Energi to Migrate to an Ethereum-based Blockchain with Version 3.0
The Energi team has announced its plans to migrate its blockchain to an Ethereum-based smart contract platform before the end of 2019. Energi which draws its fundamental concepts from Dash will be migrating from a Bitcoin-based blockchain to a blockchain that is compatible with Decentralized Applications (dApps) written for Ethereum.
Current Energi tokens will not be converted into ERC20 tokens. Instead, they will be equivalent to ETH and ERC20 tokens will be compatible with the new platform. The move to upgrade to Energi 3.0 will combine Ethereum’s smart contract features with Energi’s existing features such as its Masternodes, Treasury and Governance model.
Following the introduction of Energi 3.0, old coins will be migrated to the new blockchain.
Energi will perform a coin migration from Generation 2.0 to 3.0 which will be a seamless, trustless, and decentralized method that will transfer NRG to a native Ethereum-like address (Ethereum addresses are a sequence of 20 characters that typically start with 0x) with a new private key.
A snapshot of all Energi 2.0 blockchain UTXOs will be taken before the migration. The snapshot will be included in the genesis block of Energi 3.0 and users can unlock their tokens of the same amount using their private keys, once 3.0 goes live.