Ever since the start of 2020, Energi has been reveling us with promising development initiatives. And when Energi 3.0 got officially launched, it created an instant buzz in the crypto community.
Surely, you may still have unanswered questions about the various aspects of the launch. We bring you additional insights about Energi Gen 3 migration, wallet, staking, masternodes, and technology in an attempt to answer them.
A niggling question that has crossed many minds if the migration could somehow result in the loss of NRG holdings. Energi maintains this to be unlikely. To be on the safer side, it warns users against the common mistakes like scam resources, failure to follow the instructions, and error while copy-pasting the receiving address. Moreover, it is essential not to fall into the trap of hackers posing as the core team, who can use emails or messengers to rob you of your private key.
Energi urges its followers to adhere to the instructions in their guide for a smooth migration.
Many NRG holders habitually store their coins in the Discord wallet. So, naturally, the question arose about what would happen to those coins during the migration process and the maintenance period.
Energi assures that all users with NRG stored in Discord will automatically participate in the migration. And once the maintenance period was over, they will be eligible to withdraw the coins, if they prefer. Moreover, even as the maintenance locking period is going on, NRG holders will still get the usual staking rewards.
In the light of this migration to Gen 3, you may like to ascertain which is the most highly recommended wallet for storing NRG. The answer should not be a surprise, for, in this regard, there is no alternative to MEW, or as the acronym stands for – MyEnergiWallet.
One of the major topics of discussion among a majority of Energi followers is about staking after Gen 3 migration.
For example, there has been a change in the masternode collateral amount. So, you may well be wondering if this would indicate a new minimum for staking to start now. Well, to reassure you, the answer is no. Currently, a minimum of 1 NRG is sufficient to start staking. And in Energi 3.0, there will be no change in this minimum requirement criteria. Similarly, the staking reward structure will also remain the same post-migration.
There had been some talks about a staking and masternode calculator. Energi informs that the team was still working on its development, so you’ve to wait for some time more. Once ready, it will be made available through its portal, Nexus.
One of the questions looming large after the migration has stumped many users. Will the collateral amount have an impact on the reward probability of a Gen 3 masternode?
Energi has the answer that is likely to reassure its many followers. Essentially, the question of any probability did not arise at all as Energi rewards are pre-determined. At present, the reward per cycle is fixed at the proportion of 10,000 NRG: 9.14 NRG.
But then, what about reward maximization? Surely, it is a logical conundrum if having 1 masternode of 10,000 is better or 10 masternodes of 1,000 is more preferable. Energi always advocates having more masternodes. This not only enjoys better network security but also has greater decentralization. However, it is possible that you are using a virtual private server for financial consideration and efficiency. In that case, a single masternode with larger combined collateral would make sense. So, it is entirely up to you which you would go with.
Previously, we covered Energi 3.0 release and masternode updates as the launch went live last month.
Energi has already made it clear about utilizing its technology to launch decentralized applications (DApps). Both MyEnergiWallet and Nexus are part of its DApp portfolio. So, what else is new on the pipeline? According to Energi, it depended on its community of developers for launching new DApps. And, they hoped new developments in this area would come around soon.
Explaining about its choice of the codebase, Energi has pointed out that Ethereum’s proven security and resilience had prompted them with the choice. It felt that starting with such a strong codebase would make it easier to improve on it.
Moreover, Energi Gen 3 has a marked advantage in its smart contract capabilities thanks to it using Proof-of-Stake consensus, on-chain governance, and a self-funding treasury. The masternode with the deterministic rewards model is also an improvement over Ethereum’s existing protocol. Other prominent areas where Energi Gen 3 emerges as a winning proposition include proposal management, non-fork consensus upgrades, EBI-recovery features based on consensus voting, etc.
If you are keyed up about Energi Gen 3 after reading about its various aspects, you will be excited to know that there are many more plans in store this year, as outlined in the roadmap. And, if you have any more questions about what’s going on with Energi, feel free to join the discussion in the Energi Discord.
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Original Post: Energi Gen 3 – Q & A Update