty people in places like Venezuela, Vancouver Island, Barcelona, and Ukraine. Please click About on ioen.tech for more!
So to answer your question.. we have complementary skills, we have deep experience, and we have been working together for a few years!
(I can see I missed a few "he’s" for I’s in my bio haha)
It'll be good for Project IOEN Tech 🌚
Now let's see our next one..
4) Now Share us about your token, What are the some of utlities of $IOEN Token in Your Ecosystem? And if possible share to us the Tokenomisc of $IOEN
When fully vested there will be 1B tokens, fixed supply. This leaves the door open for buyback, but it is important that we see our token with true utility.
We have aims for tier 1 exchanges in the US market for blockchain
In microgrids California (as you can imagine) is leading the way in regulations.
We originally were going to tie it directly to kilowatt-hours (kWh), and then realised a full energy-based economy should reward other participants, like people who maintain solar farms, even cafés who provide discounts for community credit holders.
We considered burn and mint, but we want to be a true utility token with value fixed to usefulness in the network. Burn and mint can decouple this and be manipulated.
As with other projects, we retained some tokens to get IOEN the organisation up and running, although we have staked our tokens for six months to demonstrate commitment and provide stability in the first part of the roadmap.
We break down the figures on page 13 of our white paper available from our website at ioen.tech.
We have raised $2.8M in private sales and initially released 2%, exactly one month ago today when we launched on Uniswap and Quickswap.. you can see and trade us there now.
You will see a bunch of comms from both us and gate
Haha.. it's late here.. I mean 17 hours
(kinda blew that one)
The price over the past month has been stable.. organic growth, no intervention, which is awesome
In total we have allocated 185M tokens for public sale.
Thankyou for that great information about IOEN Token,
Now let's hear our last question from this segment..
Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from IOEN Tech? If possible could you please share road map with us.
This is what is rather cool.. in 2018 we considered launching a token, but you may remember it was after 2017 which was insane.
We decided to build a real company instead 🙂 redgrid.io
The result is RedGrid has IOEN tech in REAL homes with normal people.. we have our agents running for simple smart plugs that you can buy for $10, and the company has an equity share by one of Australia's biggest property developers, who is making seven-star efficient houses. The idea is we will build this into wall sockets.
RedGrid also does work with universities, including Australia's biggest who won a UN award for a NetZero project.
Ok, so let's talk briefly about the roadmap
Again.. lots of detail on our Medium page
As you can see it breaks down into three phases:
Phase One: Establishment
Phase Two: Bootstrapping the Network
Phase Three: IOEN Ecosystem Services
At each step we are considering the tech, business development, and growing the community.
We are in phase one now and actively hiring people around the world. Plus just put up on our website about an hour ago, check this out: https://ioen.tech/ambassadors
Following the IDO, we immediately launched our staking program, enabling token holders to earn high APY% and access exclusive IOEN benefits over the coming months. Many of these are captured in our 6-month roadmap.
And did I mention we are listing on gate? (haha)
Phase 2 will be "proof of participation", an idea we borrowed from the Helium project, who are building out a radio network everywhere.
We will still continue to develop DeFi to keep the funding robust and liquid
End of this week stay tuned for a really amazing NFT campaign, again with staking options.
By phase 3 we expect to have services.. for example, if I have a solar panel, I can sell it to my neighbour. Regulations are changing around the world to allow this.
But it could be indirect services.. it will be useful to the communities if you are really good at data visualisation for energy.. or know your way around Unity or Godot and help build part of a metaverse
The next few years are going to be amazing (just like the last 3-4 were) 🙂
Thanks for that well detailed introduction about IOEN TECH 🤝
That’s the wrap up our the first part of the AMA session ✅
Now Moving on to our next and last segment - Live Q&A,
I hope you're ready for that!
haha.. these can be a flood!
Yes, ready 🙂
Here we go
Segment 2️⃣: Live QnA
(In this segment group was opened for 60 seconds and miners sent hundreds of questions. Mr. Mike choose some best to answer)
1)How will IEON achieve its goal of integrating 100 Minigrids into the platform?
Do you have a global partner, such as (GIFT) to expand the project to all corners?
We actually already have 8 microgrids lined up now. We have signed agreements in Liberia for electric vehicles, and in Bangladesh for local village power.
But definitely partnerships matter, and GIFT is a global fintech group. If you check our website, you will see we have numerous crypto connections, and we are now working on the energy side.
2) Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
We have had three independent audits on our smart contracts, Hacken in Estonia, Deus in South Africa, and a third from Mumbai who slips my mind at the moment.
That's for blockchain. The Holochain bottom layer is pretty interesting.
As I hinted at, Holochain acts like Nature (like ants and bees). In fact, in their code they use biological names, like "DNA".
So if there is a bad actor, the agents in the microgrid can detect them because everything is hashed.. the code and the data.
They can signal their other agents and they can isolate the one agent.. just like white blood cells! It is pretty amazing (well, I think so)
And if you accidentally step on an ant, it doesn't endanger the whole anthill.
We have done experiments where a transformer fails on a street, and houses can reduce their energy by coordination to stop a blackout.
I have a cyber security white paper coming out in a few weeks.. after we list on gate 🙂
3) Is this platform suitable for Crypto beginners?Or does it only appeal to professional users?
We want EVERYBODY to join, and we are just getting our github and Discord forums set up.
We plan to hold Dev camps and conferences (maybe even face to face now)
We want everyone to think about energy so that we are all creating a new economy in parallel.. the world leaders are just too slow for what we need.
Think about how bitcoin changes the financial markets.. we suddenly asked "what is money, really". We want people to start thinking that way about energy.
And with the RedGrid products and its Powers App, we are doing that.
So please stay tuned as we map out developer programmes
4) Partnership is Always an Important Factor for Every Project. So who is your partner? How LC The Benefits From Solid Relationships?
If you scroll to the bottom of our website at ioen.tech, you can see some of our partners so far, plus we are doing press releases that we keep on our Medium page.
A lot of them our capital companies familiar with blockchain projects. But we also have Mashable, the news aggregator.
Mashable invests in green companies, so this was a big thing for us.
I mentioned some of the energy companies. We have always had a strong following in places like the Netherlands, Turkey, and Vietnam. I’m confident that our business networks will just keep growing.
5) Is your platform a global or is there any restriction to certain regions?
Yeah interesting question.. as I mentioned earlier we want to be on the right side of the American SEC so we are making sure we are a true utility.. we want people to contribute and participate.
There are also restrictions on the energy side, although those are changing. Part of our team is another senior electrical energy who does work for the Australian Energy Market Operator (AEMO). Next year later in 2022 the regulations will loosen so that I could actually sell my excess solar panel energy to my neighbour.. right now it isn't worth it.
And I keep a close eye on other jurisdictions. There is definitely a move and we have arrived at the right time in history!
Thanks for the great questions, all
Thankyou so much For your valuable answers and information about IOEN ,
It Was Pleasure Hosting An Ama With You.
Is there anything else you would like to share or you want us to know ?
Did I mention gat... yeah I did haha.
Just please check us out on our website ioen.tech, and we have many socials.. I just noticed this while we have been on.
Thanks everyone for coming, and please join us!
one more thing
This appeared this past week...
On the NASDAQ website..
Ok thanks Ramsy
Cheers mate. Ok, bye for now!
We Wish all the very best for IOEN Tech And the entire Team Behind the project 🤝
Time To Conclude Our AMA Section
Community, if you would like to learn more about Avangers Coin, here are some useful links for you:
Twitter : https://twitter.com/IOEN_tech
Medium: Internet of Energy Network