What is PoM?PoM - Proof of Mining; in simple, the magi team rewards commensurate coins to every participant in this campaign, in accordance with your CPU hashrate invested into mining XMG. PoM is also a built-in feature of XMG, thanks to the block reward design (see this link for more information). A detail explanation is shown below: What is POM ?
Good question; no one was questioning this before, though we're talking "CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay]". PoM has more meaning (since we're advising 1st PoM) than a single campaign as done before (which was an approach to protect coin distribution): https://bitcointalk.org/index.php?topic=802681.0; some details here: http://arxiv.org/pdf/1409.7948v1.pdfPoM - proof of mining; by it's definition, the more mining efforts being placed, the more rewards one gets. This is typically right in mining any coins, while it's particularly emphasized in Magi (on individuals' participation), because of the design of PoW block reward. A simple description of the block reward is that it decreases with increasing network hashrate, and may hit zero when network hash is significantly high. A consequence of this is big miners get frustrated. If one is familiar with the block reward ( https://bitcointalk.org/index.php?topic=735170.msg9991269#msg9991269), you will see block reward could be easily hitting zero. A point here, which was also being argued among people, is who will exit if mining nothing? This is where PoM campaign will be functioning. The campaign will encourage people to keep mining by rewarding despite the amount of block reward. To understand the purpose of the PoM campaign , we can see what happens if we're on the opposite situation - what if generic miners quit first?: 1) big miners keep mining, 2) because of miners quitting, network hash getting low, block reward increasing, and big miners get rewarded more! So now you see PoM campaign is trying to protect the network and to ensure FAIR coin distribution. To the individuals, PoM means one will receive better rewarding by long term mining. Provided that we, the generic miners, form a solid league, won't give up mining in any situation. One will receive less mining share if big miners are present since they have more hash weight over the rest of miners. It should be noted, however, that coin distribution is pretty much protected by the significantly reduced block reward, as much less coins will be mined in this case. At the time of big miners' leaving, network hash decreasing, not only one gets higher mining share, but also the block reward is high. Then you know why Magi can achieve the FAIRness in coin distribution. The XMG's block reward design has to bring the network hashrate into an equilibrium which would never go a very high or low number. Though the equilibrium state is strongly affected by the coin price, it is anticipated that the total hashrate could stay an appropriate level. This is a good feature to avoid huge waste of electricity consumed in the Bitcoin or other Altcoin's network. However, the weakness lies in the fact that one can gain reasonably high hashrate to dominate over the rest of the network. Although this is undesirable feature, we have taken a strategy, i.e., the PoM campaign, to avoid big-hash miners. In general, people mine for profits, that means miners leave when they are unsatisfied with mining rewards. The PoM campaign encourages the persistence of generic miners by giving away a certain amount of coins to each participant. So one will receive mining reward plus PoM campaign reward. Even mining gets zero reward, one will receive the benefit from this campaign. To the XMG network, we will have a fixed number of people mining around to compete the big-hash miners. In normal situation, people would quit after mining something without a reasonable ROI. This is primarily the reason of this campaign, and it is anticipated that the generic miners will maximize their shares. What does "2nd PoM" mean?The initial PoM (1st) is launched here: https://bitcointalk.org/index.php?topic=802681.0. DurationAbout two months. Participation & Rules# Each participant has to register along with the bitcointalk username ( registration: https://docs.google.com/forms/d/1gRtkfhMhWx2jAD-p74FakfyjchYNQZuD2A7i0OCitQw/viewform?usp=send_form) # Each participant will need to mine in our official pool: https://pom.m-hash.com# Hard rule: your bitcointalk user must be registered before April 17, 2014 10:00 PM (EST) and be active; and you must be a Member. = If you aren't yet the Member, mange it to this level during the campaign. = If you are new to this world and just registered (so after April 17), please send us message. = If you don't like to use bitcointalk and have no plan to register a name, please email us: pom.m.hash@gmail.com. # You muse mine with your CPU and total hashrate not exceeding 250 kh/s. Pool rulehttps://pom.m-hash.com is our official pool (created and managed by Historical) designed for PoM; mining hashrate higher than 250 kh/s is not allowed. Warning will be giving to people who put miners exceeding 250 kh/s, followed by account locking and worker removal if hashrate is not depressing upon warning. RewardWe have a certain amount of pre-set funds available at this time, and intend to get more funds. The funds will be distributed into all of the participants. The following will affect the amount of coins one will receive. # The number of participants; # The reward will be proportional to 1) hashrate (up to 250 kh/s) 2) mining duration (we will make sure the method of how-to-calculate soon) PoM Funds
Funds raised up by donations (to be listed); total funds: 23,088.0 XMG
All further donations will be added up to the funds:
99TPno3sPeUfDh9tq4To7xkLAYNQV1Qri1
No deadline for participation
Earlier participants receive higher reward
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 i stop mining xmg  this kh/s is overkill! with my amd 8320 i make 1 or 2 coins day. we must stop this boys... bye bye for now   I hope one would get the idea by looking at the difference between the mining status above. I also hope people who believe in magi already have caught the idea, rather than simply following the recent price rising and stepping into a door, randomly. It's like what an old man would say, if you keep jumping, you won't get into the real things. If you stick to something, you'd learn something. And it's very much our job to spread the idea, and our job to keep doing the improvement on the stuffs. What is POM ?
