About Coin MAGI

Coin MAGI (ticker symbol: XMG) 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 a software-based minting process.

Magi is at the first concentrating on the low cost in maintaining its block system, for example, through cost effective mining devices. To this end, Magi, aiming at fairness, cost effective and energy efficiency, strives to make mining be available to everyone, and provides an even playing field for people looking to issue digital coins without expensive equipment.

MAGI hybridizes the proof-of-work and proof-of-stake protocols, i.e., mPoW and mPoS; mPoW and mPoS stand for MAGI's proof-of-work and proof-of-stake, respectively.

Coin specifications
Proof of Work (mPoW - MAGI's PoW)
Proof of Staking (mPoS - MAGI's PoS)

MAGI aims at efforts in part in achieving the decentralization. This means that coins have to be distributed over a broad audience during a significant amount of duration. mPoW is designed with difficulty dependent mining reward for mPoW blocks in order to put network hashrate under a certain limit. This operation lessens miners, and enable mining being available to general users. Similarly, modifications to the regular PoS principle (aka PPC's PoS) leads to mPoS, designed to reject potential attacks through accumulating a large amount of coins or offline staking time.

mPoW (MAGI's Proof-of-Work)

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 (MAGI's Proof-of-Stake)

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.

m-core and m-wallet

m-core is the core of the MAGI currency system. 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 a peer-to-peer open source software that stores a public ledger of MAGI and determines the best block chain containing valid transactions.

A device installed with m-wallet is qualified to become a node. A variety of devices running the nodes compose the MAGI Network. Each of the nodes censors which the block chain is best and valid independently. It is of vital importance to have them in order to keep MAGI decentralized.

m-wallet allows one to send coins to other people and to receive coins from others. m-wallet also allows for mining coin using the mPoW protocol and minting coin using the mPoS protocol.

MagiPay (m-pays)

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: