[ANN!] -- [MAG] << MagCoin >> [X11 || No PREMINE/IPO || Fast]

[magcoin-crypto]

Bounty donation address: mSrDurwNvaFw3UX39WbkgDCdg6k8AhHtBs

ATTENTION MPOS POOL OWNERS:
$config['getbalancewithunconfirmed'] = true;
SHOULD BE
$config['getbalancewithunconfirmed'] = false;

MagCoin

http://i.filmot.org/dVbqEPV.png

LAUNCHED!
WALLET DOWNLOAD:
https://mega.co.nz/#!HEkTibRK!aYpMGbl87nDbX-Lymc3gsomEsP65Hv7n3hR503rcCg0

Basic Specifications

• Algorithm: [X11]
• Block Time: [3 Min]
• Reward: [Calculation-based/adaptive (see "rewards" section below)]
• Difficulty Adjustment: [KGW adaptive algorithm]
• Total Number of Coins: [2.5 billion]

Rewards Calculation
        Previously, rewards was not explicitly stated, because it is dynamically calculated based upon this formula:
            [(10 * difficulty) / (number of blocks + 129600)] * 129600
        Thus, a higher difficulty contributes to a higher payout per block, while the height (or number of blocks) prevents a suddenly-increasing difficulty from giving out too many coins. This means that MagCoin is also inherently more resilient to profit-pools (pools that mine the most profitable coin, which often can cause hashrate spikes). Additionally, with KGW smoothly adjusting difficulty, the coin will be very stable.


Why You Should Mine It

• Using X11 means you'll be hashing much cooler -- no more are days of sitting in a far-too-heated room monitoring cgminer!
• KGW difficulty changes + reward calculations will never be sudden, so value will stabilize quickly, and the coin won't jump all over the place.
• P2pool has already been modified to work with it, so you can run your own node from day one. It's as simple as git cloning a repo I've set up.
• A reasonable cap on the total number of coins helps with maintaining necessary scarcity.
• The innovative reward-calculation feeds into concepts of economics, as it balances difficulty and block payout.

Miners
        MagCoin utilizes X11 cryptography, so any DarkCoin miner should work without any fuss. There are also modified kernels in some miners, which may offer a hashrate increase. I personally do not use them. The GPU miner link can be found below in the "Assets" section. Note: on my first try, I didn't get the GPU miner to work. You might not, either. The first thing you'll want to check is that you have the latest version of Catalyst, though. I have 14.4, and I'm having success. If you have problems, post here OR any DarkCoin mining thread, as the programs are the same! Also, as with all GPU mining, it takes some time and tuning to get maximal performance, so don't be disappointed if your hashrate seems low to begin with! Also, check to see your conf file specifies intensity, as the default is 8 (which is very low, even for crappy GPUs). Finally, if the x11mod kernel doesn't work, try using the darkcoin kernel instead.
        CPU miners are a bit trickier, though. As quoted from CPUCoinList.com, "There are several versions of CPU miners for X11. There are currently two versions of the CPU miner. If your CPU supports the AVX/AES instruction sets, use the 1.3 version. If not, use the 1.2c version." There is also a README file in the 1.3 version's ZIP file, so read-up. I tried several miners with my AMD Phenom, but ultimately wasn't successful with any of the 1.3 miners. So, when in doubt, just go 1.2. Note: when running the miner, be sure to specify "X11" with the -a flag, like this: "minerd.exe -a X11 --url=http://somepool.com:1234 -u test -p x". Otherwise, it will default to SCRYPT!


Pools

• Official p2pool (no registration, auto payments): http://blocks.synco.in:33550/
  Your payment address is your worker username, password can be anything.
• Minerpool pool: http://mag.minerpools.com/
• Hashlink pool: [http://mag.hashlink.eu]
• Scorpio18 pool: [http://mag.coin-miners.info]
• Nonce pool: http://mag.nonce-pool.com/
• Pool.mn pool: http://mag.pool.mn/
• Pool.pe pool: http://mag.pool.pe/

Assets

• Block explorer: [http://blocks.synco.in:2750]
• GitHub: [https://github.com/magcoin/magcoin]
• Wallet Download: https://mega.co.nz/#!HEkTibRK!aYpMGbl87nDbX-Lymc3gsomEsP65Hv7n3hR503rcCg0
• Twitter: [http://twitter.com/magcoincrypto]
• Modded p2pool repo: [https://gitlab.com/magcoin/p2pool-mag]
• X11 GPU miner: [https://darkcointalk.org/threads/x11-algo-sgminer-with-separate-kernels-greater-hashrate.897/]
• X11 CPU miner: [https://mega.co.nz/#F!V5I1mawQ!bCcaIhRkODjUVEBWsGmu_w] (See "Miners" section above for details)
• Faucet: [none yet]

Bounties
Bounty donation address: mSrDurwNvaFw3UX39WbkgDCdg6k8AhHtBs

        I am a human being, after all, so I can't do everything (sure wish I could). Hence, I'll be offering bounties (in the form of PayPal). If you would like to be paid in MAG, I am perfectly okay with that. Just PM me and we'll figure something out, since MAG doesn't actually have a value yet (until it gets onto an exchange). However, you could look at it as an investment opportunity (in which case you would have a great bargain if it becomes successful). My advisement is: if it's easy to you, take payment in MAG, since you have nothing to lose. If it's time consuming or difficult, opt to be paid via PayPal. All payments will be sent as a gift, hence no chargebacks.
      

