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IOEN Aims to Leverage Blockchain to Make Clean Energy Accessible

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In the world of cryptocurrencies, just a handful of projects contribute to the greater environmental issues leveraging blockchain technology.

Potentially amongst the thousands of projects, sustainable projects currently have taken a back seat; however, IOEN’s vision and dedication have garnered increased attention.

IOEN is a blockchain-based smart-grid energy distribution protocol with major interests in providing clean and sustainable energy with the help of virtual microgrids. The community-driven network adopts an innovation that is similar to blockchain just in name but uses a unique mechanism.

IOEN’s Holochain employs an agent-centric infrastructure. The network is built in such a way that enables the exchange of connection and value between energy devices, users or markets

Internet of Energy Network (IOEN) has recently launched its Initial Decentralized Exchange Offering (IDO), with a dual-IDO on the TrustSwap and TrustPad launchpads followed by joint listings on the DEXs QuickSwap and Uniswap exchange.

Building a Virtual Energy Microgrid

Maximizing the Holochain technology, IOEN allows homes in any region to run an intelligent, cooperative electricity ecosystem such that devices like air-conditioners, washing machines, solar panels can tweak their behavior to match both local and individual needs, depending on economic initiatives. By connecting homes this way, they become a local virtual energy microgrid.

With the recent calls for a transition to clean energy sources, especially for crypto mining amid rising concerns of the environmental impact of using energy sourced from fossil fuels, IOEN aims to pioneer that transition with its virtual energy microgrid solution that is not only reliable, secure and scalable but unveils the opportunity for more renewable energy within a network and contributes immensely to the goal of net-zero global carbon emissions by 2030.

The network is supported by two currency layers – the IOEN token and IOEC credit systems. The former is an ERC-20 token pronounced as ‘ion’ and a staking asset to access new mini-grid economies. At the same time, the IOEC credit systems are unique for each community trading energy in every mini-grid.

Staking Initiative for Native Token

IOEN has also launched a staking program in collaboration with Kaizen Finance, a crypto-token platform enabling users to earn rewards by holding their tokens.

The partnership allows users to earn APY for up to three months. Staking IOEN gives users express access to discounts and exclusive events.

IOEN announced that all tokens received during the IDO are known as sIOENs and users can go ahead to stake them on its website. Before staking, users can decide whether or not to withdraw 30% of their tokens immediately or keep all tokens staked, with the remaining 70% vested over three months.

With a supply cap of 1 billion and a circulating supply of 20 million, IOEN will be distributed by the network throughout its investment rounds, such as seed, strategic, private, public and at varying prices as well. IOEN has other utilities apart from staking such as using it to purchase energy credits with up to 90% discount, governance, efficiency in terms of transaction speed and cost using the post-blockchain technology Holochain.

Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K

Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term. Bitcoin is struggling to move above the $58,000 and $58,500 levels. The price is just trading above $57,000 and the 100 hourly simple moving average. There was::Listen

Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term.

  • Bitcoin is struggling to move above the $58,000 and $58,500 levels.
  • The price is just trading above $57,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if there is a clear break below the $56,000 support zone.

Bitcoin Price is Struggling

Bitcoin price failed to gain pace above the $58,500 resistance zone. BTC is slowly moving lower from the last swing high at $58,890. There was a break below the $58,000 level.

The price traded below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. Besides, there was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now just trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,500 level. The first major resistance is near the $58,000 level.

Source: BTCUSD on TradingView.com

The main resistance is still near the $58,500 level. A clear break above the $58,500 resistance zone could open the doors for more upsides. The next key resistance is near the $60,000 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $61,200 level.

Fresh Drop In BTC?

If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level. The first major support is now forming near the $56,800 level and the 100 hourly SMA.

The next major support is near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. A downside break below the $56,000 support may perhaps push the price towards $55,500. Any more losses might start a major decline towards $52,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $57,000, followed by $56,000.

Major Resistance Levels – $58,000, $58,500 and $60,000.

IOEN Aims to Leverage Blockchain to Make Clean Energy Accessible

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