Good question; no one was questioning this before, though we're talking "CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay]". PoM has more meaning (since we're advising 1st PoM) than a single campaign as done before (which was an approach to protect coin distribution): https://bitcointalk.org/index.php?topic=802681.0; some details here: http://arxiv.org/pdf/1409.7948v1.pdfPoM - proof of mining; by it's definition, the more mining efforts being placed, the more rewards one gets. This is typically right in mining any coins, while it's particularly emphasized in Magi (on individuals' participation), because of the design of PoW block reward. A simple description of the block reward is that it decreases with increasing network hashrate, and may hit zero when network hash is significantly high. A consequence of this is big miners get frustrated. If one is familiar with the block reward ( https://bitcointalk.org/index.php?topic=735170.msg9991269#msg9991269), you will see block reward could be easily hitting zero. A point here, which was also being argued among people, is who will exit if mining nothing? This is where PoM campaign will be functioning. The campaign will encourage people to keep mining by rewarding despite the amount of block reward. To understand the purpose of the PoM campaign , we can see what happens if we're on the opposite situation - what if generic miners quit first?: 1) big miners keep mining, 2) because of miners quitting, network hash getting low, block reward increasing, and big miners get rewarded more! So now you see PoM campaign is trying to protect the network and to ensure FAIR coin distribution. To the individuals, PoM means one will receive better rewarding by long term mining. Provided that we, the generic miners, form a solid league, won't give up mining in any situation. One will receive less mining share if big miners are present since they have more hash weight over the rest of miners. It should be noted, however, that coin distribution is pretty much protected by the significantly reduced block reward, as much less coins will be mined in this case. At the time of big miners' leaving, network hash decreasing, not only one gets higher mining share, but also the block reward is high. Then you know why Magi can achieve the FAIRness in coin distribution. My request is that don't simply quit, keep mining, investing a certain amount of hashrate into this coin if you really think it is a nice one; If you're not comfortable with 100% CPU mining (no profits), help us a percentage for example, 10%, or even 1% (download CPU efficiency adjustable miners from the 1st post (OP) or simply ask for it in the thread). One must understand that you may observe 2 XMG/day today in mining, you may hit 20 XMG/day tomorrow; the minging reward is always varying. |
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i am writing a draft i need your input please, i need some answers on that questions:
Thanks for the efforts. - is Magi safe? is it safer than Bitcoin or other alt currencies? if yes, why?
It is hard to make the comparison. Regarding the PoM, frankly I don't know, but I'd tell PoS-II is more secure than any else. I don't want to appear to be too aggressive, but it's the design I have made up to to resolve prior issues. Please read the PoS-II section in this post: https://bitcointalk.org/index.php?topic=735170.msg9991269#msg9991269 (what are the issues and what we have tried to solve). But it's rather the argument based on what I have thought, and its validity can only be seen over time. The argument is valid as long as we don't see or think about any holes in this system. Looking at the coin overall, we have to consider the PoM as well. The block time for PoS and PoM are 1.5 min and 3 min respectively, that means PoS dominates mostly. So I'd say, since PoS is secure, XMG is a secure coin as well. Seriously, however, we have to evaluate how secure the PoM is, and that is somehow beyond my thinking at this time, particularly I am lack of time to look into it any further. Now I do have a plan to look into the PoM and its algo (to-do list). Taking it as a serious coin, we have to be serious. - Magi is fast (that's a fact, i have use it!), why it's so fast? how many times faster than Bitcoin? it will stay faster or it's faster because it haves smaller block-chain?
The hybrid PoW/PoS-II yields block time of 1 min in average, so it is faster than Bitcoin. - What else is making Magi different?
Be in nature. One may wonder why subjects existing in universe won't break apart? Because of the gravity: https://www.youtube.com/watch?v=OiTiKOy59o4https://www.youtube.com/watch?v=KQ13orvIb80One may also wonder why subjects don't get crushed? Because of the repulsive forces: https://www.youtube.com/watch?v=wBziGRxsYv0The nature is amazing. Huge amount of energies consumed in the cryptocurrency has been a big issue, which is totally opposite to the global efforts in saving energy. This issue should be resolved sooner or later in order to advance the cryptocurrency any further. As one of the possible solutions, that's the reason we have PoS. However, the pure PoS mode would never give rise to decentralization. Any approaches are vain if decentralization cannot be maintained, unless one agrees with a coin with limited time of mining or with total premining, or the such likes. The PoW should be remained in order to distribute coins into a broad audience over time.
