[ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay]

[111magic]

[09/28: Releasing MagiPublication, new block rewards explained, statement of future plans]

1. MagiPublication


I've managed our first publication in the academic level, currently submitted to arXiv.org e-prints:

A network-dependent rewarding system: proof-of-mining

Raising up this effort has dual purposes. We've experimented a few new features in Magi in my expectation at this coin going towards a direction never achieved or attempted before. We are kinda researching something and such efforts should be recorded and published if possible. XMG does benefit a lot from either suspect & complaining voices or from positive comments in the thread. With many back and forth discussions, we seem like going toward a solid direction now. If XMG cannot achieve whatever it's supposed to be, subsequent coins might go stepping ahead of us by benefiting from the publications.

I, myself, was working in the research field (credit: RG score more than 29 based on ResearchGate). I like to think and ask. I have been kinda addicted to the cryptocurrency since last Dec, and have thought about a lot over the time. I don't want point out for whatever reason I am doing this, this coin is just on the track, and I am not just joking in making a random coin, but rather seriously take it in the long run. I won't object to the argument of pump and dump (just meaningless wording arguing). If I did wrong the coin, correct me; I am very like to hear different voices. Back to the topic, publishing papers on XMG will obviously place XMG into a more broader audience, just imaging how many people will read the publication.

2. New block rewards explained

We were missing a full description of the new rewarding system, reading: A network-dependent rewarding system: proof-of-mining.


(a) -  our initial design; (b) - the actual implementation in the M7M algo.

Ads. (anyone can get a better ads or image based on this idea, shoot me a PM)

1000 people mining BTC/LTC with their CPU (assume 50Kh/s) only get negligible rewards; however, mining XMG yields 144 coin/day/person.

Current mining situation

Miners should be aware of the current low block rewards (5 XMG/block typically) is because of the overtuning of the rewarding system; that is, we are at III of figure (b), rather than I. This is important; big miners might need to lower their hashrate a little bit, so that the reward will be back to maximum (at I).

Deep explanation

We have explained the rising part in the initial design: the system allocates more rewards to the network having more miners. However, simply increasing reward will drive miners towards building more powerful equipment. The relationship between mining costs and returns in consistence with economics should be the guideline to achieve the goal. We assume this is valid. For example, one who has powerful equipment and hence high cost as well will expect commensurate returns; otherwise, the cost must be reduced by reducing the usage of equipment.

The efficiency of discouraging mining activities is fully determined how fast the rewards decline with difficulty (at the high difficulty range). It should be noted that self-adjustment of network difficulty in accordance with rewards is affected by both the reward declining rate and the market place of the cryptocurrency. One can build up more powerful equipment to compensate the declining rewards. A much faster declining rate will disable any possibility of acquiring desired rewards by simply building more hashing power. Fig. (b) shows an improved rewarding system as implemented in XMG, by incorporating a cut-off function. The maximum block reward is available at Diff = 1.75 (I) (or ∼ 40 MHash/s). The reward is halved when Diff = 2.20 (or ∼ 51 MHash/s) (II), and equals to 1/10 of the maximum value at Diff = 2.37 (or ∼ 55 MHash/s), at which the low rewards will be lack of incentive to the miners.

Does the new rewarding system work?

The short answer is yes. Let's take a look at the pool status before and after the hard fork (new reward):

BEFORE (nonce-pool and suprnova, respectively)


AFTER


Summary

====================	====================	====================
	Network hash ratio	big miner weight (>5 MH/s)
Before (at block=2660)	115 MH/s	47.5 %
After (at block=5682)	83 MH/s	38.4 %
====================	====================	====================

The big miners did have been depressed to a certain level; we will carry out proof-of-mining campaign to help this further.

Proof-of-mining

One may expect the market place will affect the miners’ behavior significantly. For example, the high-pricing reward leads more miners into the network which immediately move the block reward out of the maximum region. This initiates a self-adjustment of the rewarding system. Realizing the marginal rewards (e.g., at III of Fig. (b)), some of the miners start ceasing their minings, thus pushing the reward back to the maximum. In this case, it will be relatively less advantageous for miners quickly in and out the mining activity. One will need to show a proof of mining in order to gain sufficient credits to declare the rewards. The new system emphasizes the participation of miners instead of their hashing power.

Another look - difficulty vs time

It's clear that diff is nearly constant between 09/18 and 09/21, while it declines after 09/21 when hard fork happened.

