The Internet of Energy Network (IOEN) project, a Holochain-based project aiming to revolutionize how energy is used around the world has announced that it will be listed on three exchanges in October.
IOEN project aims at ensuring that there is efficient energy usage around the globe starting from the smallest community. It intends to do so by encouraging even the smallest communities to develop “virtual microgrids’ on the network.
The IOEN projects come amid the current harsh talk targeting blockchain and cryptocurrencies for their high energy consumptions especially for those using the proof-of-work (PoW) consensus mechanism. PoW requires lots of machine power to solve arithmetic problems to validate transactions and also mint new coins into the networks.
Many blockchains including Ethereum and Holochain are now trying to go green by inventing better and more energy-efficient consensus mechanisms. Therefore, the IOEN is a breakthrough in the industry and other blockchains like Stellar have played a huge role in ensuring it becomes a success.
IOEN will start by listing on two Decentralized exchanges
The first IOEN listing will be on TrustSwap DEX and it is planned to take place on October 11, although the whitelisting will begin a few days earlier on October 8.
That will be closely followed by another listing on TrustPad, which is planned to take place on October 11, followed by an Initial DEX offering (IDO) that will start on October 13.
The team behind the project expected the market cap to hit $500,000 on the two DEXes in October.
IOEN listing on Gate.io
Gate.io exchange is expected to enable IOEN to reach a bigger audience than it will possibly reach on the DEXes because of its dominance within the cryptocurrency trading arena.
IOEN project has received investments from every corner
Several companies including SL2 Capital, AU21 Capital, Insignius Capital, and Skyman Ventures (Mashable) have invested in the project
The foundational company behind the IOEN project is called RedGrid and it has already implemented IOEN in its current technology in Australia.
RedGrid aims at automating devices to use the greenest energy at the lowest cost according to the local grid conditions intelligent energy technology.