The basic rule of dealing with the energy concern is to involve a "braking" mechanism in coin design. Such a rule exists in every piece of things in nature: why earth/electrons should circle the sun/nucleus without collapsing or departure? or just imagine a vehicle without brakes. Bitcoin or litecoin does not put actual limits in the rewards, or that simply not functioning properly. That's where magi plugs in.
Does anyone catch the idea in the following figure, alike the magi block reward versus difficulty, right?  Source: http://www.cambridgemedchemconsulting.com/DDResources/mol_interactions/molecular_interactions.htmlThe above idea is incorporated in the design of the magi, both PoW and PoS-II, and that in my view should be the crucial factor towards developing a healthy system including cryptocurrency. |
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feldenthorne, would you like to have your name in the line as well? I didn't forget the db stuff, but need to find a time slot, so does the m-face that is just a name at this moment, nothing special yet..
I'm alright, Joe. When I get swamped with work, I tend to disappear from personal/hobby-related projects for quite a while. I'd rather not disappear like that when I'm part of a team. And about the BDB stuff, just make sure to send me a PM or comment on the GitHub pull request to let me know your decision. I can also split the (armv7 fix+armv6 addition) and the BDB version bump into separate repos/pull requests if that's more convenient for you. Understood; will do, feldenthorne. |
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can someone tell me somthing about the stake system?
I'd repos some prior posts: https://bitcointalk.org/index.php?topic=735170.msg9991269#msg9991269https://bitcointalk.org/index.php?topic=735170.msg10025120#msg10025120https://bitcointalk.org/index.php?topic=735170.msg10086494#msg10086494https://bitcointalk.org/index.php?topic=735170.msg10182567#msg10182567
my last reward was 0.02718772 XMG
my balance was around 1600
and my stake was around 400
so compare to me you got a better reward
well, good to hear.... but the reward is BULL$HIT It's true that PoS reward seems trivial. However, the situation is rather complicated and there is never rightful direction we can take easily. It is always the truth that when one gets satisfied with a type of reward, there are other people who can get far more than the generic; the system will be abused by then. The nature is to get limitation into the system and the things are balanced out to each other. The maxim PoS APR is 5%; with the PoS-II mechanism comes an effective APR less than the designed maximum. The maxim interest is decided rather qualitatively based on my research of a few other coins. I am sure I am not convinced by the high rate like 10%+. I am also under the impression that mining should not be solely for profits but to maintain the system we reply on, so does the PoS-II. PoS-II is much secure, and we can reply on it to mitigate the risk of attacking via the PoW chain as people indicated, which would be more of importance than the staking for reward. |
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Hmm.. I have birthday soon. I'm accepting gifts as i7 5860x  When Magi reaches 10$ , I'll personally give you that birthday present Add me into the party.  |
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Welcome royalwebgrup and TonySon; you're our new faces.
feldenthorne, would you like to have your name in the line as well? I didn't forget the db stuff, but need to find a time slot, so does the m-face that is just a name at this moment, nothing special yet..
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Thanks Spexx for the active posts, and many helpful replies. Hmm.. I have birthday soon. I'm accepting gifts as i7 5860x When Magi reaches 10$ , I'll personally give you that birthday present End of 2015!  [img ]https://i.imgur.com/GRjMgG0.jpg[/img] information CLICK HERE A great support here as well, appreciated friends. |
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Energycoin community, this is Joe from magi and I am here to help the block chain. Basically the new chain grows up from a backup chain provided by Jan (hosted in my server: http://coinmagi.org/files/energycoin/Save_blockchain_EnergyCoin_block1051199_Crypto4Jan.zip), block # 1051119. This means all your prior staking reward after block # 1051119 (old chain) is invalid. Unless dev team wants to use another chain, you're unlikely to get those coins back. All transactions before block # 105111 are valid. To grow the new chain properly, please download the conf file from here: http://coinmagi.org/files/energycoin/EnergyCoin.confThe following nodes are those I have, please make sure any other nodes which contain the old chain are removed. I suggest community uses the following nodes and any others the dev team announced. 162.245.217.165
104.131.162.205
104.131.5.234 Let me know any questions / suggestions or a guide for setting up new chain you might need. p.s., make sure you have backed up your wallet.dat. |
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Currently it doesn't have sense to mine Magi for me, I have total hashpower ~200 kh/s on 8 computers. With current block reward, I can get ~2-3 XMG per day. Electricity bill > XMG/day profitSo is there any other CPU coin with higher profit? Don't worry, I'm not quiting on MAGI No way!!! thanks Alternatively mining for PoM , that being said PoM is like hiring miners. I am curious how many coins one is comfortable with as the reward for remaining to be a participant in the PoM campaign (let's say with 200kh/s hashrate). Reason I am asking this is to see how much rewards we should make to have the PoM launch working effectively. |
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This is a message I sent Joe the other day, involving a radical idea that may or may not be feesible. As Joe has a lot on his plate I've decided to let the community munch it over a bit before he gets to reading it  ... Thanks JasonX; will respond later on. |
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@joelao95
Why you don't change your avatar uses XMG logo..??it's can help the community boss Thanks for suggestion, a bit rejection to the typical way of thinking like how magi came, adding the logo right on top of the image is an option. |
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Joe is it possible to add max hashrate per IP? Some kind of a rule, lets say max hashrate per IP ~200 kh/s
try to find help on the pool account limit. |
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ALL, I need some one to help to set up hash limit per registered account for our new mining pool; the pool is supposed to be for launching PoM. If you can do this, please contact me. Reward for your efforts is available, PM for details.