Currently over 530 active miners.

3. Statement of future plans

We've been on the CPU mining quite a while, while we don't have clear roadmap sorted out yet. I understand people are keen to the anonymous features, market place, or advanced wallet development. I am not sure how important they are, but people should be seeing constant price pumping by updates in these aspects. While I am lack of expertise in these areas, I will be looking at them as possible future development; anyone who can help Mag please contact me. An important area for sure is that we will try to get merchants' adoption as many as possible. We believe this will be the real solid support of the coin. Stay tuned!

Very interesting dev.

[1714326160]

1714326160

[1714326160]

1714326160

[1714326160]

1714326160

[hankrules]

Dev, do you still plan to follow through with this week's coin swaps?

[SamWalters]

Hey Coin Magi Community,

We should really try to get this coin listed early on in the release of www.coinmarketapp.com 
which is launching on the 29th of this month - check it out https://bitcointalk.org/index.php?topic=792912.20

As a community, we already achieved to get listed on 'Coin Market Cap' which was the very same day, thanks to all of us +1ing it..
I think we should collaborate on what links should be listed in this app.. in order to help the community find info without digging through hundreds of hours of threads.

Dev what do you think? Community?  I think this is a smart play, we all are early investors here with CoinMagi... and its just the beginning...

If this app takes off and magi is listed in the TOP 10 or even top 20 position, guess how much publicity Coin Magi will continue to get?
Yeah, exactly...    I'm doing all I can to help, but we need the community to continue their efforts to work together.

Bump for awareness

Dev already responded and I made the effort to post it...

Seems like Coin Market App has demand from more altcoins, we should step in...

[MarcusDe]

how much is profitable this coin? how many coins with one cpu?

with the new block reward, not 5 per block

The new reward did yield 5/block (not sure how often); someone mining pls helps some numbers.

Mining with 70kHash -> 10.1 coins in last 24h

[joelao95]

Hey Coin Magi Community,

We should really try to get this coin listed early on in the release of www.coinmarketapp.com 
which is launching on the 29th of this month - check it out https://bitcointalk.org/index.php?topic=792912.20

As a community, we already achieved to get listed on 'Coin Market Cap' which was the very same day, thanks to all of us +1ing it..
I think we should collaborate on what links should be listed in this app.. in order to help the community find info without digging through hundreds of hours of threads.

Dev what do you think? Community?  I think this is a smart play, we all are early investors here with CoinMagi... and its just the beginning...

If this app takes off and magi is listed in the TOP 10 or even top 20 position, guess how much publicity Coin Magi will continue to get?
Yeah, exactly...    I'm doing all I can to help, but we need the community to continue their efforts to work together.

Bump for awareness

Dev already responded and I made the effort to post it...

Seems like Coin Market App has demand from more altcoins, we should step in...

Anyone excited about this news? I am. 

[111magic]

[09/28: Releasing MagiPublication, new block rewards explained, statement of future plans]

1. MagiPublication


I've managed our first publication in the academic level, currently submitted to arXiv.org e-prints:

A network-dependent rewarding system: proof-of-mining

Raising up this effort has dual purposes. We've experimented a few new features in Magi in my expectation at this coin going towards a direction never achieved or attempted before. We are kinda researching something and such efforts should be recorded and published if possible. XMG does benefit a lot from either suspect & complaining voices or from positive comments in the thread. With many back and forth discussions, we seem like going toward a solid direction now. If XMG cannot achieve whatever it's supposed to be, subsequent coins might go stepping ahead of us by benefiting from the publications.

I, myself, was working in the research field (credit: RG score more than 29 based on ResearchGate). I like to think and ask. I have been kinda addicted to the cryptocurrency since last Dec, and have thought about a lot over the time. I don't want point out for whatever reason I am doing this, this coin is just on the track, and I am not just joking in making a random coin, but rather seriously take it in the long run. I won't object to the argument of pump and dump (just meaningless wording arguing). If I did wrong the coin, correct me; I am very like to hear different voices. Back to the topic, publishing papers on XMG will obviously place XMG into a more broader audience, just imaging how many people will read the publication.

2. New block rewards explained

We were missing a full description of the new rewarding system, reading: A network-dependent rewarding system: proof-of-mining.


(a) -  our initial design; (b) - the actual implementation in the M7M algo.

Ads. (anyone can get a better ads or image based on this idea, shoot me a PM)

1000 people mining BTC/LTC with their CPU (assume 50Kh/s) only get negligible rewards; however, mining XMG yields 144 coin/day/person.

