Energi Gen 3 Q&A
We hope you’re as excited about the potential of Gen 3 as we are! We know you may have some questions about the next generation of Energi, which is why we’ve put together this blog to answer the most common ones:
MIGRATION
If I participated in the testnet and followed all of the migration instructions, am I good to go for Gen 3 already? No. If you participated in our testnet, we thank you for your contribution, but you’ll still need to complete the migration process after launch.
Is there anything we can do, or possibly do wrong, during the migration that would cause us to lose our NRG? As with every other cryptocurrency, the things that you’ll want to avoid are the usual mistakes. These include using scam resources, not following the instructions, copy/pasting the wrong receiving address, responding to hackers impersonating the core team via email or messengers, and losing your private key. Make sure to follow our guide here.
WALLET
I’ve got my NRG stored on the bot/wallet in Discord. If I leave my coins there, do I automatically participate in the migration? Yes. NRG stored in the Discord wallet will be automatically migrated to Gen 3 and available for withdrawing after the maintenance period.
Will NRG stored on Discord still receive staking rewards even though it’s locked up for the maintenance period? Yes. You will still receive staking rewards during this period of time.
What’s the best wallet for us to store NRG, both before (and after) the migration? The best wallet to store your NRG is the most up-to-date version of MyEnergiWallet; and, as always, one that you hold the private keys to.
STAKING
Is there a new minimum to stake after Gen 3 since the masternode collateral amount has changed? No. The minimum amount of NRG required to start staking will remain the same, which is currently 1 NRG.
Is the staking reward structure going to change? No. The current staking reward structure is staying the same.
Will there be a staking and masternode calculator at launch? Unfortunately not. These are currently being developed and will be available on Nexus, the Energi portal, as soon as they’re ready.
MASTERNODES
How does the collateral amount affect a Gen 3 masternode in terms of voting weight and reward probability? There is no probability since all rewards are pre-determined. Currently, the reward per cycle is proportional to 10,000 NRG: 9.14 NRG
Is it better to have 1 masternode of 10,000 or 10 masternodes of 1,000 for maximizing rewards? For the benefit of network security, it’s better to have more masternodes (i.e. greater decentralization). For a cheaper and more efficient use of VPS, it’s better to run a single Masternode with larger combined collateral.
TECHNOLOGY
When will the first dApps be launched? MyEnergiWallet and Nexus are already here. In the future, the development of new dApps will also depend on our community of developers. From what we’ve been hearing, it shouldn’t be long before there are many more dApps running on Energi.
Why did Energi choose to use the Ethereum codebase for Gen 3? Ethereum has one of the largest and most respected communities of developers. In addition, the Ethereum codebase has proven its security and resiliency over time. We wanted to start with the strongest codebase available and then make our improvements from there.
What advantage does Energi Gen 3 have over other leading smart contract protocols (like Ethereum)? Ethereum is considered a previous generation because it only offers smart contracts. Energi Gen 3 has the same smart contract capabilities now, plus Proof-of-Stake, on-chain governance, and a self-funding treasury. Not to mention our masternodes model, Defense, and support capabilities.
What are the primary advantages and disadvantages of Gen 3 compared to Gen 2? The biggest advantage is the introduction of our smart contract platform. Additionally, there are other improvements to Proof-of-Stake, masternodes having deterministic rewards, proposal management, non-fork consensus upgrades, EBI-recovery features based on consensus voting, and much more. There are some 56 pages of requirements for Energi Gen 3.
What’s on the roadmap for Energi after the Gen 3 launch? We have a lot in store for 2020 and beyond, so we’re planning to update our roadmap on our website VERY soon. You can keep an eye on the latest developments by checking our website: energi.world/roadmap
If your question is not covered in these FAQs, email us at support@energi.team.
The Energi Team
