Updated: Dec 20, 2019
Energi can be expressed as a self-funding cryptocurrency. Popularly touted as the cryptocurrency for world adoption, it aims to reach the masses. Energi is a universal governance system, which incorporates innovation and absorption of advanced technologies in space, with smart contract capability and infinite scalability. Unlike the other blockchain platforms, Energi did not conduct an ICO, and NRG tokens were dispersed through a multitude of rounds of airdrops to the users who joined the community.
This guide will talk about the reason Energi was designed, the makers behind it, the way it works and its most popular applications.
What Is Energi Designed For?
Blockchain technology has revolutionized the internet by providing multiple application utility, across a multitude of fields. Energi is designed as a next-generation cryptocurrency, intended for mass adoption at a global level. It is a tactically intended cryptocurrency, which has the potential to capitalize and scale the world value, as an alternative to the existing array of crypto assets.
Using the innovative self-governance model, Energi aims at developing a global adoption. It significantly improves upon the existing self-governance projects, such as Dash and Smartcash. Having one of the largest treasury funds available, the blockchain network aims to become the first internet for money.
The ultimate goal of Energi is to become the world’s chief cryptocurrency platform. Cryptocurrency is a radical technology that offers freedom to money. Energi aims to bring this technology to everyone very soon.
Who Is the Team Behind Energi?
Energi was founded in 2017 and officially launched in 2018, by TommyWorlderPower. Tommy is popular on both YouTube and Twitter, and a leader and educator providing simple user-friendly tutorials to the general public, about cryptocurrencies and how it works.
Ryan Lucchese is the president of Energi and has a strong background in software development, with a concrete foundation in technology organizational leadership. Carolyn Seet and Greg Buechler are the vice presidents of operations and recruitment, respectively.
How Does Energi Work?
Energi is a cryptocurrency that efficiently combines self-governance, smart contracts, efficient management and a strong treasury on a single blockchain platform. Additionally, it aims at becoming the most user-friendly, trusted and secure platform by eliminating the cryptocurrency’s common entry barriers. This would make Energi the most dominant cryptocurrency platform globally, with the future potential to impact high-level organizations.
To be successful in its ultimate goal of achieving mass adoption, Energi was carefully designed to have a strong treasury and master nodes incentive system.
Its treasury is considerably larger than any of the other cryptocurrencies like Dash, PIVX, and Decred. The treasury operates on the decentralized network principle and the funds are directed by Masternodes votes, allowing Energi to pay its contributors as its network grows. With its expansion, the treasury network will also expand proportionately, facilitating better collaboration and a more positive feedback loop.
Apart from the treasury aspect, the other significant feature is its fund utilization. Energi ensures that funds are utilized efficiently, and the value generated is in tune and positively proportionate with the funds spent. The network stresses recognizing and promoting the activities bringing the highest returns for time, effort and funds spent on it through thoughtful development, expansion, identification and marketing of meaningful projects.
Energi has progressed to a Proof of stake system from a Proof of Work system. It incorporates high staking rewards, which in turn encourages both growth and security. The majority of NRG emission is done through treasury and master nodes. Masternodes manage security, governance, instant and private transactions, while the treasury is in charge of providing the funding to the Energi services.
What are Current and Future Applications of Energi (NRG)?
In the second half of 2019, Energi 3.0 was released as a smart-contract Ethereum adaptation platform, which is compatible with the Dapps written for Ethereum. This update enabled all of Ethereum’s abilities and infused them with master nodes, treasury and governance systems of Energi. This update allows the existing Ethereum Dapps, to migrate efficiently to the Energi ecosystem. It is also expected to allow the adoption of Ethereum’s existing MyEtherWallet into its infrastructure.
Energi has managed to secure trade partnerships with Cryptopia, CoinExchange, and CryptoBridge and is currently seeking integration with higher exchange value platforms. Apart from this, in 2018 Energi was also listed as the most comprehensive and known cryptocurrency listing website.
Its Venezuela adoption campaign to build utility in poorly functioning countries and economically undeveloped currency systems, is in the pipeline, due to start in early 2020. The aim is to have an Energi QR code at every checkout store in Venezuela. More campaigns are floating to push high volume digital merchants to incorporate Energi, into their platforms and build acceptance worldwide.
Energi will also provide grants and support to the powerful upcoming Dapps in the crypto space, through its Incubator program. All in all, the future roadmap of Energi looks very promising, as it holds the potential to achieve its goal of dominating the global cryptocurrency market.
Incorporating a system-specific proportionate reward system, coupled with smart contract capability, efficient self-governance, and competitive management has enabled Energi to take over the cryptocurrency platform on a global level.