Current mining situation

Miners should be aware of the current low block rewards (5 XMG/block typically) is because of the overtuning of the rewarding system; that is, we are at III of figure (b), rather than I. This is important; big miners might need to lower their hashrate a little bit, so that the reward will be back to maximum (at I).

Deep explanation

We have explained the rising part in the initial design: the system allocates more rewards to the network having more miners. However, simply increasing reward will drive miners towards building more powerful equipment. The relationship between mining costs and returns in consistence with economics should be the guideline to achieve the goal. We assume this is valid. For example, one who has powerful equipment and hence high cost as well will expect commensurate returns; otherwise, the cost must be reduced by reducing the usage of equipment.

The efficiency of discouraging mining activities is fully determined how fast the rewards decline with difficulty (at the high difficulty range). It should be noted that self-adjustment of network difficulty in accordance with rewards is affected by both the reward declining rate and the market place of the cryptocurrency. One can build up more powerful equipment to compensate the declining rewards. A much faster declining rate will disable any possibility of acquiring desired rewards by simply building more hashing power. Fig. (b) shows an improved rewarding system as implemented in XMG, by incorporating a cut-off function. The maximum block reward is available at Diff = 1.75 (I) (or ∼ 40 MHash/s). The reward is halved when Diff = 2.20 (or ∼ 51 MHash/s) (II), and equals to 1/10 of the maximum value at Diff = 2.37 (or ∼ 55 MHash/s), at which the low rewards will be lack of incentive to the miners.

Does the new rewarding system work?

The short answer is yes. Let's take a look at the pool status before and after the hard fork (new reward):

BEFORE (nonce-pool and suprnova, respectively)


AFTER


Summary

====================	====================	====================
	Network hash ratio	big miner weight (>5 MH/s)
Before (at block=2660)	115 MH/s	47.5 %
After (at block=5682)	83 MH/s	38.4 %
====================	====================	====================

The big miners did have been depressed to a certain level; we will carry out proof-of-mining campaign to help this further.

Proof-of-mining

One may expect the market place will affect the miners’ behavior significantly. For example, the high-pricing reward leads more miners into the network which immediately move the block reward out of the maximum region. This initiates a self-adjustment of the rewarding system. Realizing the marginal rewards (e.g., at III of Fig. (b)), some of the miners start ceasing their minings, thus pushing the reward back to the maximum. In this case, it will be relatively less advantageous for miners quickly in and out the mining activity. One will need to show a proof of mining in order to gain sufficient credits to declare the rewards. The new system emphasizes the participation of miners instead of their hashing power.

Another look - difficulty vs time

It's clear that diff is nearly constant between 09/18 and 09/21, while it declines after 09/21 when hard fork happened.

Currently over 530 active miners.

3. Statement of future plans

We've been on the CPU mining quite a while, while we don't have clear roadmap sorted out yet. I understand people are keen to the anonymous features, market place, or advanced wallet development. I am not sure how important they are, but people should be seeing constant price pumping by updates in these aspects. While I am lack of expertise in these areas, I will be looking at them as possible future development; anyone who can help Mag please contact me. An important area for sure is that we will try to get merchants' adoption as many as possible. We believe this will be the real solid support of the coin. Stay tuned!

Very interesting dev.

My response was a little short for the work the developer has done.
As an addition I think makes this Magicoin XMG truly unique.
As a result, I expect a huge jump XMG will make the altcoinwereld.
Well done dev. I think you may be very proud  at what you do.

[111magic]

Hey Coin Magi Community,

We should really try to get this coin listed early on in the release of www.coinmarketapp.com 
which is launching on the 29th of this month - check it out https://bitcointalk.org/index.php?topic=792912.20

As a community, we already achieved to get listed on 'Coin Market Cap' which was the very same day, thanks to all of us +1ing it..
I think we should collaborate on what links should be listed in this app.. in order to help the community find info without digging through hundreds of hours of threads.

Dev what do you think? Community?  I think this is a smart play, we all are early investors here with CoinMagi... and its just the beginning...

If this app takes off and magi is listed in the TOP 10 or even top 20 position, guess how much publicity Coin Magi will continue to get?
Yeah, exactly...    I'm doing all I can to help, but we need the community to continue their efforts to work together.

Bump for awareness

Dev already responded and I made the effort to post it...

