Internet Of Energy Network (IOEN): A New Distributed Frontier
Hello World
As the world moves through unprecedented changes in the climate, human development, and global pandemics, one thing remains constant: the need for energy access for all. Universal access to energy brings opportunity, safety, and the ability to actualise personal goals.
Currently 2bn people only have access to intermittent electricity, and the majority of energy that is produced is still mostly from fossil fuels. For too long clean renewable energy has been available to only the few, and even where it is available it is still intermittent
Clean energy is now the world’s cheapest energy source, but the existing grid requires $500 billion annual investment to be able to integrate the renewable energy we need to achieve 2050. Even more if the world is to move to net zero emissions by 2030 and absolute zero by 2050.
Our standard approach to investments as it stands won’t cut it. A new wave of energy innovations is arriving, and so a new DeFi approach that changes the way we finance, integrate, and proliferate clean energy is critically needed.
And that is why we are building the Internet of Energy Network (IOEN, pronounced “ion”): to herald a new energy economy that maximises renewable energy available in the grid, and provide affordable, clean energy for everyone.
IOEN
The Internet of Energy Network is a not for profit organization that uses a new digital currency and open source protocols to build scalable Software-Defined Grids®, by connecting all energy devices to work with each other, to collectively balance the grid. Smart interconnection and energy balancing brings grid security and stability, and allows cheap clean energy to be integrated effectively. Without balancing and optimisation of what uses electricity as well as what produces and stores electricity, the grid cannot balance, and clean energy installations grind to a halt.
IOEN’s mission is to support the development and interconnection of minigrids globally by providing the finance, open-source support tools, and integration capabilities to enable agent-centric minigrids to emerge. The IOEN Token uses the best of blockchain and Holochain technologies to support grid needs locally and globally, enabling financing, and then rapid exchange of energy value across devices, such as washing machines and air conditioners, required to balance their energy use to support grid stability.
IOEN is grassroots, bottom-up. Unlike other emerging energy foundations that cater to existing large energy infrastructure companies through significant membership fees, or bureaucratic structures, IOEN wants everyone to participate. IOEN’s true value and differentiator is its agent-based architecture, an approach that literally turns traditional software architectures on their heads. It is in fact how nature operates, and IOEN will continue to explore and promote this approach to solve scalability, privacy, agility, and resilience issues inherent in top-down cloud computing.
This new parallel energy economy makes clean energy cheap and accessible and maximizes green energy creation within each community.
The team behind the innovation
Undeniably, true innovation requires a strong team that can passionately and tirelessly turn ideas into reality. Well, IOEN is not any different, as it has brilliant minds behind it. It comprises team members across different backgrounds.
Adam Bumpus — CEO And Co-Founder, has been an expert of climate technology and energy for 20 years. He has worked with organizations such as the UN, World Bank, and private sector clients with the goal of improving the impact of clean energy investment and innovation. In 2018, Adam and his business partner Simon founded ReGrid, which creates energy software designed to decentralize the energy grid. The company is innovating the concept of software-defined-grid (SDGs) in order to provide a network of users that work to stabilize and optimize the grid. This is done through automation, rewards for participation, and localized grid management. Adam holds a doctorate from Oxford University in carbon finance, and has held positions at Stanford and US Berkeley as well. Adam has also managed a media agency focused on climate and energy development projects internationally.
Simon Wilson — CTO and Co-Founder, has a background in financial services and blockchain/cryptocurrency technology. Simon worked for/with leading Australia banking institutes at a national and international level. He was the working group lead for Blockchain Technology and Strategy for NAB, a leading Australian bank. He has held positions on the advisory board for the Australian Digital Commerce Association (ADCA), the ASEAN Association of Crypto-currency Enterprises and Start-ups (ACCESS), the Wall Street Blockchain Alliance, MIT FinTech community, and the ‘SlaveFreeTrade — World Blockchain Academy for Girls’ initiative. He is the co-founder of the Global IMpact FinTech Association, focusing on the Sustainability Theme.
RedGrid — The Foundation of IOEN
Though IOEN was officially founded in June 2021, the core of its foundation was established in 2017 through leading clean energy technology company RedGrid. RedGrid and IOEN are separate entities, with RedGrid being a for-profit endeavor that has developed, tested, and deployed the key infrastructure behind the open-source IOEN technology, paving the way for the not-for-profit IOEN organisation. RedGrid will continue to accelerate the development and deployment of IOEN-based technologies globally.
IOEN is a bold vision and we’d like you to join us to realise it.
