Today, we're going to discuss an old masternode project that has recently had a new upgrade.
And this one is going to be packed full of energy,
supercharged like a battery,
and like the Energizer Bunny,
it's pink.
No, I'm just kidding.
It goes on and on and on and--
well, you get it.
Now, let's get it!
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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
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If you didn't catch my pun from earlier, I'm talking about Energi with the ticker NRG.
First, a brief breakdown,
Energi has been around since the summer of 2017 as a proof of concept idea
founded by its CEO and founder Tommy World Power.
Energi is a fork of the Dash code, but not the blockchain.
Energi started out utilizing proof-of-work consensus mechanism
with an ASIC-resistant algorithm called EnergiHash in 2018.
The project later transitioned to a proof-of-stake consensus with a network of masternodes.
Besides shifting to a masternodes-based system,
Energi added a self-funding treasury system and on-chain governance which funds the project.
Energi improved upon the Dash blockchain
by allocating more percentage of staking rewards to their self-funded treasury.
It's also important to mention that NRG did not hold an ICO.
They bootstrapped with their governance treasury monthly allocation which was originally 40,000 NRG.
The following image explains Energi's treasury from its whitepaper.
Energi stands on four pillars.
These are smart contracts, governance, treasury and masternode staking.
Energi is now in its third generation of its software.
In Gen 2, it would take approximately two years to gain another masternode,
which in 3, operators will be able to gain an additional node in under three months
because only 1000 NRG is required to stake,
although you can stake with any amount
from 1000 NRG to 100,000 NRG in increments of 1000.
Energi has a 2-megabyte block size and a 1-minute block time
which allows for quick transactions and low fees.
Further, the more masternodes there are,
the more scalability grows.
Energi has also included a community-based governance model
where any stakeholder can submit a proposal for consideration to be voted upon.
Another feature that Energi is widely known for is its freeze function,
which allows a user to send funds in three and a half days as a security measure
to prevent hackers and recover funds.
This is something that no other blockchain offers to my knowledge.
Many in the crypto community are probably going to complain about this,
but let's be honest.
How many times have you sent your funds to a contract address or the wrong address altogether?
I know I have.
I'm actually still thinking about that several thousand dollars of Axie Infinity
that I sent into the dreaded smart contract black hole a while back.
I wonder how much all that is worth now.
But I digress.
We have more to talk about regarding a fresh new product on Energi called Energiswap,
a decentralized exchange powered by the Energi blockchain.
Energiswap is based on a modified version of the Uniswap protocol.
Energiswap gives users an unparalleled decentralized trading experience
with low gas fees and industry-leading security and support which is unrivaled.
Energiswap will have 180+ assets with strong liquidity available.
Energiswap offers the following benefits from being a part of the Energi ecosystem.
It has dedicated security from the Energi Defense and its investigative arm,
the Energi Bureau of Investigations (EBI),
built to protect the community from hackers, scammers and other bad actors.
It's 24/7 support from the Energi support team.
Then there's the benefits for Energi's coin.
NRG is used to add liquidity and acts as the governance token for Energiswap.
This increases the utility for NRG and will be a major driver of liquidity.
Energiswap currently has the highest NRG liquidity as compared to any other exchange
with roughly $7 million locked up.
Besides the Energiswap, there will also be a dApp
that bridges the Ethereum and Energi blockchains in the near future.
This will allow users to easily move assets from the Ethereum blockchain
onto the Energi blockchain for use in Energiswap.
Bridged assets will also benefit from Energi's unmatched security
including a balance alert system that allows users to flag theft and recover lost funds in some cases.
So let's jump into the tutorial on how to use Energiswap.
In this example, we will be swapping ADA for Energi.
Yes, you heard me right.
Energiswap allows for cross-chain swaps among numerous blockchains.
If you've been in the crypto space for a while,
you might notice that Energiswap looks a lot like Uniswap.
The only difference is Energi offers interoperable cross-chain swaps
that Uniswap doesn't offer its users.
