Altcoin Buzz interviewed Ryan Lucchese, President of Energi (NRG), to learn more about the project and ask the tough questions.
The Problem and Solution:
Q.What is the mission of Energi and what problems are you trying to solve?
A. Energi aims to be the world’s leading cryptocurrency with the unification of Smart Contracts, Governance, and a self-funding Treasury to ensure longevity and enable rapid growth. Currently, cryptocurrency adoption is less than 1% of the world population, and we want to bring cryptocurrency to everyone. For this goal to be realized, a self-funding treasury is essential to be able to pay for developers, contributors, marketers, and other expenses that enable further growth of the platform. The Energi treasury even funds a Defense team that serves to protect our user base from hackers, scammers, and other bad actors in the space. Utilizing ‘Earn Drops’ rather than ICO has led to an organic and sustainable community by which we continue to grow. By removing the cryptocurrency space’s common barriers to entry, we believe we can become the most user-friendly, secure and trusted platform for building and trading value.
Q. What is your team’s biggest strength and biggest weakness?
A. Our team’s biggest strength is the fact that we are a globally distributed team, with members contributing at all hours of the day. This allows us to work towards our goals quickly and efficiently, and has allowed us to continually hit all the milestones on our roadmap. Our team is also made up of individuals with strong backgrounds in cryptocurrency, finance, economics, marketing, and development, and we are all extremely passionate about pushing cryptocurrency to mass adoption.
A weakness of our team is that we are still quite young and need further expansion in order to realize our vision of becoming a world class organization. Although our team size is on par with many other top cryptocurrencies in the space at around 20 full time contributors, we aim to have thousands of contributors. As we continue to grow in the market and our treasury expands, we will continue to grow out our team with top-notch talent. We are always looking for exceptional talent to add to our team. If anyone is interested in joining our team, please click here.
Q. Energi claims it is the cryptocurrency designed to employ one million people. How does Energi plan to scale to that size, and why would a cryptocurrency need so many employees?
A. Energi’s strategy is based on long term thinking. The statement that Energi is the cryptocurrency designed to employ one million people reflects exactly this mentality. The plan to scale to this size is to be committed to the goals of mass adoption and long term planning. Energi’s decentralized governance and treasury provide the foundation to build upon. Our coming smart contracts platform will start to open up new use cases that have far reaching impacts on everything from finance to commerce. Right now we are perfecting our core competency – trying to build the best cryptocurrency platform available. Like Google building a search engine, or Amazon building a bookstore, we are laying the groundwork for something much bigger. What made Google more than a search engine, what made Amazon more than a bookstore, is a vision: what if a search engine company can do more than provide query results? What if a bookstore can do more than sell books? What if a cryptocurrency can do more than offer faster, cheaper transactions? Combining a powerful vision and a plan to execute is the recipe for success and how we are thinking about things at Energi.
Q. Explain your treasury and how it differs from other coins with existing treasury systems.
A. A key feature of Energi is our powerful treasury system. Energi makes available to the treasury up to 40% of the inflation to be utilized in a manner that provides the most benefit. This percentage towards a treasury is more than almost all other cryptocurrencies, and based on current market rates, this gives us the largest monthly budget out of any cryptocurrency with a treasury. Treasury allocation is decentralized, allowing for proposals submitted by anyone to be voted on by masternodes and paid out from the inflation. We have a 14 day treasury cycle which allows for quick payments for proposal authors and contributors, as well as strategic responsiveness to effective proposals. We are guided by the principle that every dollar spent from our funding model should yield more than a dollar of value in return. Thanks to a 14 day treasury cycle we are able to measure results and respond quickly to changes in strategy. You can see the treasury here.
Q. What is the utility of the NRG Coin?
A. Energi ($NRG) is very much a traditional cryptocurrency, and we will be utilizing our treasury to incentivize merchant adoption. We aim to create a product that people will want to use — with great interfaces and user protections in place. Once we officially transition to a smart contract platform later this year, $NRG will also be used as gas to execute smart contracts, similar to Ethereum and other smart contract platforms that exist today.
Q. Energi recently transitioned from Proof of Work to Proof of Stake. Why did you choose to make this transition?
A. Proof of Stake has always been in our roadmap, as we believe it is superior to Proof of Work. We were very excited to officially make that transition last month. Here are some of the benefits of using a Proof of Stake model:
- Energy Efficient — PoS avoids using tremendous amounts of energy. Cutting out the high energy demands from mining makes PoS a much greener option.
- Reduction of Centralization Risks — Staking coins or tokens prevent bad actors from making fraudulent validations. Mining is currently dominated by industrial-sized operations that continually gain a larger influence over the hash rate compared to smaller operations. PoS aims to reduce mining centralization.The way we implemented PoS in Energi makes it easy for everyone to participate in securing the blockchain.
- Flexible Design — PoS opens incentivized opportunities to many users and not just for miner and masternode holders. No matter how small an NRG holder’s stake is, they will be able to receive rewards when staking their coins onto the network.
Q. Energi also has masternodes. What role do masternodes play, and what is the difference between masternodes and staking?
A. A masternode is a special full node that provides a second tier of consensus services and governance for the Energi network. Like stakers, masternodes are incentivized for providing services to the network. While both play a role in blockchain security, a masternode can provide many other services to the network as well. Masternode services include managing the decentralized governance, voting how to best utilize treasury funding, helping validate the blockchain, providing a faster sync to new clients, and scaling transaction capacity. Anyone with 10,000 NRG can run a masternode.
The primary role of those staking is to validate transactions on the network, and in return they can earn rewards as well. Anyone with at least 1 NRG can participate in staking, and it is a much easier setup compared to masternodes. Users can simply participate in staking by leaving their Energi Core desktop wallet open and connected to the network.
Q. What does your 2019 roadmap look like, and what plans do you have beyond that?
A. During 2019, we will continue to expand marketing efforts to bring about awareness for Energi and broaden the community. Our most exciting goal, currently planned for Q3 2019, is Energi 3.0, which is Energi rebuilt as a smart-contract platform adapted from Ethereum, compatible with dApps written for Ethereum. This major update enables virtually all of Ethereum’s capabilities while incorporating our Treasury, Masternodes, and Governance systems, all-in-one. This upgrade also enables dApps to migrate to the Energi ecosystem, by doing so they will benefit from Energi Defense (cybersecurity), our incubator, and other expanding services. We will begin onboarding the most impactful blockchain projects and dApps into the Energi platform. Energi will also begin giving grants and providing support via our Incubator Program for what we determine to be the most powerful upcoming dApps in the space.
Also planned for later this year, is our Energi Mobile Wallet — Designed to be easy to use, being able to sync with phone contacts, and making Energi payments easy for users and merchants. Upon the Energi Mobile Wallet completion, we will start major campaigns for pushing Energi adoption worldwide, targeting the countries where it’s most needed.
In the coming years, Energi seeks to retain thousands of full-time contributors, and function as a powerful global organization unlike anything seen in the cryptocurrency space. Energi will continue expanding marketing efforts, development, and ease of use, to rapidly increase demand and adoption.
Q. How have you been building your community?
A. Our Earndrop program has largely helped us to gain a widespread following. This ongoing Earndrop which will distribute 4 million coins to users who contribute social media activity about Energi, such as tweets, follows, and subscriptions on all major social media platforms. So far nearly 1 million coins have been distributed, which has helped to grow an enthusiastic community and serve to bring coins to the market in a way that is inspired by generosity.
Learn More and Sign up for NRG Tokens:
If you are interested in joining the Energi team click here.
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