International ‘Virtual Microgrid’ Project IOEN Successfully Closes $2.8M Fundraise
September 27 2021 - 06:59AM
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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 has closed at a
$2.8M investment by notable investors and blockchain leaders. They
have chosen to use a combination of Holochain and efficient energy
use to significantly cut back on total energy requirements and help
the integration of renewable energy in communities worldwide.
Cryptocurrency despite its many benefits is detrimental to the
environment on a scale that many people choose to ignore. Ethereum
and Bitcoin mining alone use up more electricity than entire
countries in some cases. Crypto mining is an integral part of the
blockchain which involves using computers to solve complex
problems. This computational power is used as a verification
process for transactions to keep intermediaries out and maintain
the integrity of the chain. Although necessary, it is a problem
that many have pointed out and hope to solve. Chains such as
Ethereum have chosen to improve on this by changing their mining
process from a proof-of-work to a proof-of-stake. This will reduce
operational costs by an amazing 99.95% and further make
transactions on the chain cheaper and faster. With Ethereum 2.0
already underway we could see a huge downturn in crypto’s
environmental effects soon. Regardless, it highlights a problem
that seems integrated into cryptocurrency by default and must be
addressed should mass adoption ever be realized. Cutting energy
costs has been a constant topic over the past decade in many
industries. The effects of climate change are constantly being felt
and despite all claims to the contrary, continuation down this path
will surely destroy the planet. IOEN’s Virtual Microgrid 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 management of energy to bring a greener energy
alternative to the market. With open-source protocols and
cryptocurrency, the project will empower communities worldwide to
develop mini- and microgrids of connected devices to promote
efficient energy distribution and gradually reduce overall energy
requirements worldwide. As a result, energy needs will be fulfilled
via local device consensus. Devices will work to inform one another
about the grid’s energy needs and distribute the electricity where
it is required. By integrating these grids into society and
interconnecting them worldwide, the creation of a global virtual
energy grid would give birth to a highly effective energy
management system. IOEN Attracts Huge Investor Support To further
their goals, IOEN has struck decisive relationships with a few
names in the crypto space. It announced a $2.8M raise in its
private funding rounds amassing various industry tycoons and
popular venture funds. SL2 Capital led the round, building on their
thesis to back mission-driven founders and support technologies
creating new industries. SL2’s approach to incubate and use their
extensive capital networks has brought significant investors who
share the IOEN vision. Throwing their cap in the ring is Skyman
Ventures. Focused on DeFi, gamefi and NFT technologies, Skyman
Ventures is dedicated to helping crypto companies grow with
capital, media and marketing. Similarly Maven Capital is supporting
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 supporters of IOEN’s journey to a greener
earth. With such heavyweight funding and marketing behind them,
IOEN’s goal could become a matter of when rather than if. Why
Holochain? Holochain leapfrogs the traditional consensus required
on conventional blockchains which in turn massively reduces the
gargantuan energy consumption required for proof-of-work mining. It
also eliminates the requirements of holding tokens to influence the
network required by proof of stake while still providing users with
essentially the same features. In essence, it becomes a blockchain
without the environmental effects. This also reduces the amount of
storage required by users on the chain. It is also worth noting
that the Holochain approach to data integrity makes it possible for
end-users to both utilize and verify the distributed network’s
data. This directly contrasts traditional blockchains, which
usually need a considerable amount of hardware expenditure to get
participation. This makes it a very rational option as a choice for
any company looking to gain blockchain features without harming the
environment.
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