Alright, so as you guys can see here,
Energiswap, it does definitely look kind of similar to Uniswap
in terms of the way it's laid out.
Of course, it has a logo,
Energi Cryptocurrency for World Consciousness
You go to DeFi and then you go to Energiswap.
It's going to take you to the actual app.
And this is where the relevance to Uniswap really starts coming in.
You see the "Connect to a wallet" up at the top.
You see the MetaMask at the top.
You can click Connect Wallet here on the app itself
and then click MetaMask.
Currently, it's the only option to connect.
So you just click on this here and of course it's going to take you to your MetaMask.
Or you can go up to MetaMask as well and you can click here,
and you can see where we hover over that it has access to the site.
So here we are. We're on the Energi Mainnet.
So you've got to make sure to be on the Energi Mainnet.
All you've got to do is go down here and go to Settings.
Click Settings.
Then go down here to Networks.
Hit "Add and edit custom RPC networks."
Click the arrow.
And then come down here to the Energi Mainnet.
Hit Add Network.
And this is where you're going to put in all the details to actually add the Energi Mainnet the first time.
So once you get it added, it's going to appear as an option.
And then all you have to do is select it.
But if you go here,
and you go to Additional Resources,
go down to Help Desk.
Click on Help Desk.
It's going to take you to this page.
Scroll down the page to the Energiswap box.
You're going to click the box here.
It's going to take you to this specific support page.
Then you're going to come here to "How-to Use Energiswap on Mainnet."
Click that.
Then you're going to come over here, scroll down the page through some of the MetaMask details,
and it's going to bring you out
about pretty significantly down the page.
It's 1.1.4.4.
And it's going to explain to you all the details for how to add this.
You're going to copy and paste the following information,
and you're going to put it inside of your MetaMask.
So open your MetaMask back up.
Click the icon over there.
Go back to Settings.
We're going to go through what we just went through a second ago.
Click Networks.
Add Network.
And then you're going to just copy and paste this stuff in here.
So the network name, Energi Mainnet, you're going to paste that in.
Your RPC URL, you're going to paste that in.
Your Chain ID, you put that in.
The currency symbol is of course NRG.
And then for the block explorer URL,
you're going to put explorer.energi.network in that format as you can see here on the screen.
And at this point, we're going to go back to Energiswap.
So here we go. We're back on here.
Now, we're going to hit Connect Wallet.
We're going to click MetaMask.
We're already going to be on the right network.
We're going to hit Next.
And, yes, you do want to connect.
And there you go.
You see the Energi going over the little fox.
That's how you do it.
Alright. So now we're going to hit "Select a token," and we're going to talk about what we want to trade.
So we're actually going to show you guys how to trade Cardano on the Energi Mainnet.
So you're going to want to put however much of your balance you're going to want to trade.
We're going to actually put in 50 which is half of our balance.
This is going to spit out 60.6 ADA.
You're going to make sure that the price and the price impact and everything's good.
Then hit Confirm Swap.
There we go.
Now, we're going to wait for a confirmation, of course.
We're going to have to, you know, confirm on MetaMask here.
You guys can see the gas fee, it's extremely low.
So you're going to hit Confirm.
And now the transaction has been submitted on the block explorer.
So you guys can see up here at the top,
it is pending.
You guys should be used to seeing stuff pending if you guys have used MetaMask,
but look how fast that was.
Energiswap definitely very quick,
we swapped 50 NRG tokens for 60.6 ADA.
And now we got ourselves some Cardano.
Alright, what did you think about that tutorial?
And what do you think about Energi?
Do you plan to pick up a bag?
Should I do a more in-depth tutorial on the Energi network?
Let me know down below in the comment section.
Also, if you want to join the Energi community,
you can do so by joining in the Discord or Telegram groups linked in the description below.
And a big thank you to Energi for supporting the channel by sponsoring this video,
but all the information and research was done by my research team.
And we feel like this is still a project that's older, has stability and is one worth looking into.
That's all I got.
Be blessed.
BitBoy out.