EPID Community

RECAP AMA EPID COMMUNITY X IOEN

🕖AMA Timing : 12th November 6 AM UTC | 1 PM (GMT +7)
🏚Venue For AMA: @EPID_Community
💰Reward Pool : 100$

➡️Part 1: Project Introduction.
Q1: Can you give a brief introduction of what IOEN?
A:
IOEN stands for “Internet of Energy Network'' and is pronounced “i-on”, like an electrically charged particle. ⚡️

The “Internet” part of our name is to recognise the first 20-30 years of the Internet, when its approach won out over rigid organisations like the CCITT and the OSI model.

If someone saw a need or an improvement of an Internet Protocol, they just suggested it, and if others liked it, it grew and was adopted. Completely organic.

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 local grids and everybody is rewarded for doing this.

Our mission is to deliver this through open-source technology that anyone can build on. We want to change the way people look at energy, just like how bitcoin made people ask “what is money, really?”

This means that the open source code base can be used by others, perhaps even in commercial enterprises; we see an entire new energy economy emerging.

IOEN as the support organisation will promote the token’s use globally, and work with leading organisations to support its adoption, user growth and market education.

And I’d like to mention we were chuffed (that is Australian for "pleasantly surprised" 🙂 ) when we woke up this week and found an article on nasdaq.com listing us with six other coins https://www.nasdaq.com/articles/the-7-best-cryptos-to-buy-to-make-you-a-millionaire-2021-10-19 !!

Q2: Can you share some of your background and experience? How did you know and get involved in cryptocurrency? What made you/your team decide to found IOEN?
A:
Ok, I talked a bit about me, I can share a few of my colleagues, but we really have about 20 core people who are great!

In terms of my involvement in crypto, I read the bitcoin paper back in around 2014 and it was so elegant (nine pages). What could be more fundamental than trade and money beyond food, clothing, and shelter?

Our CTO Simon was with me and we looked at starting a hedge fund in 2015, but it was a bit too scary for us haha

Our team founded IOEN as the "third horizon" of a three part plan

The first two were in Australia with startup RedGrid.io and we are proud of that. The third bit is to bring this to the world.

Our CEO Dr Adam Bumpus has been in climate finance for 20 years and we are truly a mission-based org. Makes it much more motivating to get up in the morning 🙂

Although with crypto, it seems to be 24 hours a day haha

Q3: Currently, there are many scam projects that cause investors to lose. So, Why we should choose and trust IOEN?
A:
Let me tell you a bit more about the team

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 has over 10 years of experience working with leading Australian banks, including as the joint lead for blockchain technology and strategy for the National Australian Bank. He is a co-founder of the Global Impact Fintech ThinkTank (GIFT) that operates in 68 countries.

We are quite proud of the organisation that brought IOEN into being. Our first integrator, RedGrid.io in Australia, has delivered our technology already, to real people in real homes.

RedGrid has developed the “Powers App”, which uses inexpensive smart plugs, available for $10 at retail and grocery stores, to tell users when the national grid is using the most renewable energy, and it can control air conditioners to save energy but maintain comfort levels.

Users are incentivised through a points system provided by the Holochain technology.

RedGrid also works with universities in transactive energy markets and embedding the agents in IoT devices around campuses.

The company has worked with two organisations that have won UN awards, Australia’s largest university who won for NetZero at COP21, and a company in Bangladesh.

There are more announcements with universities across the country for RedGrid coming soon!

IOEN is the extension to the world stage, taking these and other ventures and turning it into an open source community. It has raised US$2.8M in private funds before its token sale release, which incidentally will continue to very well-known exchanges in the coming weeks.

And today, we announced we are listing on Gate on the 16th!

We are currently available on Uniswap and Quickswap

➡️Part 2: Question From Twitter (5 best questions).
Q1:
IOEN, would you like to introduce the team and some of their profiles? Because I have seen many projects started by inexperienced team members, and some of them are not going well due to mistakes.
A:
So besides myself, Simon, and Dr Adam, I can also tell you about Alex.

