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Author Topic: [ANN][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay]  (Read 1244728 times)
joelao95
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Coin of the Magi!


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August 12, 2014, 05:53:06 AM
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Summary

Magi (XMG) is a PoW/PoS hybrid coin (mPoW/mPoS). Magi is designed with difficulty dependent mining reward for proof-of-mining (PoW) blocks in order to put network hashrate under a certain limit. Magi at the first time implements a novel proof-of-staking mechanism, to frustrate potential attack through accumulating a large number of coins and offline staking time (read more..). Magi is at the first concentrating on the low cost in maintaining its block system, for example, through cost effective mining devices. To this end, Magi, aiming at fairness, cost effective and energy efficiency, strives for every single effort to make mining be available to everyone, and provides an even playing field for people looking to issue digital coins without expensive equipment.

mPoW, the magi's proof-of-work (PoW) protocol, in addition to required computational works to be done to deter denial of service attacks, is also a network-dependent rewarding model system. The mPoW rewards participants who solve complicated cryptographical questions not only to validate transactions but also to create new blocks and generate coins. The amout of coins generated are constantly monitored by the mPoW protocol and tuned on the basis of an attraction-repulsion model: 1) incremental rewarding to stimulate network activities during passive mining phase, and 2) decremental rewarding to mitigate redundant mining sources during agressive mining phase. mPoW can effectively govern the magi's network and limit it under a certain scale, enabling the general devices to be capable of mining magi. ++ For details - A network-dependent rewarding system: proof-of-mining

mPoS, the magi's proof-of-stake (PoS) protocol, aims to achieve distributed consensus through operations in addition to mPoW. mPoS is designed such that it rejects potential attacks through accumulating a large amount of coins or offline staking time, either of which leads to security concerns. Similar to mPoW's operation, mPoS is constructed in accordance with the concept of the attraction-repulsion model. Magi hybridizes mPoW with mPoS, and integrate both consensus approaches in order to acquire benefits from the two mechanisms and create a more robust payment system.



 [MagiIntro Video] - What is Coin of the Magi?


Wallet Downloads (v1.3.1)
Windows Installer (x32/x64): http://coinmagi.org/bin/m-wallet-1.3.1/m-wallet-1.3.1-win-setup.exe
Windows (x32): http://coinmagi.org/bin/m-wallet-1.3.1/m-wallet-1.3.1-win32.zip
Windows (x64): http://coinmagi.org/bin/m-wallet-1.3.1/m-wallet-1.3.1-win64.zip

Linux: http://coinmagi.org/bin/m-wallet-1.3.1/m-wallet-1.3.1-linux.tar.gz
Mac OS X: http://coinmagi.org/bin/m-wallet-1.3.1/m-wallet-1.3.1-osx.dmg
FreeBSD: http://coinmagi.org/bin/m-wallet-1.3.1/m-wallet-1.3.1-freebsd.tar.gz

Block chain: http://coinmagi.org/bin/block-chain/
Release notes: http://coinmagi.org/bin/release-notes.md


Specifications

Proof of Work (PoW)
Disable huge hash - Specific PoW block reward design to maintain the network hashrate and make mining available to CPU (more..)
M7M (v2) PoW hash function
Block time - 3 minutes
MagiQuantumWave (MQW) difficulty adjustment per block

Proof of Staking II (PoS-II)
Security enhanced - Variable coin age depending on the staking time (more..)
Minimum coin age - 2 hours
Interest rate - network weight dependent with maximum 5%;
Block time - 1.5 minutes
Block hash - SHA256
Maturity: 120
     (Set posii=0 in magi.conf to disable PoS-II)

Total supply: 25 million
RPC - 8232, P2P - 8233

Exchanges
Cryptsy | Bittrex | Poloniex | Bitspark | Bleutrade | Cryptopia | LiteBit.eu (with fiat currency)

CPU Miner
Source: https://github.com/magi-project/m-cpuminer-v2 (About the miner)
GUI (m-cpuminer-qt): Windows 64, 32, Mac OS X, Linux 64, Source, Github release
NeedIfFindIt's GUI Miner: Makejar download (Windows), Coinmagi.org host download
m-minerd (m-cpuminer-v2): Windows 64, 32, Mac OS X, Linux 64, Source, Github release
Spexx's minerd: Download here (Windows), Coinmagi.org host download
Guide to launch the miner
Adjust CPU mining usage: "-e cpu_efficiency" between 0 - 100 (i.e., 0 - 100%)
Code:
m-minerd -o stratum+tcp://pool_url:pool_port -u pool_user.worker -p password -t thread_numbers -e cpu_efficiency

