111magic (OP)
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August 27, 2014, 07:21:46 PM
Last edit: September 01, 2014, 05:42:35 PM by 111magic |
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Will somebody please help us with the translation of English into French. We want to ensure that everyone can read about Magicoin in their own languageMagicoin intègre des innovations comme aucun autre altcoin a actuellement Nous avons besoin d'un interprète. Visitez cette page s'il vous plaît https://bitcointalk.org/index.php?topic=735170.0Update-------------- We now have the following translations done. Portuguese, Dutch, Chinese and Indonesian. We are working on Turkish and Italian translations. We are looking for someone who wants to do the french translation. If you want to do this please send me a message. Testnethttps://bitcointalk.org/index.php?topic=735170.msg8427923#msg842792308/25 updates: cpu&gpu miners ported; cudaminer needs test though: https://bitcointalk.org/index.php?topic=735170.msg8533387#msg8533387https://github.com/magi-project08/23 updates: CPU miner is ready for 2nd test: https://bitcointalk.org/index.php?topic=735170.msg8499202#msg849920208/21 updates: we got an issue, will fix and run the testnet again: https://bitcointalk.org/index.php?topic=735170.msg8463488#msg846348808/20 updates (PoS-II): https://bitcointalk.org/index.php?topic=735170.msg8453963#msg8453963
[Testnet] XMG wallets for windows and linux downloads:
http://cryptomagic.com/files/magi-release/To run the wallet, testnet mode must be set. This can be done through the conf file: magi.conf. The default folder having this file is: %appdata%\magi (windows) or ~/.magi (linux) (sorry we don't have the mac wallet yet). magi.conf should contain this line: You may also need: daemon=1
server=1
rpcallowip=127.0.0.1
rpcuser=rpcuser
rpcpassword=rpcpass Once conf file is given in the right place, the wallet should be running on the testnet. Go to menu Help -> Debug window -> Console, run setgenerate true 1 to mine coins ("1" is for 1 cpu core). We will update standalone miner asap. Please request wallets for the operating systems not available yet, I will compile that, going forward, to assure all wallets available at the launch.
 XMG - Coin of The Magi   Freenode IRC: #magiLaunch date: August 15, 8:00 PM EST (delayed)https://bitcointalk.org/index.php?topic=735170.msg8373576#msg8373576 (Hybrid PoW/PoS-II) Proof of WokHash: M7;
Block time: 3 minutes;
Block reward: - difficulty dependent; maximum 500 XMG for the 1st phase (see below for details);
- 7% annual reduction in the 2nd phaseProof of Stake-IIIntroduce a new staking mechanism: PoS-II
Minimum stake coin age : 2 hours
Dynamic coin age: maximum 60 days, subject to change (more info to be released)
The new system designed resistant to "rich-getting-richer"
Dynamic annual interest: depends on network weight, maximum 5% (5% reduction per year)
Block time: 1.5 minutes;
Block hash: SHA256
Maturity: 100
PoS-II initiated after two weeks of PoW
Total coins PoW+PoS: 50 25 million   Tor (anonymity network) directs Internet traffic through a worldwide network which allows to conceal a user's location. Although digitalcoins like Bitcoin can be used "anonymously", any transactions are still traceable through the blockchain. Using the Tor network makes it even more difficult for one to track any other peers on the network. We schedule to deliver the Tor wallet once PoS is initiated (about two weeks). Some initial plans
1. Coin launch & swap, we will hold back the release of source code for a few days;
2. Initiate PoS, more info will be released;
3. Wallet enables the Tor anonymity;
4. Deploying a mining mechanism additional to regular PoW/PoS mining, won't be completely new but rather based on what had in the past (with improved functioning probably, goal is to reduce power usage on the whole);
5. Deploying anonymous features;
6. More plans coming while we will make sure PoW/PoS runs properly at this moment.
Pools
http://www.hashharder.com/m7/magi
 # Coin swapMagi is not deigned to be a completely new coin; rather, it is a continue of our prior Magicoin project: https://bitcointalk.org/index.php?topic=548368.0, based on Scrypt PoW. Being seeing the advent of tough time for Scrypt coin as well as lack of innovations at the launch, we started to seek creative features to be merging with this coin. We've been around since April, 2014, and simply don't want to give up any efforts we've tried; among paramount factors are the community we've maintained, for example, several facebook groups are managed by our team and people who liked Magicoin. Since we started from there, we are intent to continue from there, just this simple. Thanks to this, all of services including social network, webpage, faucets and the community will continue which will save a lot of time for us to create from the scratch.
Totally 4.5 million Magicoins were minted, as such the same amount of XMG will be used for coin swap purpose. The old Magicoin network will cease to mint new coins after block 75,000. This allows us to maintain the Magicoin network "forever"; no deadline is set for the coin swap. Ask us anytime to proceed as you wish.
We realize that there could be "a lot" coins left without swapping for whatever reasons. Over time, we will release slowly these unswapped coins to the public, completely FREE (no IPO/ICO etc), for example, giveaway to Bitcointalk users with Jr. Member and above.
