• Market Cap
    $1,646.193B 5.04%
  • POW Market Cap
    $1,167.241B 2.64%
  • POS Market Cap
    $143.075B 2.64%
  • Masternodes Market Cap
    $3.319B -0.91%

Energi 3.0 Upcoming Coin Migration

By Rafał - 2019-07-30

Energi recent has succeeded to reach top 100 in a matter of months by offering an innovative approach to technologies and especially blockchain with one of the largest treasure model within the crypto sphere. Originally, forked from the well known Dash currency, Energi became rapidly a strong competitor in the market since its mainnet launch last year.
The next months should be even brighter for the Energi Team with the next major milestone in line. During the next quarter ( date to be determined) , Energi will perform a transition to a Ethereum-based smart contract platform , fully compatible with custom ERC standards included in modern decentralized applications (Dapps) as well as general ERC20 tokens. It is important to note that Energi will not be turned into an ERC20 token, but rather be an equivalent to Ethereum, surpassing its capacities while incorporating Energi’s Treasury, Masternodes, and Governance systems directly on Blockchain.

Coin Migration Explained

The underlying feature of immutability tied to blockchain makes impossible the modification of a crypto currency without fully migrating it to a new blockchain. This mandatory process will allow Energi to move onto a blockchain that possesses smart contract capabilities in order to continue their planified roadmap and evolution. For Energi’s coin migration, there will be a snapshot taken of all Generation 2.0 blockchain UTXOs. This snapshot will then be embedded in the Generation 3.0 Genesis block in the future.

Traditional swaps processes and Energi’s Alternative

In a majority of cases, projects give their users a deadline for when they must swap their old coins for the new one. Failure to do so results in users’ old coins being frozen or inaccessible. If users’ coins are left on exchanges, some might be halted until the migration to the new coin is over. These same exchanges often take in charge the swaps to help projects during this process in order to simplify the task for the community and the users.
Energi made the choice to provide everyone an equal opportunity to migrate their coins at any time, on the condition that their NRG is stored on the Energi Core Wallet (without deadline). Before Energi 3.0 is released, Energi holders will be notified well in advance of the coin migration and will be provided instructional steps to prepare the migration.
The biggest changes associated with the migration are focused around Masternodes. MN holders will need to set up new Energi Masternodes with a special ERC20 token which will be used as collateral. The staking feature at the opposite will remain the same.
This vision ensures that Energi users won’t need to worry about potentially missing deadlines, having their coins frozen on an exchange or losing their coins entirely. Technically speaking , this migration will allow developers to continue work on their dApps written in Solidity or any other language on top of EVM (Ethereum Virtual Machine) on the platform , also benefiting from Energi’s Defense Team and Energi’s Incubator Lab services.
More at: https://medium.com/energi/energi-3-0-coin-migration-d0da482cecd5