• Android wallet: [100 MAG]
• Online open-source wallet: [not yet set]

[SecondsOld]

Lots of coins, long block time, not feeling it.

[KeyserSozeMC]

What does "MAG" stand for?

[magcoin-crypto]

Lots of coins, long block time, not feeling it.

Sorry you feel that way, hope you'll change your mind in the future
Also, if you don't mind me asking, is 3 minutes really that long of a block time? I was concerned about blockchain fragmentation or corruption with block times that are too low.

What does "MAG" stand for?

Contrary to popular belief, MAG is not Magnetic It stands for MAGNITUDE!

[ocminer]

What does "MAG" stand for?

Maglite

[magcoin-crypto]

What does "MAG" stand for?

Magazine

Nice try, but nope!

What does "MAG" stand for?

Maglite

Really? A flashlight? You wound me.

[SecondsOld]

Lots of coins, long block time, not feeling it.

Sorry you feel that way, hope you'll change your mind in the future
Also, if you don't mind me asking, is 3 minutes really that long of a block time? I was concerned about blockchain fragmentation or corruption with block times that are too low.

What does "MAG" stand for?

Contrary to popular belief, MAG is not Magnetic It stands for MAGNITUDE!

I wish you luck with your coin as it does appear you have put some though into it.  That said, yes, I believe a 3 minute block time is excessive.  If I'm not mistaken, that is a longer block time than 99% of other coins.

[ocminer]

What does "MAG" stand for?

Magazine

Nice try, but nope!

What does "MAG" stand for?

Maglite

Really? A flashlight? You wound me.

Maggie ? ^^

Magarine ? ^^^

Magnesia ...

Magarete ;-)

[Stormbringer]

Block Time: [3 Min]

better change to 1 min

[magcoin-crypto]

Lots of coins, long block time, not feeling it.

Sorry you feel that way, hope you'll change your mind in the future
Also, if you don't mind me asking, is 3 minutes really that long of a block time? I was concerned about blockchain fragmentation or corruption with block times that are too low.

What does "MAG" stand for?

Contrary to popular belief, MAG is not Magnetic It stands for MAGNITUDE!

I wish you luck with your coin as it does appear you have put some though into it.  That said, yes, I believe a 3 minute block time is excessive.  If I'm not mistaken, that is a longer block time than 99% of other coins.

That hurts, mainly due to the fact that I didn't just go to GitHub and fork DarkCoin and replace a few variables. I also thought that going through and explaining the coin more in-depth for the pre-announcement thread would make a good impression, but I guess that may have fallen short. What are some things I could have done better?

Also, what are your thoughts on blockchain forks caused by too-fast block times? My research (albeit, not anyone credentialed professionally suggested the following):

A) "... More mining power is wasted on making orphan blocks due to block propagation delays"
B) "The ratio of typical propagation delay to typical block mining time also affects how frequently confirmations will be reverted"
C) Double-spends due to attackers mining fast enough ("the chance that the other payment will be accepted into the block chain rather than yours, and yours will be considered invalid")

For these reasons, I decided not to change from 3 minutes to 1 minute. However, I may not be understanding part of the problem. Are there other aspects that outweigh the speed aspect to double-spends?

Block Time: [3 Min]

better change to 1 min

See my reply above.

[nightwishx]

shitcoin

[magcoin-crypto]

shitcoin

Might I ask as to why you came to this conclusion?

[ocminer]

You seem to be a reasonable guy, I'll add a pool on friday, reserve a spot for Suprnova

[4w4k3ning]

Nice! More X11 coin.I love this algo 

[BITDV]

shitcoin

Might I ask as to why you came to this conclusion?

Pointless asking why they have come to that conclusion , some only know those 8 letters on there keyboard and they say it because they are trying to upgrade there member statis , best just to ignore idiots like that !!

[magcoin-crypto]

You seem to be a reasonable guy, I'll add a pool on friday, reserve a spot for Suprnova

Thanks! Did you take a look at the p2pool-mag repository?

Nice! More X11 coin.I love this algo 

That makes two of us

shitcoin

Might I ask as to why you came to this conclusion?

Pointless asking why they have come to that conclusion , some only know those 8 letters on there keyboard and they say it because they are trying to upgrade there member statis , best just to ignore idiots like that !!

Thanks for the support, a dev can only do so much, eh?

[tokyoghetto]

Can you make the coin count like 1 million, so that we early adoptors can mine 10s of thousands of the stuff, pump it past 100k SAT and mega rich/

[bathrobehero]

What's the logic behind going backwards to longer block times?

[msnight]

X11 is an amazing algo, look forward to seeing this coin launch

[magcoin-crypto]

Can you make the coin count like 1 million, so that we early adoptors can mine 10s of thousands of the stuff, pump it past 100k SAT and mega rich/

Sorry meng, no can do -- try PumpAndDumpCoin over by Aisle 3, should suit ya nicely

What's the logic behind going backwards to longer block times?

Refer the post #10, as I don't want my reply to take up a huge chunk here (looks spammy). Should be just up above a few posts.