Seems like Coin Market App has demand from more altcoins, we should step in...

Anyone excited about this news? I am. 

Yes, I'm very curious.

[2cV5S3zAuz]

Hey Coin Magi Community,

We should really try to get this coin listed early on in the release of www.coinmarketapp.com 
which is launching on the 29th of this month - check it out https://bitcointalk.org/index.php?topic=792912.20

As a community, we already achieved to get listed on 'Coin Market Cap' which was the very same day, thanks to all of us +1ing it..
I think we should collaborate on what links should be listed in this app.. in order to help the community find info without digging through hundreds of hours of threads.

Dev what do you think? Community?  I think this is a smart play, we all are early investors here with CoinMagi... and its just the beginning...

If this app takes off and magi is listed in the TOP 10 or even top 20 position, guess how much publicity Coin Magi will continue to get?
Yeah, exactly...    I'm doing all I can to help, but we need the community to continue their efforts to work together.

Bump for awareness

Dev already responded and I made the effort to post it...

Seems like Coin Market App has demand from more altcoins, we should step in...

Anyone excited about this news? I am. 

Yes, I'm very curious.

Hi,
as I'm currently working on a magi-wallet-miner-app for smartphones (firstly android and then iOS), I would definetly suggest to participate in such nice development of coinmarketapp.com in its early days.
I say go for it!
irc: arda_@#magi

[111magic]

Hey Coin Magi Community,

We should really try to get this coin listed early on in the release of www.coinmarketapp.com 
which is launching on the 29th of this month - check it out https://bitcointalk.org/index.php?topic=792912.20

As a community, we already achieved to get listed on 'Coin Market Cap' which was the very same day, thanks to all of us +1ing it..
I think we should collaborate on what links should be listed in this app.. in order to help the community find info without digging through hundreds of hours of threads.

Dev what do you think? Community?  I think this is a smart play, we all are early investors here with CoinMagi... and its just the beginning...

If this app takes off and magi is listed in the TOP 10 or even top 20 position, guess how much publicity Coin Magi will continue to get?
Yeah, exactly...    I'm doing all I can to help, but we need the community to continue their efforts to work together.

Bump for awareness

Dev already responded and I made the effort to post it...

Seems like Coin Market App has demand from more altcoins, we should step in...

Anyone excited about this news? I am. 

Yes, I'm very curious.

Hi,
as I'm currently working on a magi-wallet-miner-app for smartphones (firstly android and then iOS), I would definetly suggest to participate in such nice development of coinmarketapp.com in its early days.
I say go for it!
irc: arda_@#magi

You working on a magi-wallet-miner=app for smartphones! That would be really great if thats will work out.
Iám one of the first who will use that! Keep us informed here in the thread please.

[entong]

Hey Coin Magi Community,

We should really try to get this coin listed early on in the release of www.coinmarketapp.com  
which is launching on the 29th of this month - check it out https://bitcointalk.org/index.php?topic=792912.20

As a community, we already achieved to get listed on 'Coin Market Cap' which was the very same day, thanks to all of us +1ing it..
I think we should collaborate on what links should be listed in this app.. in order to help the community find info without digging through hundreds of hours of threads.

Dev what do you think? Community?  I think this is a smart play, we all are early investors here with CoinMagi... and its just the beginning...

If this app takes off and magi is listed in the TOP 10 or even top 20 position, guess how much publicity Coin Magi will continue to get?
Yeah, exactly...   I'm doing all I can to help, but we need the community to continue their efforts to work together.

Bump for awareness

Dev already responded and I made the effort to post it...

Seems like Coin Market App has demand from more altcoins, we should step in...

good job man, hopefully coin magi has a bright future

[ranggalawe]

today I tried to do the mining of this coin, the future may be able to get a lot of coin magi

[belom]

new coin again, actually what is the advantage of this coin compared to other coins

[bobalo]

wtf is wrong with magi?
1 hour ago mining was okay , and now based on the XMG/Day stats this coin is worthless to mine? how? why? when?

[joelao95]

Hey Coin Magi Community,

We should really try to get this coin listed early on in the release of www.coinmarketapp.com 
which is launching on the 29th of this month - check it out https://bitcointalk.org/index.php?topic=792912.20

As a community, we already achieved to get listed on 'Coin Market Cap' which was the very same day, thanks to all of us +1ing it..
I think we should collaborate on what links should be listed in this app.. in order to help the community find info without digging through hundreds of hours of threads.