I am sure you will question the stake we could gain by holding so many coins. We guarantee this would not happen (PoS disabled), because we speak TRUST on us (LOL); ok, seriously, having so many coins sitting in a wallet won't generate any interests because of the PoS-II mechanism. Details coming soon once the coin is launched. # Phase 1 - primary PoW: 5.5 million XMG to be mintedWe decide to release 5.5 million coins into public during Phase 1 through PoW mining, in addition to 4.5 million for coin swap purpose. This is to attract new miners into this new designed coin. All of the coins would not be mined in 2 days, 7 days or any short time period, but rather depending on the network difficulty. Block reward will be null 10 XMG if the network difficulty is low enough; it increases with higher difficulty, with a maximum of 500 XMG when diff = 150, then decreases exponentially with increasing difficulty. We estimate it may take a month (with full maximum reward) to years to reach the end of Phase II.
PoS will be initiated after two weeks PoW mining. According to the interest rate, the amount of coins generated will be much less than PoW during Phase 1 if PoW mining hard. # Phase 2 similar amount of PoW and PoS coins mintedThe maximum PoW block reward is 10 XMG, and the reward decreases with the difficulty (square root). This nearly generates similar amount to the PoS to be minted annually. However, the ratio of PoW over PoS is still subject to change, once we implement a mechanism to adjust PoW mining reward (worse case is to disable it) when the network sees significant hash impacts. Our intention, one of our further plan, is to gradually suppress PoW mining through GPU etc and hence to maintain the mining process more energy efficient in total and secured network. # Magi - the most energy efficient and secured systemMagi is designed to be energy efficient on the whole, "superficially" through many dynamic adjustment mechanisms. Present block generation is through hybrid PoW/PoS. The general idea is to reduce PoW mining through GPU (or probably ASIC), with the assistance of secured PoS-II.
- The PoW mining is done through M7 algo, created by the cryptonite coin, which, based on our evaluation, is more secure and energy efficient compared to X11 etc;
- A mechanism is yet to be introduced to suppress PoW while increase PoS when big miners come into the network;
- We plan to add a further mining mechanism, which is to reduce the role of GPU (or probably ASIC) in PoW mining. # PoS-IIOne of the major innovations appears to be the PoS-II feature. Yet, it is still under the test, we dedicate that it would be "rich-getting-richer" resistant. We will release relevant information later on.
# Magi is smart
We provide smart adjustment throughout the coin design, as mentioned in #1; full description will be released later.
Algo 1 core 2 cores 3 cores 4 cores
Fugue: 43 - 58 C (390KH/s 50 - 63 C (780KH/s) 54 - 68 C (1750KH/s) 65 - 71 C (1900KH/s)
Whirlpool: 44 - 60 C (144-156KH/s) 50 - 66 C (300KH/s) 54 - 69 C (420K) 61 - 74 C (590KH/s)
Groestl: 43 - 60 C (140KH/s) 50 - 68 C (270KH/s) 56 - 73 C (410K) 65 - 75 C (540KH/s)
FRESH: 42 - 60 C (89KH/s) 49 - 67 C (175KH/s) 55 - 72 C (255KH/s) 63 - 74 C (340KH/s)
NIST5: 44 - 60 C (60KH/s) 51 - 67 C (155KH/s) 56 - 72 C (230KH/s) 65 - 77 C (305KH/s)
M7: 44 - 59 C (68KH/s) 51 - 66 C (133KH/s) 56 - 71 C (200KH/s) 63 - 76 C (260KH/s)
X11: 44 - 60 C (36KH/s) 51 - 66 C (70KH/s) 56 - 72 C (110KH/s) 65 - 76 C (160KH/s)
X13: 44 - 61 C (25KH/s) 51 - 66 C (49KH/s) 55 - 71 C (73KH/s) 61 - 75 C (95KH/s)
HVC: 42 - 59 C (19KH/s) 49 - 64 C (39KH/s) 53 - 69 C (55KH/s) 62 - 72 C (88KH/s)
This ranking is roughly similar to the investigation of power usage done by cryptomining-blog: http://cryptomining-blog.com/3036-power-usage-of-geforce-gtx-750-ti-with-various-crypto-algorithms/. The Fugue is most energy efficient; Whirlpool is similarly efficient based on users' experience, while Groestl appreas to be an exception. We should notice that only one fugue256 hash function is used in Fugue, in comparison with chained (X11 etc) / parallel (M7, HVC) configuration of multiple functions. Intuitively, it is quite reasonable that a miner will stay cool if the work to be done is not that computationally hard. From this point, using one hash function should be computationally easy compared to seek target hash through multiple functions. Although without any apparent proofs, we could speak that chained algo, in which hash is generated and passed to the next one by one (i.e., one input generates the output), behaves the same way of one-hash-function algo from the security point of view. For this reason, the algo with multiple inputs should be more secured, which is exactly what the M7 and HVC do.
We aimed to construct a new hashing function, with a target of memory hard at the beginning. This obviously won't be energy efficient. Implementing a new hash algo by simply adding more functions to be X18 etc whatever is not good to the coin at all. As a result we turn into M7, which just satisfies what we need. Read cryptonite wiki for more info: http://cryptonite.info/wiki/index.php?title=M7_PoW.
Most likely ASIC would come to any algo created. In addition to this fact, running GPU miners more or less consume a lot energies on the whole. Reducing the tempt of GPU mining will be one of our concerns as to the future plan. TranslationDutch (by 111magic): https://bitcointalk.org/index.php?topic=740276.0Indonesian (by feryjhie): https://bitcointalk.org/index.php?topic=760497.0Portugese ( by libivan) : https://bitcointalk.org/index.php?topic=763774Chinese (by Baby222) : https://bitcointalk.org/index.php?topic=763187.0Bounties#Contact me about the bounties for translation of the ANN thread
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