Coin Of The Magi

MAGI - XMG

HOW DOES THE MAGIC WORK?

Magi is a peer-to-peer global currency that enables instant payments to anyone in the world. Magi is de-centralized and operates with no central authority or banks. Magi is a M7M PoW/PoS-II hybrid coin. Anyones in the world can issue magicoins through their computers to contribute the digital currency community.

MagiTor

MagiTor has been overdue; however, the Tor wallet is here now. The Tor net seems not as smooth as the regular network. I’ve been seeing network sync stuck at some block; try closing and relaunching the wallet; also play around above nodes. Please don’t stake coins using Tor wallet for now. If any of you think better to use testnet for staking experiment, let me know.

Are we the first hybrid PoW/PoS Tor coin? Never mind, that means nothing basically

Fair distribution

The typical constant block reward has raised profit-driven hardware competition race, and concern of the global energy consumption; in particular the construction of powerful hardwares is changing the decentralized and more open nature of cryptocurrency. The increase of block rewards with increasing network difficulty at the initial mining stage allows individual miners to gain nearly equal amount of coins.
Solely increasing reward despite the difficulty can drive miners towards building more powerful equipment as well. This therefore needs the mining discouraging phase. The relationship between mining costs and returns in consistence with economics should be the guideline to achieve the goal. We assume this is valid. For example, one who has powerful equipment and hence high cost as well will expect commensurate returns; otherwise, the cost must be reduced by reducing the usage of equipment. The efficiency of discouraging mining activities is fully determined how fast the rewards decline with difficulty (at the high difficulty range). It should be noted that self-adjustment of network difficulty in accordance with rewards is affected by both the reward declining rate and the market place of the cryptocurrency. One can build up more powerful equipment to compensate the declining rewards. A much faster declining rate will disable any possibility of acquiring desired rewards by simply building more hashing power. In the above figure, the maximum block reward is available at Diff = 1.75 (I) (or ∼ 40 MHash/s). The reward is halved when Diff = 2.20 (or ∼ 51 MHash/s) (II), and equals to 1/10 of the maximum value at Diff = 2.37 (or ∼ 55 MHash/s), at which the low rewards will be lack of incentive to the miners.

Proof-of-mining

One may expect the market place will affect the miners’ behavior significantly. For example, the high-pricing reward leads more miners into the network which immediately move the block reward out of the maximum region. This initiates a self-adjustment of the rewarding system. Realizing the marginal rewards (e.g., at III), some of the miners start ceasing their minings, thus pushing the reward back to the maximum. In this case, it will be relatively less advantageous for miners quickly in and out the mining activity. One will need to show a proof of mining in order to gain sufficient credits to declare the rewards. The new system emphasizes the participation of miners instead of their hashing power.
Miners should be aware of the current low block rewards (5 XMG/block typically) is because of the overtuning of the rewarding system; that is, we are at III, rather than I. This is important; big miners might need to lower their hashrate a little bit, so that the reward will be back to maximum (at I).

Proof of Airdrop Campaign

Coin Magi has approved this campaign to further improve its adoption for the New M7M PoW Algo + PoS-II Hybrid.
What is Proof of AirDrop?
Participants that are apart of the Magi Community will receive a payout of 5 XMG* for implementing signature in their bitcointalk profile.
Where will AirDrop commence?
The giveaway will be done externally outside of bitcointalk. Magi [XMG] addresses are not to be posted in any threads due to the rules by bitcointalk mods.
It will all be handled by a website that collectively gathers the following information. For Example, I’ve launched a similar campaign for BlueCoin: www.BlueDrops.me
When will the Proof of AirDrop campaign start for Magi XMG?
I am expecting within the next 48 to 72 hours, so anyone who gets in early will receive the beginning rate of 5 XMG.
Can payouts change?
Absolutely! If the commencing of AirDrops gain a large attraction of users, and
based on the market pricing, it will dedicate the amount of coins each user receives.
At the start of this campaign, each successful AirDrop submission receives 5 XMG
Later, the payouts can change from 5 to 2.5 XMG or lower or higher based on conditions.
What is required to qualify for AirDrop?
You must be at one point, have participated in the Magi XMG thread at: https://bitcointalk.org/index.php?topic=735170.0
You must have a XMG wallet address and able to find your bitcointalk ID (everyone has one and we’ll guide you to find it)
and lastly, you must implement the signature ad we provide you, so the system can detect you completed all requirements.
Email confirmation is required so please ensure you use a real, verifiable email address that will be sent to your inbox.
What is Magi?
Magi [XMG] is an interesting new way for miners to earn rewards on a fair distribution model to avoid botnets, large mining farms, and GPUs
that cut the opportunity for regular miners to benefit. Plus, there is no incentive for early adopters, in fact, as the community grows its adoption,
miners earn better payouts as a whole community. PoS-II is active and in hybrid mode.. You stake the earned coins. Not to mention, its pretty rare
Learn more about magi at the thread: https://bitcointalk.org/index.php?topic=735170.0
Watch these two videos to gain some more info about Magi and why this Proof of AirDrop makes sense for it.