MANDATORY UPDATE REQUIRED ALL WALLETS![hardfork] - sorry we have a few hardforks to be done and all gonna happen soon1. M7M-v2 (hardfork on
10/26/2014 9:30:00 AM EST)
A switchover of the mining algorithm to M7M-v2 will occur on
10/26/2014 9:30:00 AM EST. Details about M7M-v2 can be found here:
https://bitcointalk.org/index.php?topic=735170.msg9230961#msg9230961. The expected hashrate using the new algo is 2.545 times less than that with the prior algo. To continue with mining, download the new minerd (we will add download links here and in the OP soon), and follow the pool mining guide.
Be sure that you are using the new wallet v1.1.0.1 too.2. Block rewarding system (hard fork at
block 32,750)
A change in the block rewarding system is needed. This won't change the block rewards, but to be better to comply with the change of hashrate due to the M7M-v2 algo. The new algo leads to less network hashrate; the new block rewards will have maximum value at diff = 0.68 (for low block height); according to hashrate = diff * 2^32/180, that is about 16 Mh/s. We have also made increasing maximum diff with block height, to allow more people mining later on, e.g., optimum hashrate of 27 Mh/s which produces 300XMG at block 40,000.
3. A new difficulty adjustment method - Magi quantum wave (MQW) (hard fork at
block 33,500)
Superficially a name here: Magi quantum wave (MQW) (
http://en.wikipedia.org/wiki/Wave_function). This adjustment is done by averaging prior 15 block difficulties. A significant difference here from other adjustment implementations is that each block difficulty accounted is given a weight, and higher weights are given to more recent blocks; in addition to that, block time is also taken into account. Usually the lower difficulty, the smaller block time. The adjustment algo considers less weight of a block which has the lower difficulty. See details here:
https://github.com/magi-project/magi/blob/master/src/main.cpp#L12964. Finalizing the PoW-IIAs we can see the PoW-I (will be finished at block 50,000) has produced less coins than expected. To continue the CPU mining, also along with the new algo implementation, it will be very necessary to continue the PoW mining, that will finally make XMG a hybrid PoW/PoS-II coin and that is supposed to remain years long. The hybrid system is more secure than the pure PoW or pure PoS. The PoW-II block reward has maximum 50 XMG and minimum 3 XMG, with the same block rewarding adjustment as the PoW-I. Similarly, the optimum diff grows over time.
Wallet v1.1.0.1:http://cryptomagic.com/files/magi-release/v1.1.0.1/Github source code:
https://github.com/magi-project/magi
