Bitcoin Forum

[hardfork] - sorry we have a few hardforks to be done and all gonna happen soon

1. M7M-v2 (hardfork on 10/26/2014 9:30:00 AM EST)

A switchover of the mining algorithm to M7M-v2 will occur on 10/26/2014 9:30:00 AM EST. Details about M7M-v2 can be found here: https://bitcointalk.org/index.php?topic=735170.msg9230961#msg9230961 (https://bitcointalk.org/index.php?topic=735170.msg9230961#msg9230961). The expected hashrate using the new algo is 2.545 times less than that with the prior algo. To continue with mining, download the new minerd (we will add download links here and in the OP soon), and follow the pool mining guide.

Be sure that you are using the new wallet v1.1.0.1 too.

2. Block rewarding system (hard fork at block 32,750)

A change in the block rewarding system is needed. This won't change the block rewards, but to be better to comply with the change of hashrate due to the M7M-v2 algo. The new algo leads to less network hashrate; the new block rewards will have maximum value at diff = 0.68 (for low block height); according to hashrate = diff * 2^32/180, that is about 16 Mh/s. We have also made increasing maximum diff with block height, to allow more people mining later on, e.g., optimum hashrate of 27 Mh/s which produces 300XMG at block 40,000.

3. A new difficulty adjustment method - Magi quantum wave (MQW) (hard fork at block 33,500)

Superficially a name here: Magi quantum wave (MQW) (http://en.wikipedia.org/wiki/Wave_function). This adjustment is done by averaging prior 15 block difficulties. A significant difference here from other adjustment implementations is that each block difficulty accounted is given a weight, and higher weights are given to more recent blocks; in addition to that, block time is also taken into account. Usually the lower difficulty, the smaller block time. The adjustment algo considers less weight of a block which has the lower difficulty. See details here: https://github.com/magi-project/magi/blob/master/src/main.cpp#L1296 (https://github.com/magi-project/magi/blob/master/src/main.cpp#L1296)

4. Finalizing the PoW-II

As we can see the PoW-I  (will be finished at block 50,000) has produced less coins than expected. To continue the CPU mining, also along with the new algo implementation, it will be very necessary to continue the PoW mining, that will finally make XMG a hybrid PoW/PoS-II coin and that is supposed to remain years long. The hybrid system is more secure than the pure PoW or pure PoS. The PoW-II block reward has maximum 50 XMG and minimum 3 XMG, with the same block rewarding adjustment as the PoW-I. Similarly, the optimum diff grows over time.

Wallet v1.1.0.1:

http://cryptomagic.com/files/magi-release/v1.1.0.1/

Github source code: https://github.com/magi-project/magi

Does this really stop botnets?  ???

Thats pretty cool. I'll have to try mining this. Botnets ruined a lot of good mining algos.

Its not botnet proof. Artificial limits only stop the honest.

How does the coin resist botnet?

By cutting down reward for found blocks to useless. For everyone  :-\

What if that was possible? The developer is beyond no joke.. hes the right person, and I think once he has it down, it is something we can all benefit from... even mine, and I am not a big time miner, so this is very appealing to many people in similar position.

Even mining litecoin is costly and doesn't make sense.. and unless you were an early adopter, you don't benefit.

Check out magi's main thread.. seems like there is talks about combating it in different ways.

I prefer to have a GPU only coin, at least you stop botnet

Stopping botnet is much fairer.

**   Why this campaign?   **
# This campaign will assist Magi to be a real CPU coin;
# We have some spare coins to giveaway Grin; seriously we need more miners to consolidate our CPU miner camp.
# This campaign in the meantime compensates CPU miners who have much less mining earnings;
# We do have a concern about the coin swap (check out the official thread); there would be many coins left and we don't want that is going to be a concern to all followers. We will giveaway these coins to the participates; however, we reserve the right how many coins being distributed (very much depending on number of participants), and when these coins are issued (to protect the market).

Stopping botnet is much fairer.

not at the price of less profit or not profit at all

first thing is always the profit for me, otherwise we are mining air

Well botnet would ruin profit. So best is anti-botnet and anti-asic..

Well botnet would ruin profit. So best is anti-botnet and anti-asic..

exactly why its a good theory to frustrate botnets as they are most likely to dump

and amph, it hasn't even hit a major exchange yet... unless you are a market maker, this isn't the audience it has attracted yet.