Pools
Suprnova | MagiPool | MaxMiners | XMGpool.cf | SuchPool | m-hash | minerclaim | XpoolX | Magi (XMG) Mining | MagiPi Pool

Mining Rig Rentals
https://www.miningrigrentals.com/rigs/m7m

Block Explorer
CryptoID | m-chain.info (official) | Bchain.info | Blockexperts | MultiFaucet

Features
A network-dependent rewarding system: proof-of-mining
PoS-II

m-epays - MagiPay: http://www.m-epays.com (continue to be worked on)


Faucets
Magi Steep Rocks
Cryptospout Hourly Magi Faucet
Cryptospout Hourly Magi Deluge
Cryptospout Daily Magi Faucet
MultiFaucet
FreeCrypto Multi Coin Faucet

Videos
https://www.youtube.com/watch?v=7EkAbPacS7c
https://www.youtube.com/watch?v=W71FVD6YWM8
https://www.youtube.com/watch?v=jpvpO0OE7Dw
https://www.youtube.com/watch?v=UaJKTWugF8s
https://dl.dropboxusercontent.com/u/5189405/magiproject2.mp4

Connections
The fruitsclan (the world wide multi-gaming clan, thanks to Goldlabel): Netherlands site, English site

News

03/13/2015: Light Splasher Graphics: http://www.lightsplasher.com/2015/magi-coin-review/
03/07/2015: Crypto Mining Blog: http://cryptomining-blog.com/4491-cpu-mining-the-coin-magi-xmg-what-can-you-expect/
03/02/2015: Crypto Mining Blog: http://cryptomining-blog.com/4459-are-you-looking-for-a-cpu-crypto-coin-try-coin-magi-xmg/
02/24/2015: 24/7 Cryptonews: http://247cryptonews.com/coin-magi-dream-transformed-in-reality-for-cpu-miners/
12/13: Crypto Mining Blog: http://cryptomining-blog.com/4017-coin-magi-xmg-cpu-only-alternative-crypto-currency/
12/01: Coinkita.com (a bitcoin educational community startup) (Indonesian ): http://coinkita.com/xmg-magi/
11/23: BTC-Germany: http://blog.btcgermany.eu/altcoin-der-woche-magicoin-xmg/
11/15: The Bitcoin News: http://thebitcoinnews.com/2014/11/15/coin-magi-cpu-miners-dream-proof-of-mining-pos-ii/
11/14: Coins Source: http://www.coinssource.com/coin-magi-a-cpu-miners-dream-proof-of-mining-pos-ii/
10/31: Mundo Crypto: La moneda de distribución justa (Spanish); http://www.mundocrypto.com.ve/uncategorized/magi-xmg-la-moneda-de-distribucion-justa/
10/29: The Einsteinium News: https://sites.google.com/site/einsteiniumbiz/home/page-2
10/28: The Bitcoin News: http://thebitcoinnews.com/2014/10/28/coin-magi/
10/28: Cryptos.Us: http://cryptos.us/crypto-news/item/58-coin-magi-a-unique-cpu-coin
10/21: Satoshis.Guru: http://www.satoshis.guru/home/coin-info/magicoin/
10/19: The Cryptocoin Chronicle: http://cryptocoinchronicle.com/2014/10/magicoin-coin-cpu-miner/