Alex is our marketing guru with six years of deep experience in blockchain, and is now a top advisor in the NFT space.

Our commercial director David serves that same role in Holo, has brought numerous projects to market and established relationships around the globe. He was involved in some of the earliest blockchain projects.

And we have this incredibly tight team so a shout out to Emily, Harri, Marco, Josh, and Alistair to name a few . A real buzz working with these people

You can see them on our webpage if you click About.

And finally, a nod to our overseas resources in Venezeula, Barcelona, Vancouver Island, the Ukraine, London.. probably left someone out haha

Q2:
DEFI is growing too fast and the likelihood of it being disrupted is very high. What do you think about this? Can you be sure that mixsome products will be in demand in the long term? What plans does #IOEN have to contribute to DeFi’s development?
A:
Defi is exploding, agreed, as are NFTs and the newest buzzword: “metaverse”. 🙄

But all buzzwords follow the Gartner hype cycle with huge press coverage, a few failed ventures, and then a slower, more mature acceptance.

We are not directly in the business of DeFi, but we will utilise techniques if it supports our mission.

For example, it is key that we create a strong treasury at our blockchain level, since this will fund new microgrid projects.

So we have adopted staking and liquidity pools to keep that part of our architecture robust.

Alex, who I introduced in our last question, has helped develop a very cool strategy for us in NFTs.

We will branch into unique energy certificates, at the moment we will commemorate new microgrids, including a camp in Rwanda! More on this very soon!

We invite you to scroll down to our partners at the bottom of our home page at ioen.tech, and to read the partnership articles on our Medium page via the Blog menu at the top.

We have numerous partners in the DeFi and crypto capital space, including Polygon.

And Kaizen Finance, who has been providing us our staking .. we listed on the DEXes three weeks ago, and now heading for the CEXs 🙂

Q3:
I read that by connecting homes with IOEN, they become a local virtual power microgrid, but could you really tell us what they mean by that "local virtual power microgrid"? And also how can we activate it and how will it work?
A:
Ok, forgive me while I put my engineer hat on 🙂

So first of all, “what is a microgrid”?

We like this definition: “a microgrid is a group of interconnected loads and distributed energy resources .. forming a local electric power system.. that is able to operate in either grid-connected or island mode”.

whaa...t ..

If you have a solar panel on your roof that powers your appliances, you have a microgrid!

The “interconnected loads and distributed energy resources” means coordination of energy; so it could be you and your neighbour providing energy to other houses on your street.

In a lot of countries, this is coming.. because regulations protect the 150 year old grid.. in Australia where we have solar on one in four rooftops, they turn us off when we get too much 🙂

A microgrid can also be virtual. What that means is instead of a physical proximity to power sources like solar panels (IOEN is all about renewables), you can join a group, very much like what we are doing now.

We all share a common interest here (crypto) and we share information with other members.

Holochain agents can form groups worldwide.. If you are part of their trials, they have something called “Holochat” right now to test performance and other characteristics.

A virtual microgrid is powerful (pardon the pun) because it lets people who don’t have solar panel (e.g. living in an apartment) join a scheme with those who do. In fact, IOEN technology is being used right now in a Neighbourhood Battery Initiative (“NBI”), where a community shares a battery to prevent outages.

I know this all sounds a bit different than your usual crypto projects.. that's because we are 🙂

Q4:
There are 2 currency layers.The Internet of Energy Network (IOEN) &Internet of Energy Community (IOEC) tokens.What is the purpose of this dual token mechanism?What function does each carry in the ecosystem?Are they mutually dependant or have different functionalities & utilities?
A:
Yeah... not a dual token mechanism 🙂

We have an innovative two level architecture in IOEN.

The top level is blockchain for worldwide financing and includes the very latest in DeFi to ensure a stable and growing treasury.

The Holochain level is used in the individual microgrids at a very local level, and there actually is no token, so it is not quite right to say we have a ‘dual token’ scheme.

Holochain uses a credit system, which is a community currency.

