Energi Gen 3 Coin Migration
Clarification on the Impacts and Frequently Asked Questions
Change is the law of life and those who look only to the past or present are certain to miss the future.
— John F. Kennedy
With the release of Energi (NRG) Gen 3, many entities within Energi will be impacted. We want to address these changes and provide clarification around frequently asked questions we’ve received from the Energi Community.
Energi Gen 3 Questions: Answered
Below is a list of frequently asked questions received from the Energi Community. Our Energi Team is aware that some areas will be impacted by this release, and further instructions and guides will be published as we closer to the 3.0 release.
Q: What will be the differences between Energi Gen 3 and Ethereum?
A: Ethereum is an open-source, public, blockchain-based, distributed, computing platform and operating system, featuring smart contract functionality. Cryptocurrencies that run on the Ethereum Blockchain are known as ERC20. ERC20 defines certain rules and standards for issuing tokens on Ethereum’s network. ERC stands for Ethereum Request for Comments and 20 stands for a unique ID number to distinguish this convention. Decentralized Applications (dApps) is a service that enables direct interaction between end-users and providers. There are over 2,200 dApps that use Ethereum technology and are in the form of social media platforms, games, exchanges and many more.
Energi 3.0 will possess all of Ethereum’s capabilities, while incorporating Energi’s Treasury, Masternodes, and Governance systems. Energi 3.0 will enable dApps to be developed under its smart contract platform and include ERC20 tokens.
Q: Will Energi become an ERC20 token?
A: Energi will NOT be an ERC20 token. It will still be a cryptocurrency, running on its own blockchain. It will be on a blockchain that possesses all of Ethereum’s capabilities (except Proof-of-Work).
Q: What would the process be for users who have their NRG on an exchange and/or third-party wallet (i.e. Discord Rain Wallet or Coinomi)?
A: As we mentioned in our previous article of the Energi Gen 3 Coin Migration, under certain circumstances, cryptocurrency exchanges perform the coin swap or coin migration for their users. Our Energi Team is working closely with exchanges and will provide a definitive answer to this question, well before Energi Gen 3 is released.
Q: For users who are staking locally (laptop or desktop), will the process to start staking be any different?
A: Energi will have an update to the Energi Core Wallet once Energi Gen 3 is released. Users will be required to download the latest version of the Core Wallet, claim their Energi gen 3coins and start staking. The steps to start staking will remain the same. If users need additional guidance on how to start staking, please refer to our staking guide and reach out to our Private Discord Support Help-Desk regarding any additional questions that you may have:
Q: For users who are staking via Virtual Private Server (VPS) and/or with Masternodes, will the scripts still work on Gen 3?
A: Because Energi Gen 3 will be using different blockchain technology than Energi 2.0, our VPS and Masternode Setup Guides will need to be updated. We are currently updating our setup guides and will have these ready for the community before Energi Gen 3 is released. We want to ensure that the Energi VPS stakers and Masternode users are given equal opportunity to use the new guides and be set up pre-release.
Q: Will the Earndrop Distribution for Rounds 2–4 take place after the coin migration and will users need to update their Energi addresses on their Earndrop accounts?
A: We are currently looking into several options, to determine which option will result in the best outcome and experience for our Earndrop users. Currently, there is no definitive answer, however, we are well aware of this situation and will ensure eligible Earndrop participants from rounds 2, 3 and 4 are rewarded their NRG.
Next Steps for Energi Gen 3 Preparations
We will continue to provide updates and clarification around the Energi Gen 3 release as soon as we can. We are aware of the many moving pieces and are systematically working through them so we will be fully prepared for a successful release. We thank you all so very much for your ongoing support.