Dev what do you think? Community?  I think this is a smart play, we all are early investors here with CoinMagi... and its just the beginning...

If this app takes off and magi is listed in the TOP 10 or even top 20 position, guess how much publicity Coin Magi will continue to get?
Yeah, exactly...    I'm doing all I can to help, but we need the community to continue their efforts to work together.

Bump for awareness

Dev already responded and I made the effort to post it...

Seems like Coin Market App has demand from more altcoins, we should step in...

Anyone excited about this news? I am. 

Yes, I'm very curious.

Hi,
as I'm currently working on a magi-wallet-miner-app for smartphones (firstly android and then iOS), I would definetly suggest to participate in such nice development of coinmarketapp.com in its early days.
I say go for it!
irc: arda_@#magi

Thanks arda, for your volunteer work.

[joelao95]

new coin again, actually what is the advantage of this coin compared to other coins

dont know how I can answer that well, but read the OP first; then let us know what you think; anyway glad to see new faces here!

wtf is wrong with magi?
1 hour ago mining was okay , and now based on the XMG/Day stats this coin is worthless to mine? how? why? when?

pls be ware of the varying block rewards; check out the 09/28 updates in the OP (MagiUpdates)

Current mining situation

Miners should be aware of the current low block rewards (5 XMG/block typically) is because of the overtuning of the rewarding system; that is, we are at III of figure (b), rather than I. This is important; big miners might need to lower their hashrate a little bit, so that the reward will be back to maximum (at I).

[Lightsplasher]

wtf is wrong with magi?
1 hour ago mining was okay , and now based on the XMG/Day stats this coin is worthless to mine? how? why? when?

Wrong? WTF?  I woke up today and someone had generously tipped me, (thank you much who ever you were) and I got coins from the coin swap and the mining pool.  Nice.

This coin community includes many mystical sages well versed in the source languages of C++, python and node.js.  Please take care not to incur the wrath of the community or prepare to suffer the results of worthless mining brought about by magical castings of booleans into floats and other data types.  (Hopefully everyone knows I'm joking – welcome to the community) 

[jawitech]

new coin again, actually what is the advantage of this coin compared to other coins

dont know how I can answer that well, but read the OP first; then let us know what you think; anyway glad to see new faces here!

wtf is wrong with magi?
1 hour ago mining was okay , and now based on the XMG/Day stats this coin is worthless to mine? how? why? when?

pls be ware of the varying block rewards; check out the 09/28 updates in the OP (MagiUpdates)

Current mining situation

Miners should be aware of the current low block rewards (5 XMG/block typically) is because of the overtuning of the rewarding system; that is, we are at III of figure (b), rather than I. This is important; big miners might need to lower their hashrate a little bit, so that the reward will be back to maximum (at I).

I noticed the difference, too. Started 3 days ago mining XMG. Got with low hashrate (11 kh/s) approx. 7,5 coins within 24 hours. From one moment to the next it went down and got less and less. Now I'm getting around 1 coin a day. Seems the big miners still don't lower their hashrate.

[Arsenay]

yes ...
today :
 5 cpu fx-8350 -> 50 xmg

50 * 0,00006550 = 0,003275 btc

lol 
tomorrow can be turned off CPU 

[111magic]

yes ...
today :
 5 cpu fx-8350 -> 50 xmg

50 * 0,00006550 = 0,003275 btc

lol  
tomorrow can be turned off CPU  

That is the lowest price you calculated.
I still strongly feel that XMG will increase much in value.
Plus you forget in your calculation the following:
All participants will receive a share of XMG funds; Currently 112.505 + 2.000 XMG are available and the funds are still growing. Ash an example, totally 100 people participate in this campaign, each person will receive 1145.05 XMG;
Read this.
https://bitcointalk.org/index.php?topic=802681.0

[joelao95]

[Proof of mining campaign]

We initiated the proof of mining campaign. This campaign will assist us to be cpu coin, and the campaign will compensate your unprofitable miners:

Details:
https://bitcointalk.org/index.php?topic=802681.0

Register there, more coins will giveaway to participants.

**

Benefits of participants

**

1) CPU mining XMG;
2) All participants will receive a share of XMG funds; currently 112,505 + 2,000 XMG are available and the funds are still growing. As an example, totally 100 people participate in this campaign, each person will receive 1145.05 XMG;
3) We decide unswapped coins left to giveaway to participates too; 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).