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What if we slightly reduce block reward for network hashrate above 25 MH/s.?
Currently (Net hash = 122 MH/S) block reward is 2.8 XMG, what if reward would be 0.1 XMG for net hashrate above 25 MH/s?
Edit: And after reducing reward start with POM campaign.
I took a snapshot at this moment: hashrate 113.79 Mh/s with difficulty at 5.2989 (from http://poolinfo.coinmagi.org). When checking the history diff however: https://bchain.info/XMG/diff, the average diff is actually about 2 - 2.5. We could get very low block reward if we depress the value further down. Another consideration of using the current block value is to allow the further growth of miners. I'd think the number of miners right now is pretty below what we could get to the "normal scale". But yeah, alternative approach can be to implement hard fork whenever needed: to adapt to different situations, but that seems quite complicated. I see the about right of the XMG mined per day ( http://xmg.makejar.com/xmg-per-day/); considering the continue of XMG ranking up and catching up more attentions, the current block reward would be the room to make up the growth imho; either way, any ideas appreciated. |
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Hello! I'm kinda new to mining and wanted to try mining XMG. But there's something I don't understand. Isn't it only for CPU mining? There is this guy in a pool who's getting 5,314 KH/s. Is it possible to get this hashrate with CPU mining only? Also, I'm getting around 17~21 KH/s, which seems pretty low for my i7 processor. Am I missing something? It says I'll have only 0.180 coins per day  Something is definitely wrong there, you should be getting 50+ KH/sec. Try my GUI https://github.com/JasonXtreme/MagiGUI and run the Wolf V2 i7 miner, should up your hashrate. The guys doing 5000+ KH/s are either GPU mining or have clusters of PCs doing the work (IT admins have the power, I guess). I wish those would stick to bitcoin or sth  Welcome back JasonX. Regarding the big miners, it's hard to conclude that there are or aren't GPU miners around. The PoW block reward design is a sound reason to discourage big miners and keep us CPU minable, but again, your concern is reasonable, and a concern of mine and everyone else too I believe. I am open to suggestions on algo change; there are a few prior posts mentioning changing to something useful, I am hype on that but nothing committed yet before seeing a concrete plan, the plan of which is mostly in the 2nd priority compared to other approaches, for example the PoM, one of the approaches we are looking at to consolidate the CPU mining argument. |
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New POM today, isnt it? Unlikely today, we're gonna settle the pool and start it. am i too late to join in POM?
We're launching the 2nd PoM but it's not started yet, so not late. |
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Update on the m-face team members: Old MagiTeam members (mostly remaining in the m-face as well) 111magic, SamWalters, ex33s, jawitech, Blackcoiner, xmgmx New members in extended MagiTeam (m-face)kondiomir, go6ooo1212, prfagun1, digibob00, BitcoinFX, NeedIfFindIt, Spexx, hefty, Lightsplasher, Historical, Erkallys https://bitcointalk.org/index.php?topic=735170.msg10559436#msg10559436(it's very ease to join, just let me know if you intend to be one of us) Here we welcome Erkallys! As I spoke to Erkallys when he asked to join, the current status is that "I am barely able to push the m-project forward effectively right now". So now the project is no more than a name; other than that the growth of members is an indication in part the growth of the community though. Some stuffs of mine I have to deal with need settling down, afterwards I will turn the most of time currently spent somewhere back to the coin stuffs and push the m-project forward. Special thanks to all people around in the community, posting and answering questions. I do see our special members here since the beginning. That's the merit of the magi. |
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Even in minecraft we are mining XMG   Seems like I missed a lot fun here. This pic is pretty appealing to kids. Thanks to goldlabel. |
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