Updates

05/18/2015: New wallet v1.2.2.1 (not hardfork); https://bitcointalk.org/index.php?topic=735170.msg11416220#msg11416220
04/20/2015: 2nd PoM campaign launched; https://bitcointalk.org/index.php?topic=1028548.0
03/06/2015: MagiPay is launched; Standalone Payment Gateway for Coin Magi! https://bitcointalk.org/index.php?topic=735170.msg10683233#msg10683233
03/01/2015: MagiPay launch announcement; https://bitcointalk.org/index.php?topic=735170.msg10617629#msg10617629
02/23/2015: m-face project --> community coin; https://bitcointalk.org/index.php?topic=735170.msg10559436#msg10559436; new members: https://bitcointalk.org/index.php?topic=735170.msg10561397#msg10561397
01/26/2015: Optimized miner; https://bitcointalk.org/index.php?topic=735170.msg10273772#msg10273772
01/04/2015: MagiPay internal tests; https://bitcointalk.org/index.php?topic=735170.msg10039030#msg10039030
12/31: Sharping the PoW rewarding system & updates to make PoS-II the most secure coin so far; https://bitcointalk.org/index.php?topic=735170.msg9991269#msg9991269
12/28: Magi JSON-RPC libraries for C++ and Node.js; https://bitcointalk.org/index.php?topic=735170.msg9967546#msg9967546
12/20: Some notes; https://bitcointalk.org/index.php?topic=735170.msg9900074#msg9900074
12/03: Preview of MagiPay - standalone payment gateway for Magi; https://bitcointalk.org/index.php?topic=735170.msg9731024#msg9731024
11/12: Magi Multipool; https://bitcointalk.org/index.php?topic=735170.msg9526629#msg9526629
11/11: MagiTeam & roadmap & plans; https://bitcointalk.org/index.php?topic=735170.msg9511891#msg9511891
11/10: Bittrex market is live; https://bittrex.com/Market/?MarketName=BTC-XMG
11/09: Magi-stratum for setting up pools; https://bitcointalk.org/index.php?topic=735170.msg9493680#msg9493680
11/08: Poloniex trading and escrow service; 720,000 XMG burned (93m4hAxmCcGXMfnjVPfNhWSjb69sDziGSY); https://bitcointalk.org/index.php?topic=735170.msg9475622#msg9475622
11/06: Coins Source Trust Index (7/7); https://bitcointalk.org/index.php?topic=735170.msg9460819#msg9460819
10/30: MagiTor and some other updates; https://bitcointalk.org/index.php?topic=735170.msg9378469#msg9378469; Downloads: http://coinmagi.org/files/magi-release/magitor
10/24: Mandatory wallet update [Hardfork] M7M-v2, block rewards, difficulty adjustment - Magi quantum wave (MQW) and PoW-II phase updates; https://bitcointalk.org/index.php?topic=735170.msg9310611#msg9310611
10/17: Enhancing CPU mining: M7M hardfork in testnet 10/17/2014 8:00 PM EST; https://bitcointalk.org/index.php?topic=735170.msg9230961#msg9230961
10/07: Coin swap final: total 227,140 XMG will be used for swap, that is only 0.9% of total supply; swap ratio: 16 old Magicoin => 1 XMG; coins swapped no more than 10% of total XMG in circulation, escrow will be used to hold unswapped coins: https://bitcointalk.org/index.php?topic=821170.msg9190490#msg9190490; unswapped coins (except some bounties we paid, like translation, video, etc) will be destroyed. I believe this is very much a guarantee for the miners/investors.
10/07: PoS-II: https://bitcointalk.org/index.php?topic=735170.msg9121445#msg9121445
          Coming updates & regarding coin swap; https://bitcointalk.org/index.php?topic=735170.msg9111697#msg9111697
10/02: Anyone can lead a MagiCampaign; https://bitcointalk.org/index.php?topic=735170.msg9060955#msg9060955
09/29: Proof of mining campaign; https://bitcointalk.org/index.php?topic=735170.msg9019696#msg9019696
                                                 https://bitcointalk.org/index.php?topic=802681.0
09/28: Releasing MagiPublication (http://arxiv.org/abs/1409.7948), new block rewards explained, statement of future plans; https://bitcointalk.org/index.php?topic=735170.msg9008850#msg9008850
          [Available online] https://bitcointalk.org/index.php?topic=735170.msg9023457#msg9023457
09/26: About the new block reward and more; https://bitcointalk.org/index.php?topic=735170.msg8976083#msg8976083
09/25: Proposal of algo revision, half-closed source code, pool limiting hash; https://bitcointalk.org/index.php?topic=735170.msg8968087#msg8968087
09/24: Initiate coin swap; https://bitcointalk.org/index.php?topic=735170.msg8950501#msg8950501
09/23: Build a solid cpumining network; pls setup FREE VPS; https://bitcointalk.org/index.php?topic=735170.msg8800103#msg8800103
09/21: How does the new block rewarding system look like: fist look; misc (IRC): https://bitcointalk.org/index.php?topic=735170.msg8919460#msg8919460
09/20: Need five pools to support Proof of Mining Campaign; https://bitcointalk.org/index.php?topic=735170.msg8906452#msg8906452
09/20: Mandatory wallet update v1.0.0.2; https://bitcointalk.org/index.php?topic=735170.msg8898198#msg8898198
09/19: MagiPlans and more info; https://bitcointalk.org/index.php?topic=735170.msg8892210#msg8892210
09/19: An potential adjustment of block rewards - diff; https://bitcointalk.org/index.php?topic=735170.msg8884670#msg8884670
09/18: Urgent, please repond; https://bitcointalk.org/index.php?topic=735170.msg8878920#msg8878920
09/16: XMG needed for bounties (translation); https://bitcointalk.org/index.php?topic=735170.msg8851642#msg8851642
09/16: A short summary and an issue to be resolved; https://bitcointalk.org/index.php?topic=735170.msg8845155#msg8845155
09/13: Mining test before launch; https://bitcointalk.org/index.php?topic=735170.msg8824996#msg8824996
09/13: A guide for VPS mining; https://bitcointalk.org/index.php?topic=735170.msg8800103#msg8800103
09/10: OP & coin distribution review; https://bitcointalk.org/index.php?topic=735170.msg8755719#msg8755719
09/07: About CPU PoW algorithm; https://bitcointalk.org/index.php?topic=735170.msg8716805#msg8716805
09/04: Miners, possible M7-N algo; https://bitcointalk.org/index.php?topic=735170.msg8680640#msg8680640
08/30: 2nd testnet; https://bitcointalk.org/index.php?topic=735170.msg8593208#msg8593208
08/25: cpu&gpu miners ported; cudaminer needs test though: https://bitcointalk.org/index.php?topic=735170.msg8533387#msg8533387
https://github.com/magi-project
08/23: CPU miner is ready for 2nd test: https://bitcointalk.org/index.php?topic=735170.msg8499202#msg8499202
08/21: we got an issue, will fix and run the testnet again: https://bitcointalk.org/index.php?topic=735170.msg8463488#msg8463488
08/20 (PoS-II): https://bitcointalk.org/index.php?topic=735170.msg8453963#msg8453963
08/18: 1st testnet; https://bitcointalk.org/index.php?topic=735170.msg8427923#msg8427923