Botnet are always profitable no matter on what they run because they cost absolutely nothing to run... so you can increase, decrease the reward their profitability will still be here... Actually this coin is certainly the most botnet friendly ever created so far since they can even create scarcity on the coin by adding more bots... the current reward system only hurts people mining the coin in a fair way with a cpu...  ;D


I won't even discuss the "it didn't hit a major exchange yet", we all know what happens when a coin hit a major exchange....  ;D
(usually it doesn't go the way you want  ;D)

There is new info about Magi

Magi XMG Timeline from Pre-launch until Now, and moving forward!!
- PDF doc coming soon of historical events with Magi

Preview:
https://i.imgur.com/82THLGv.png

not at the price of less profit or not profit at all

first thing is always the profit for me, otherwise we are mining air

Is it botnet proof?

Is it botnet proof?

sure.

No.

No.

:D, reason?

Magi is still botnet proof.
The downside is that it takes longer for many miners to go for Magi.
Many people have not yet dare to leave their "preferred" coin loose and move on to XMG.
The advantage is that because of the longer lead time, the community will be stronger.
Eventually, as more people realize that XMG is a fair coin and has a strong community, this transition will be easier.
The earlier miners will get the greatest profit from XMG.
As with other coins, the later you get in the less great chance of winning if the currency continues to follow the upward trend.
XMG has been launched only six weeks ago. So for doubters this is the right time. Especially when you see what XMG has achieved in such a short time

Magi is still CPU only!

because botnet cost nothing to run to the botnet master so whatever come out of a botnet it is entirely free...

So cpu mining is not fair cause of botnet, now we need a coin that is both cpu mining and 100% botnet proof..

well nothing is 100% botnet proof but so far, magi m7m algo seems to be the winner in my book. Until something overtakes it, we have ourselves the first runner in that race.

The "botnet proof" part comes from XMR being more profitable to CPU mine.  ;D

Agree, mine while we can until botnet take over.

Let's just hope it doesn't :D plus the dev is damn active in the agenda to make sure it doesn't happen

Pretty hard to avoid botnet for CPU mining..

[hardfork] - sorry we have a few hardforks to be done and all gonna happen soon

1. M7M-v2 (hardfork on 10/26/2014 9:30:00 AM EST)

A switchover of the mining algorithm to M7M-v2 will occur on 10/26/2014 9:30:00 AM EST. Details about M7M-v2 can be found here: https://bitcointalk.org/index.php?topic=735170.msg9230961#msg9230961 (https://bitcointalk.org/index.php?topic=735170.msg9230961#msg9230961). The expected hashrate using the new algo is 2.545 times less than that with the prior algo. To continue with mining, download the new minerd (we will add download links here and in the OP soon), and follow the pool mining guide.

Be sure that you are using the new wallet v1.1.0.1 too.

2. Block rewarding system (hard fork at block 32,750)

A change in the block rewarding system is needed. This won't change the block rewards, but to be better to comply with the change of hashrate due to the M7M-v2 algo. The new algo leads to less network hashrate; the new block rewards will have maximum value at diff = 0.68 (for low block height); according to hashrate = diff * 2^32/180, that is about 16 Mh/s. We have also made increasing maximum diff with block height, to allow more people mining later on, e.g., optimum hashrate of 27 Mh/s which produces 300XMG at block 40,000.

3. A new difficulty adjustment method - Magi quantum wave (MQW) (hard fork at block 33,500)

Superficially a name here: Magi quantum wave (MQW) (http://en.wikipedia.org/wiki/Wave_function). This adjustment is done by averaging prior 15 block difficulties. A significant difference here from other adjustment implementations is that each block difficulty accounted is given a weight, and higher weights are given to more recent blocks; in addition to that, block time is also taken into account. Usually the lower difficulty, the smaller block time. The adjustment algo considers less weight of a block which has the lower difficulty. See details here: https://github.com/magi-project/magi/blob/master/src/main.cpp#L1296 (https://github.com/magi-project/magi/blob/master/src/main.cpp#L1296)

4. Finalizing the PoW-II

As we can see the PoW-I  (will be finished at block 50,000) has produced less coins than expected. To continue the CPU mining, also along with the new algo implementation, it will be very necessary to continue the PoW mining, that will finally make XMG a hybrid PoW/PoS-II coin and that is supposed to remain years long. The hybrid system is more secure than the pure PoW or pure PoS. The PoW-II block reward has maximum 50 XMG and minimum 3 XMG, with the same block rewarding adjustment as the PoW-I. Similarly, the optimum diff grows over time.

Wallet v1.1.0.1:

http://cryptomagic.com/files/magi-release/v1.1.0.1/

Github source code: https://github.com/magi-project/magi

Congratulations Joe Lao, you have made it to the voting round. Official voting will occur 12/1/2014 and last until 12/28/2014.

https://bitcointalk.org/index.php?topic=855130.msg9542207#msg9542207

Keep up the great work mate, you have been doing well all around, people know this :)

https://i.imgur.com/O03TkWQ.png