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Author Topic: [ANN][2nd Proof of Mining Campaign] Coin Magi | PoS-II | PoM|Unique BLK reward  (Read 19478 times)
joelao95
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April 18, 2015, 02:52:31 AM
 #1

Original ANN-thread: https://bitcointalk.org/index.php?topic=735170.0


     
Freenode IRC: #magi  |   Skype: coin.magi  |   QQ group: 337678945  |   Email: support@coinmagi.org

MagiPub | MagiPay | MagiMining (Discussion) | MagiDev | MagiCampaign


Website | Forum | Wallet Downloads | Source code
(wallet version: 1.2.1.1)


Download CPU miner

Github: source code
Spexx's compiled package - Download, Beginner package, Speed controller
NeedIfFindIt's GUI Magi Miner - Auto-adjusting hashrate: 0.9.8 Beta, 0.9.8 Beta (no miners), source code
Our own compilation: Download from sourceforge
Running miner in a VPS [linux os]
Cygwin compilation (windows)
Compile and run CPU miner on Mac OS
How to run a minerd

# m-cpuminer-legacy-v2 (source code)
This miner (optimized V2) is the same as generic CPU minerd except an additional option flag "-e cpu_efficiency", that allows adjusting cpu efficiency between 1 - 100.
Code:
minerdlegacy -o stratum+tcp://pool_url:pool_port -u pool_user.worker -p password -t thread_numbers -e cpu_efficiency


Mining pool involved in PoM
(For a full list of mining pools see the original post)
https://pom.m-hash.com

Register PoM
https://docs.google.com/forms/d/1gRtkfhMhWx2jAD-p74FakfyjchYNQZuD2A7i0OCitQw/viewform?usp=send_form



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.pdf

PoM - 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.

Why PoM?

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.

Duration
About 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 rule
https://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.

Reward
We 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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  ANN THREAD MAGIPAY FAQ FORUM
.CPU Mining   PoS-II   PoM   Unique Block Reward 
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halfnode
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April 18, 2015, 03:30:07 AM
 #2

Any idea how many post to snr member?

Proud to be a member of Magi XMG community. 1st PoS-II |1st PoM | M7M CPU only. Come and join us!
Atomicat
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April 18, 2015, 04:15:22 AM
 #3

Oh hoorah!  It's a sign, because today I got around to remounting my water-cooler.  Had a miserable pint-sized thing making do for a while but now, now baby can stretch those legs.

Obviously, count me in.  Logged in and cranking.

It's good to be back.
TonySon
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April 18, 2015, 04:15:41 AM
 #4

 Grin  Grin  Grin  Grin  Grin  Grin Very good!


User name: TonySon

Steemit.com is a wonderful platform where everyone can count on the help of others to growth. As long as steemit will exist it will continues to change the life of many people on this platform.
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April 18, 2015, 04:24:07 AM
 #5

Any idea how many post to snr member?

About 240, just became few days ago

..C..
.....................
........What is C?.........
..............
...........ICO            Dec 1st – Dec 30th............
       ............Open            Dec 1st- Dec 30th............
...................ANN thread      Bounty....................

z0n0
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April 18, 2015, 04:24:55 AM
 #6

What does -s stand for?

Code:
minerd -a m7mhash -t 6 -s 4 -o stratum+tcp://stratum.m-hash.com:3334 -u Weblogin.WorkerName -p WorkerPassword

..C..
.....................
........What is C?.........
..............
...........ICO            Dec 1st – Dec 30th............
       ............Open            Dec 1st- Dec 30th............
...................ANN thread      Bounty....................

z0n0
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April 18, 2015, 04:36:59 AM
 #7

"Participation & Rules
# Each participant has to register along with the bitcointalk username (registration will be open on Apr. 19)"

Joe, can I register with zono and not z0n0 (as here on forum) or must be exactly the same?

..C..
.....................
........What is C?.........
..............
...........ICO            Dec 1st – Dec 30th............
       ............Open            Dec 1st- Dec 30th............
...................ANN thread      Bounty....................

Spexx
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April 18, 2015, 04:54:58 AM
 #8

What does -s stand for?

Code:
minerd -a m7mhash -t 6 -s 4 -o stratum+tcp://stratum.m-hash.com:3334 -u Weblogin.WorkerName -p WorkerPassword

Scantime. The upper bound on the time spent scanning current work when long polling is unavailable, in seconds (default 5).

