IOEN, an energy-focused project by a group of people passionate about saving the environment, has announced its successful funding. According to the official statement, the project closed upon an investment of $2.8 million by prominent investors and blockchain leaders. They have chosen to use a combination of Holochain and efficient energy use to significantly reduce overall energy requirements and aid in the integration of renewable energy into communities around the world.
Cryptocurrencies despite their many benefits are harmful to the environment on a scale that many people choose to ignore. Ethereum and Bitcoin mining alone consumes more electricity than entire countries in some cases. Cryptocurrency mining is an integral part of the blockchain which involves using computers to solve complex problems. This computational power is used as transaction validation to keep middlemen out and maintain chain integrity. Although it is necessary, it is a problem that many have pointed out and hope to solve.
Chains like Ethereum have chosen to improve this by changing their mining process from Proof of Work to Proof of Stake. This will reduce operational costs by a staggering 99.95% and make on-chain transactions cheaper and faster. With Ethereum 2.0 already in place, we could see a significant reduction in the environmental impacts of cryptocurrencies soon.
Regardless, it highlights an issue that appears to be built into cryptocurrency by default and must be addressed if mass adoption ever materializes. Reducing energy costs has been a consistent topic over the past decade in many industries. The effects of climate change are constantly being felt, and despite all claims to the contrary, continuing down this path will surely destroy the planet.
IOEN’s Microgrid Virtualization Solution
While searching for a way to solve the energy crisis, IOEN has set its sights on developing a greener, scalable, and long-lasting answer. IOEN is a non-profit initiative that seeks to use efficient distribution and energy management to bring a greener alternative energy to the market. Through open source protocols and cryptocurrencies, the project will enable communities around the world to develop small and small networks of connected devices to enhance efficient power distribution and gradually reduce overall power requirements worldwide.
As a result, power needs will be met by local hardware compatibility. The devices will inform each other of the grid’s power needs and distribute electricity when required. By integrating these networks into society and linking them together across the globe, creating a global virtual power grid would generate a highly efficient energy management system.
IOEN attracts huge support from investors
To further their goals, IOEN has forged crucial relationships with some of the names in the crypto space. It announced a $2.8 million increase in private funding rounds that raised several industry leaders and grassroots venture funds. SL2 Capital led the round, building on their thesis to support mission-driven founders and support technologies that create new industries. SL2’s approach to embracing and utilizing extensive capital networks has brought important investors who share IOEN’s vision. Skyman Ventures throws their hat in the ring. Skyman Ventures focuses on DeFi, gamefi, and NFT technologies, and is dedicated to helping crypto companies grow with capital, media, and marketing. Similarly, Maven Capital supports the project with capital and extensive networks of new crypto protocols.
Holo, AU21 Capital, and Insignius Capital, among others, are also on the list of proponents of IOEN’s Journey to a Greener Land. With such heavy funding and marketing behind them, IOEN’s goal could become a matter of when, not if.
Why Holochain?
Holochain bypasses the traditional consensus required over traditional blockchains which in turn dramatically reduces the massive power consumption required for Proof of Work mining. It also eliminates the requirement to hold tokens to affect the desired network through Proof of Stake while still providing users with essentially the same features. In essence, the blockchain becomes without the environmental impacts. This also reduces the amount of storage required by users in the chain.
It is also worth noting that Holochain’s approach to data integration makes it possible for end users to use and verify distributed network data. This is in direct contrast to traditional blockchains, which usually require a significant amount of hardware expense to get involved.
This makes it a very rational choice as an option for any company looking to get the benefits of the blockchain without harming the environment.