For example, you have a solar panel and want to sell your excess energy.. Your neighbour agrees to buy it. (In 2022 you will be able to do this in Oz)

She gives you credits, you provide the energy. Her credit balance goes down, yours goes up by a reciprocal amount.

Simple 🙂

The microgrid level needs to be fast, inexpensive, but have the same data integrity as a blockchain.

So think macro and micro. Can they be independent?

The two halves can operate and be useful independently. The battery project I mentioned in the last question is an example of a microgrid that already has funding.

And in the blockchain space we continue to strengthen the treasury with projects aimed at that purpose.

If you are asking.. "what is this holochain".. Holochain is quite different than blockchain, and invite to read this short article: https://medium.com/internet-of-energy-network/ioen-changing-the-landscape-with-holochain-technology-fcb768b6cd48

Q5:
Buyback, burn, rebased, are known strategies to honor investors and build confidence in the project. Which of these strategy would you use in the future for $IOEN?
A:
Yeah interesting question 🙂

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 do want to include the US in our future :))

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.

➡️Part 3: Free asking (5 best questions)
Q1: @mamaemli
Do you have any plans for ambassador programme role for your project growth and awareness? If yes how may I apply?
A:
Ok I promise to go farther back on the next question 🙂

We do indeed have an ambassador programme, and you can contact my colleague Harri about it.

So far we have something like 20 countries and languages, with big followings in Turkey, Indonesia, and the Netherlands.

Q2: @trenlipa
Covid-19 has a bad impact in almost every sector. So, as a crypto projects how did it affect you? How you and your team have done the work in the pandemic?
A:
I think a few people have asked this, but this one is for you, Lipa

I hope everyone is healthy out there

Fortunately, the pandemic hasn't affected us too much, because we are already decentralised.. for example, I live about an hour outside of Melbourne, and our CTO Simon three hours east. And then all those other places I mentioned.

But we do have team members who have had a few tests. Ok so far ..

Q3: @donghoa9
Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to?
A:
We totally agree, partners are critical.

You can see a number of them at the bottom of the webpage ioen.tech, and we do press releases that end up on our Blog (Medium) page.

A big one is Mashable.

They are the news aggregator and we attracted them because they are also environmentally conscious.

You can imagine.. they have a pretty big network of contacts 🙂

A lot of our partners at this stage are capital, specifically blockchain capital.

But we increasingly are getting energy people.

For example, tomorrow there will be a chat on our Youtube channel with Emergi.

Interesting company: they are running electric vehicles in West Africa like Liberia. Based out of the Netherlands.

Q4: @elymask
Security is the most important thing to consider want starting up a project, how secured is this project for users and investors?
A:
Security..

Again , two halves

In blockchain we have had three independent audits on our smart contracts

We have used Hacken in Estonia and Deus in South Africa (sorry forgot the third one out of Mumbai)

Holochain is a different animal

We will be publishing a cyber security white paper on this in a few weeks (once our CEX Gate listing is done)

Holochain is based on Nature.

So if you stomp on one ant (accidentally of course), it doesn't kill the whole anthill

We have done some really interesting tests of a power transformer knocked out, and all the houses in the street coming to the rescue to prevent a blackout!

And just a bit more on this (I can go on this forever, it is called "biomimicry")

White blood cells attack an invader. Holochain has the same thing when a bad actor changes the hash on data OR code So cool!

Q5: @trailam
Can you explain what makes your project superior to other projects? And what is the deadly strategy you used in your project to win the competition with other projects?
A:
Ok, I'll go with this one.

I hope I've given everyone a glimpse that we are quite a bit more than a crypto project. But I haven't talked about the secret sauce

Which is "agent-based architecture"

Again, think ants and bees

They do their thing with very simple rules, they have sensors to find food, and they take this info back to the anthill or beehive

In order to be truly scaleable, IoT has to work this way

Even blockchain is sort of centralised (in a logical fashion).. there is using one (massive) chain.

In Holochain, every agent has a chain!

Which can be shared if it makes sense

Just like Nature.