Knowledge Base


Here you'll find answers to most common questions on the MagiCoin "XMG" cryptocurrency.

General

MagiCoin Wallet

MagiCoin Mining

MagiCoin Payment











  • Coin MAGI is a digital payment solution.
  • MAGI is decentralized and running constantly without downtime and the need of interference by intermediary, authorities and censorship.
  • People can make payments using MAGI to anyone in the world freely. In the meantime, anyone can issue MAGI coins through their personal computers, and software-based mining or minting processes.
  • MAGI is implemented utilizing the proof-of-work and proof-of-sake protocols.
  • MAGI puts efforts on removing the competitive nature of mining, and particularly focuses on fairness, cost effective and energy efficiency when issuing coins and maintaining the public ledger and the blockchain system.
  • See our MAGI user community videos for insight into what MAGI is!

    Magi Community Video 1 - A recent post 😀

At present you can buy MAGI Coin at the exchanges listed below:



In the consensus-based proof of work protocol, the miner having greater hashrate and hence less time of finding block owns the most probable chance of voting for the blocks and receiving the block rewards. This leads to profit-driven hardware competition race in order to acquire more computational power than the others. The concern raised is the global energy consumption by the cryptocurrency.

For example, "One Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day (data from 2015)."

"In a recent research, experts argued that bitcoin transactions may consume as much electricity as Denmark by 2020." (Link).

One of the solutions has come to the scheme of utilizing the PoS only. This fully removes the PoW mining. However, how the PoS alone fulfills coin distribution and decentralization, and how the PoS itself solves the coin age concern should be carefully inspected.

Although MAGI has implemented revisions to the generic PoS, i.e., mPoS, and improved how coin age is manipulated, we see that PoW should be the main channel to distribute coins. Energy saving in PoW mining remains to be resolved.


Notice that the hardware computational power race is profit driven, the block reward is where one should be looking into. A ’soft’ control of the network activity through varying reward is introduced in MAGI.

Contrary to constant rewarding in a certain period implemented in most of cryptocurrency, such as bitcoin, we propose a network-dependent rewarding model system, primarily including two phases:

1) Activities encouraging phase in which higher rewards are issued at higher network activities; and
2) Discouraging further increase of activities by reducing rewards.

The advantages of this system include;

1) Fair distribution of rewards among a variety of contributors, and
2) Enforcing a limit to the network activity and hence the cost of maintaining the PoW network.

For details, see the article - A network-dependent rewarding system: proof-of-mining.


m-core is the core of the MAGI currency system. m-core stores a public ledger of MAGI and determines the best block chain containing valid transactions. m-core is implemented as m-wallet, which has two forms, aka, the daemon and the GUI wallet (currently using Qt implementation).


m-wallet is the implementation of m-core, with two forms, the daemon and the GUI wallet (currently using Qt implementation). Running the m-wallet is sufficient for operations, including maintaining the blockchain, receiving and sending coins.


MagiPay is a payment gateway for Coin MAGI. The motivation of developing MagiPay is to have the MAGI being used in a relatively easy way. MagiPay is standalone and unique to coin MAGI.

Features:

Using MagiPay is totally free for Merchants; customers have to pay transaction fees.
MagiPay is uniquely designed for Coin Magi, independent of any other payment gateways.
Custom requests will be sent to tailoring MagiPay functions.
No payments are held by our server.
Funds are available to merchants upon 6 confirmations.


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 amount 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.


For the regular PoS, "Not enough weight" means insufficient staking time. For Magi's PoS (mPoS), however, the cause can be correlated with the over-time staking. The latter is a typical issue raised by people from time to time. There is only one way to solve this which can be done via resetting staking from scratch: send XMG to another address in the same or another wallet. You may want to use the "Coin control" feature in order to select the input sources. Do not try to stake with a significant amount of XMG that mitigates the weight as well. Once this is done, remaining the wallet running shall gains some staking weights.

Can I mine and stake at the same time?

Yes! 😀




Here is a community written guide for staking using the GUI wallet. CLI wallet usage instructions will be added soon.


Pool mining
  • Locate a mining pool you wish to mine in. Here are some known MAGI Coin pools.
  • Download your preferred mining software.
  • Mine! - Follow guides in your downloaded miner for starting your mining.
  • Below is MAGI community user video for your reference
        MAGI Coin mining video 1 - Raspberry Pi2! (randomly selected)

Solo mining
  • For experienced miners with alot of compute power may wish to solo mine.
  • Edit your magi.conf file which should be in the folder: ~/.magi (linux) or %appdata%\magi (windows). magi.conf is not necessary, unless you will sole mine or stake.
daemon=1
server=1
rpcport=8232
rpcallowip=127.0.0.1
rpcallowip=<add other ip sources if miner is not local to wallet>
rpcuser=setYourRpcUser
rpcpassword=setYourRpcPassword
  • Download your preferred mining software.
  • Mine! - Follow guides in your downloaded miner for starting your mining


MagiPay service is currently unavailable and is being worked on by the community. However nothing stops you from using MAGI coin wallets to start transacting today! Today's options include:
  1. Displaying a MAGI Coin QR code in your store or website! See paper wallet 
  2. Use a Slack integrated mobile MAGI wallet - Instructions here
  3. Use a MAGI desktop wallet - See official website.