Got that from minerd --help Cheesy

Atomicat
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April 18, 2015, 04:55:41 AM
 #9



7 cores doing 100 Kh/s.  Barely breaking a sweat.
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April 18, 2015, 05:23:54 AM
 #10

Awesome Joe.
Registration for the Proof of Mining is open.
Well done!
One thing there must be adjusted.
Thats rule number 3.
I know thats in there for security reasons but let me work something out for this.


  Coin MAGI  . XMG  
Coin Source : Trust Verified    [ ★ ★ ★ ★ ★ ★ ★ ]
  ♓ XMG 97XBFXZX5Ce77BQWGbg5N5ygCyqmwGJ1Z8
  ANN THREAD MAGIPAY FAQ FORUM
BTC 1J7wFce3Ve8iPoY3BXQRvvLLcg6mfWSQHz
th3.r00t
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April 18, 2015, 07:15:49 AM
 #11

Awesome!
Just got back and I see PoM ^2 has started!  Cool

Just one little problem - my BCT username is th3.r00t,
which cannot be used for registering in the PoM pool...

I used underscore instead (th3_r00t), hope that this does not break the campaign rules.

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April 18, 2015, 07:25:25 AM
 #12

Quote
Participation & Rules
# Each participant has to register along with the bitcointalk username (registration will be open on Apr. 19)
# 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 Sr. memeber.
   = If you aren't yet the Sr. memeber, 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.
# You muse mine with your CPU and total hashrate not exceeding 250 kh/s.

Ooohhh Sr.member is a hard rule, im just a new member, and i only post in Magi thread, so my posts is not high, i cant join if the limit is Sr.member  Embarrassed

Proud to be a member of Magi XMG community. 1st PoS-II |1st PoM | M7M CPU only. Come and join us!
(XMG):9RSzkXmpd2BaUq28WGaxXi1WavBaM7gCfT
111magic
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April 18, 2015, 07:31:55 AM
 #13

Yes you can!
That rule is there for security reasons.
Iám working on that now.
If you would like to join you are welcome!! Smiley


  Coin MAGI  . XMG  
Coin Source : Trust Verified    [ ★ ★ ★ ★ ★ ★ ★ ]
  ♓ XMG 97XBFXZX5Ce77BQWGbg5N5ygCyqmwGJ1Z8
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light85bit
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April 18, 2015, 07:48:01 AM
 #14

Yes you can!
That rule is there for security reasons.
Iám working on that now.
If you would like to join you are welcome!! Smiley
Ofcourse id like to join  Cheesy I'm in, username: light85bit  Cheesy

Proud to be a member of Magi XMG community. 1st PoS-II |1st PoM | M7M CPU only. Come and join us!
(XMG):9RSzkXmpd2BaUq28WGaxXi1WavBaM7gCfT
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April 18, 2015, 07:51:37 AM
 #15

Yes you can!
That rule is there for security reasons.
Iám working on that now.
If you would like to join you are welcome!! Smiley

thanks  Grin



user name : TonySon


Steemit.com is a wonderful platform where everyone can count on the help of others to growth. As long as steemit will exist it will continues to change the life of many people on this platform.
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April 18, 2015, 08:36:47 AM
 #16

Hi there! It's good to have the PoM up and running! I want to register! Username: Jethromoonbeam

Thanx!
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April 18, 2015, 09:17:39 AM
 #17

Ok i just signed up.but not sr.member yet

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April 18, 2015, 09:23:53 AM
 #18

I'm in Smiley





P.S. - I think it would be fair if all of us donate at least 1% to the pool (for all the great work Magi team is doing for the community)!

..C..
.....................
........What is C?.........
..............
...........ICO            Dec 1st – Dec 30th............
       ............Open            Dec 1st- Dec 30th............
...................ANN thread      Bounty....................

111magic
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April 18, 2015, 10:01:52 AM
 #19

Ok i just signed up.but not sr.member yet

Welcome in the Magical Proof of Mining campaign!! Smiley


  Coin MAGI  . XMG  
Coin Source : Trust Verified    [ ★ ★ ★ ★ ★ ★ ★ ]
  ♓ XMG 97XBFXZX5Ce77BQWGbg5N5ygCyqmwGJ1Z8
  ANN THREAD MAGIPAY FAQ FORUM
BTC 1J7wFce3Ve8iPoY3BXQRvvLLcg6mfWSQHz
Atomicat
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April 18, 2015, 10:59:05 AM
 #20

I'm in Smiley

P.S. - I think it would be fair if all of us donate at least 1% to the pool (for all the great work Magi team is doing for the community)!

Whups!  You're absolutely right.  Thanks for the reminder.
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