[Nodes]
addnode=104.128.225.215
addnode=104.128.225.240
addnode=104.128.225.241
addnode=104.131.42.100
addnode=216.189.144.186
addnode=216.189.144.211
addnode=216.189.144.212

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bigc1984
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August 12, 2014, 05:53:47 AM
 #2

ok sounds interesting

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August 12, 2014, 05:54:59 AM
 #3

Reserve for coin swap.
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Diamond + Lisk


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August 12, 2014, 05:57:12 AM
 #4

M7 is a rather new algorithm. I don't think too many coins have it. But too many coins for me. I.e. 50M
Best of luck to you on your project.
Regards,
Brian


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DECENT
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[D]ecentralized application
[E]liminated third parties
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[E]ncrypted & secure
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joelao95
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Coin of the Magi!


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August 12, 2014, 06:00:53 AM
 #5

M7 is a rather new algorithm. I don't think too many coins have it. But too many coins for me. I.e. 50M
Best of luck to you on your project.
Regards,
Brian

How many coins in total you have in mind ideally? Basically issue is not about the total number of coins, Cryptonite has billions, while BTC is 21M, the same order of magnitude here.

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August 12, 2014, 08:22:36 AM
 #6

POS II

sounds amazing. I am down.

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August 12, 2014, 08:45:21 AM
 #7

Second coin with M7 algo, watching Smiley
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August 12, 2014, 01:18:11 PM
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Reserve for coin swap.

joelao95
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Coin of the Magi!


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August 12, 2014, 05:00:14 PM
 #9

Second coin with M7 algo, watching Smiley

Personally I like the design of M7, more secure than others; and its energy efficient. There are X-forever out there by simply adding more and more hash functions, real question if those work out efficiently; so far M7 looks like a good candidate.

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mine for future~


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August 12, 2014, 06:02:35 PM
 #10

MARK~
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August 13, 2014, 12:11:48 AM
 #11

Im in I like cpu coins

THE INGENIOUS GENTLEMAN DON QUIXOTE OF LA MANCHA
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August 13, 2014, 06:42:34 AM
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Good work dev. You should be proud of yourself and your team. You make your words are true!
 Smiley

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August 13, 2014, 07:41:32 AM
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how to mine this coin once its started?
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August 13, 2014, 09:34:23 AM
 #14

This coin deserves a good future!

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August 13, 2014, 09:57:28 AM
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I will be mining.
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A FIDUS ACHATE, STAYS LOST IN FLIGHT


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August 13, 2014, 10:33:00 AM
 #16

i will be minig

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August 13, 2014, 10:35:31 AM
 #17

M7?or next XCN?Looking forward to it...

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Coin of the Magi!


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August 13, 2014, 01:38:59 PM
 #18

M7?or next XCN?Looking forward to it...


XMG is M7 based, but won't use minichain. Among a few features implemented, XMG emphasizes a new mechanism to resolve a basic deficiency existing in the proof of stake. There are few tries out there but appears to be 'mitigating' this effect but not a solution. This will be the most important task XMG is going to undertake.

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Coin of the Magi!


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August 13, 2014, 01:40:17 PM
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how to mine this coin once its started?

Miners will be given. Smiley

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August 13, 2014, 01:51:44 PM
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awesome work XMG DEV! congratulation for successfully launching the new innovation of the coin!

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