What Is Energi (NRG): Taking DLT To The Next Level
Energi (NRG) is one of the biggest movers in the crypto space over the past few years and it even catapulted in the top 100.
At its core, the NRG blockchain is trying to bring the distributed ledger technology to the masses and to achieve widespread adoption. Energi wants to build a secure and user-friendly platform that is trusted and accepted around the world. However, it is important to learn what makes this project so valuable to the investors?
Let’s find out in the guide below.
What is Energi?
Like most of the other cryptocurrencies, Energi is decentralized and blockchain based. It is also focused on decentralized applications and smart contracts and it has a good method of governance along with the self-funding treasury model which is intended to assist in making it the most popular blockchain platform worldwide.
The Energi project began back in the summer of 2017 as a fork of the Dash blockchain. At that time, it used the proof-of-work consensus mechanism with an ASIC resistant algorithm called Energi hash that is very similar to the Ethereum Ethash. Since then, it has switched to a proof-of-stake consensus with a network of masternodes and these masternodes provide usability and some of the most important features of Energi.
Although Energi is a Dash hard fork, it has been modified multiple times and has enhanced privacy, lowered fees and improved scalability compared to Dash. The self-funding system of Energi and on-chain governance system was enacted to ensure the long-term development of the project.
Energi has the same basic features that you can find in any blockchain project including decentralization and on-chain governance model but also its own HD wallet and trustless transactions. It has also put a spin on some of the most common features to make it more useful.
- Self-Funding Treasury
The self-funding treasury is not such an unusual feature in the masternode blockchain but Energi has one of the biggest percentage allocations to the treasury of any masternode blockchain. A full of 40 percent of the released NRG goes into the treasury. Since there are 1 million NRG released every month, this gives the treasury 400,000 NRG every month to be used for marketing and development of the project. This will also ensure the longevity of the project providing funds to improve technology and grow the community and to also compensate the developers.
- Built in Governance
Like many other blockchain projects, Energi has included a community based governance model. In this model, the stakeholders can submit a proposal for open consideration by the community. Once this is done, the masternode owners then vote on the proposals to determine whether they will be implemented or not. This governance model was chosen because it encourages the adoption given by giving the users a voice, but it also helps with scalability and increases the stability of the network.
As a Dash hard fork, the energy network includes both the Instant send and Private Send transaction features. However, the masternodes of Energi allow this with improved transaction speed and lower fees. Because Energi has a 2MB block size and 1 minute block time, the users benefit with minuscule fees and quick transactions. Scalability is also improved by using these masternodes and the scalability of the network is also growing as the number of active masternods grows as well.
Dapps, Smart Contracts and Masternodes
The planned network of dApps will give the Energi network bigger usability which will help it realize its goal of global adoption. The addition of smart contracts will increase the trustlessness, speed and security of the entire ecosystem. The smart contracts will also promote further development which will bring new users and investors that will increase the value of NRG as it becomes valuable as a currency.
Anyone is now able to host a masternode by staking 10,000 NRG. At current prices, this amounts to an investment of $86,100. The masternods provide several of Energi’s features including the Private Send and Instant Send functionality as well as self-funding and self-governance of the network.
The masternode owners get rewards for securing the network with NRG. 40% of the NRG that is generated is allocated to the masternodes and this is more than 400,000 NRG per month. Currently, there are 798 masternodes which means that each masternode is receiving 500 NRG per month. Setting up a masternode is not really easy and you need a little bit of command line experience to do it. The energi team tried to make it easier with their guide that can be found on their website.
The Energi Team
The Energi team consists of 18 dedicated and knowledgeable individuals who have committed to blockchain technology and the creation of a decentralized network. They come from a wide variety of disciplines including operations, development, marketing and course entrepreneurship. The CEO and founder of Energi is Tommy and he is a well known blockchain evangelist and educator within the blockchain space. His understanding of how blockchain functions was his inspiration to launch the Energi platform.
The president of Energi is Ryan Lucchese who oversees the daily operations. He has a very strong background in software development which is no doubt a huge asset to the project. Before starting at Energi, he was an engineer at Hyland Software and NCH software. In the lead developer seat is a guy named Andrey Galkin who has a long engineering background and had multiple roles in both Enterprise and startup environment.
The NRG Token
NRG started as a proof-of-work coin with no ICO and no pre-mining. The mainnet launch was announced and mining began fairly soon after. The first listing for NRG on CoinMarketCap was on August 2018 when the price jumped around $0.10 and immediately spent several months trading between these levels.
Later in October, the coin started trending higher after the masternode payments started and it reached levels over $1 as November began. The price dropped in January and February 2019 but never below $0.54.
The increase in prices has made it much more expensive to run a masternode but the return is still very good. This might not be the case as new investors setup masternodes to take advantage of the %60 annual returns being generated.
Energi says that they want to become the leading global cryptocurrency but almost all blockchain projects have that goal. Energi has made great strides recently but what makes the project unique will help it say alive and well. There will also be more possibilities for introducing smart contracts and Dapps so it seems like the NRG token is still very attractive.