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Over time as the technology evolved, we observed a new wave of evolution in the world of blockchain and cryptocurrencies. The fact that most of the cryptocurrency projects are open source gives opportunities to developers all around the world to come up with their projects.
Although the adoption rate of cryptocurrencies all over the world is not more than 0.5%, still cryptocurrencies are getting popular day by day. They have the potential to become a global model of transactions in the future.
Certain problems are a hindrance to making cryptocurrencies to be used globally. These issues include having a bad reputation, the complexity of work, and the issues of scalability and security in some cases.
To solve the problems addressed above, a project with leadership and vision added with large scale scalability under a heavily governed management could become the next big thing in crypto.
Energi (NRG) – An Introduction
Energi is one of the recent crypto projects that made its place in top cryptocurrencies.
The project was launched in 2018, and it aims to solve the issues faced in the current cryptocurrency models. Energi seeks to build a secure and trusted global solution to online digital transactions.
In the beginnings, almost every new project in the crypto market aims to solve all the issues and problems of the currency cryptocurrency projects. Are these ambitions impractical, or they are realistic? What made Energi a reputable and famous project in the recent past?
We will discuss all this in a comprehensive review of Energi.
What is Energi?
Energi is a decentralized blockchain-based cryptocurrency with a focus on decentralized applications and smart contracts. One of the unique features of Energi is proper governance and a self-funding treasury to make it one of the widely used cryptocurrencies all over the globe.
Energi first came into existence as a fork of Dash blockchain. This fork used the common Poof-of-Work consensus mechanism. Later on, the project turned into using Proof-of-Stake consensus with a network of masternodes. The primary purpose of masternodes is to provide maximum usability.
When a fork is launched, usually it has a lot of similar features to the original project. Energi had some similar features, but over time things changed, and it has been highly modified and has lower fees and high scalability as compared with Dash.
The features of self-funding treasury and proper governance made the community interested as they believed in the project having the potential of developing in the long run.
On the one hand, the standard features of Energi are similar to current crypto and blockchain projects. Still, features like self-funding treasury, built-in governance, and Masternodes make Energi somewhat unique and revolutionary.
It’s not that self-funding has never been used in the past, but the fact that Energi aims to give a significant 40% of NRG to the treasury makes it an exciting project.
A total of 1 million NRG is released every month, and with no cap on the total supply, the treasury gets 400,000 NRG every month. This is used to fund the project, the developers, and marketing.
This is a clear indication that the project believes in an active community building and long term development. The self-funding is considered as core features that make Energi a big thing for the future.
One of the major criticisms faced by cryptocurrencies since the beginning is the lack of governance. New projects realized this issue, and now most of the projects try to make sure that there is at least some sort of governance on behalf of project owners.
When it comes to Energi, it has developed a community-based governance model, and the community is open to suggestions that are considered seriously.
When a recommendation is made, the owners of the masternode vote on the proposals, and then it is decided whether the change will be implemented or not.
A community-driven project like Energi gets a good reputation based on the participation of the users that, in result, increases scalability in the network.
Benefits of a Masternode
Good transaction speed is one of the significant features of almost every digital cash transaction. In Energi, both sending and receiving speed of the transaction is very much improved. A lower fee with a fast speed of transactions makes Energi an exciting project.
How to host Masternode?
As per Energi policies, a user will be able to host a masternode by staking 10,000 NRG, i.e., investing the equivalent amount of Energi coin.
The benefits of masternodes include instant sending and receiving of funds, and features like self-funding and self-governance are also provided.
The rewards for the masternodes are around 40% of the total NRG allocated to the masternodes. So as an investment, it’s an excellent opportunity to get maximum ROI that could be as much a 60% annually.
You could set up as a masternode by following the guide provided by Energi Team.
Smart Contracts and DApp
One of the most significant factors that made Ethereum famous was the DApps; decentralized apps help a project to achieve global adoption, thus resulting in more value and trustworthiness. Smart contracts ensure that the highest level of security measures are taken.
The Energi ecosystem is built around the concept of smart contracts, and DApps thus results in improving efficiency and transparency. This could result in one of the significant factors that will decide the future value of the Energi coin.
The Energi Team
When it comes to the trustworthiness and safety of the future, the team behind the project matters a lot.
Energi team consists of around 18 members. Most of the team members who are in the leading role have vast experience in blockchain, marketing, and entrepreneurship.
CEO and Founder, Tommy R, is known well in the blockchain community. Tommy is known for his interest and active participation in the blockchain community. The fact that he is well-known about blockchain became an inspiration for him to launch his project, which came in the form of the Energi platform.
President of Energi, Ryan Lucchese, is responsible for the day to day operations and has a strong command on software development that is the core of the Energi project, formerly Ryan worked as a software engineer.
When it comes to lead developer, the role is assigned to Andre Galkin. Andrey had previous experience working in an Enterprise and startup environment.
These are the people who are in the top roles in the Energi project.
Having an engaging and robust community could reduce the marketing budget of the project. With social media and group messaging forums, it is easy to build a community of people with shared interests and engage them in the project.
Energi has done that quite well. The Telegram channel of Energi has around 15K members who actively take part in the decisions. The admins are active and try to answer the questions and take part in the conversations. A discord server is also made as an attractive forum to discuss the project.
On the traditional social media channel, the Energi team has around 38K thousand followers on twitter who are kept updated with the latest developments of the project.
They also have an official blog on medium.com, where they post updates in detail when it comes to developments regarding the project.
How to Buy Energi Coin
NRG coin was listed on CoinMarketCap in August of 2018. The opening price was $0.264592 that later jumped to around $0.40. As of writing this review in December 2019, the price is $2.09.
The buying and trading of Energi coin could be done at Digifinex and Kucoin. The sending and receiving of the coins could be done using the Coinomi wallet. The wallet belongs to a third party and supports multiple currencies.
A project seems very promising at the start, but the overall development in the coming years ultimately defines the future of the project.
As far as Energi development is concerned, the project is available at GitHub and had seen several updates in the past. The team updates the code regularly that could be observed by viewing the repository. This is a good indication for prospects regarding Energi.
Should you get in Energi?
Seeing the past developments and uprising the value of the Energi coin, the project seems to be suitable for investors. A competent team who is working hard and updating the project regularly depicts that the future of Energi is good.
Being part of the masternode might seem expensive, but it promises to have good returns on the investments. Energi wants to become a global cryptocurrency, but this aim is set by almost every new entrant in the market.
Yes, the project has some unique and promising features, but when it comes to making it a globally used cryptocurrency, it will have to pass through a lot of challenges.
The introduction of smart contracts, DApps seems to promising features of Energi. If they are utilized well, we might see Energi becoming the next big thing in crypto. As of now, it might be too early to predict anything, but things seem good for Energi Coin!
This was our comprehensive review of the Energi Project, share your opinion regarding the project, and how well do you see it performing in the future?