[Coin swap and brief of proof of mining campaign][Finalize] 10/07: Coin swap final, old Magicoin : XMG = 16 : 1, total swap coins no more than 10% of total coins 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; more or less we have compromised prior holders benefits.
We offer an opportunity for prior magicoin holders; we leave out some funds/bounties for active members in the MagiCommunity. Contact me for discussion on the details.
Total swapped coins will be only 0.9% of total coin supplyPrior discussion has raised a request from our prior Magicoin holders with respect to coin swap. So here we are initating the swap. In addition to XMG swapping, we request prior Magicoin holders to allocate a portion of funds to support a proof of mining campaign, currently under planning. This campaign is to protect the network, and in the meantime reward miners for their efforts. As you all can see, we have been through various issues/complaints, though we are now at "safe", we are subject to miner leaving/low-block reward complaints too. Here, we kindly ask giveaway a portion of XMG coins to support our miners (CPU). I believe all Magicoin supporters understood the importance of the cpuminers; only with the reviving of XMG community comes with the best return to our prior holders.
Coin swap will be done approximately in 5 months, with 5% swapped each week. The precondition of carrying out coin swap is not giving impacts on the XMG price. We may pause swapping any time if we see price degradation due to coin swap.
How to swap1) Send Magicoins to: MWhrAX6sC66361s2kt57CApxpSzEsCRznM
2) Fill out this form:
https://docs.google.com/forms/d/1xfBW84n4Q3gJvhmC3YzYxafxoT0iA3Vb0o2g1-5ZOfA/viewform?usp=send_form3) We will send out 5% equivalent XMG in a week, which further splits into few parts being sent a few times in a week long.
About coin swap# Total number of coins to be swapped: 1,237,505 XMG
# Planned coins to swap in the following week: 5% of total, i.e., 61,875 XMG
# Swap ratio: 4 Magicoin : 1 XMG
As of this time there are more than 181,533 freshly minted coin. Swap coins to be sent in a week is about 34 % of coins in circulation.
Swap ratio(let me know questions you may have regarding the ratio)
According to the total existing Magicoins are 4.5 million, the swap ratio should be 3.6363 Magicoin : 1 XMG. As you can see, we remain a portion of XMG to support the campaign. For this reason, we decide swap ratio: 4 Magicoin : 1 XMG. This yields 112,505 XMG unswapped, available to support proof of mining campaign.
Proof of mining campaignThe campaign is still under planning. Only CPU miners can participate this campaign. Each miner is responsible for contributing a number of hash rate to the network and should remain mining in a designated period. Each participant will receive a share of available funds (about 112,505 XMG right now form Magicoin holder's conntribution, plus 2K XMG donation (by Lionheart78)). Additional XMG funds may be available from unswapped coins.
