Coin Magi (XMG) utilizes a unique M7M algorithm that allows only CPU Mining. XMG has placed many efforts on the distribution of coin fairly among the miners based on a specially designed block rewarding system.
All these make XMG a unique coin out of all existing cryptocoins.
XMG solves major problems that face other coins including:
- Miners have a hard time profiting from mining unless they started early.
- Botnets are using free hardware to take away hashpower from legitimate miners
- Mining farms significantly increase the difficulty of the network, thus making it more difficult for an average miner to profit.
- All other proof of work coins require miners to purchase expensive equipment if they want to profit with their mining activities.
One of the major innovations in the M7M algorithm XMG has achieved is the inclusion of a sequential algorithm with iterative numerical computation using GMP floating-point numbers. This disables any on-going efforts of parallel implementation typically needed by GPU mining. The GMP floating-point number is another obstacle that GPU mining should conquer, while that is nearly impossible since GPU can hardly handle floating number precisely.
XMG has implemented a unique block rewarding system, which primarily includes 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 typical constant block reward used in coins such as bitcoin has raised profit-driven hardware competition race, and thus a concern of the global energy consumption; in particular the construction of powerful hardwares is changing the decentralized and more open nature of cryptocurrency.
In contrast, the XMG rewarding system has the advantages of:
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.
This mechanism requires network contributors to show their participation in order to earn maximum rewards, i.e., proof-of-mining.
The XMG team has published their results in arXiv (http://arxiv.org/abs/1409.7948)
The arXiv is a repository of electronic preprints, known as e-prints, of scientific papers in the fields of mathematics, physics, astronomy, computer science, quantitative biology, statistics, and quantitative finance. By 2012, the submission rate to arXiv had grown to more than 7,000 per month. Exposuring this coin into academia will give a big plus to XMG.
XMG offers users instant global payments with the use of generic computers. By design, XMG is a hybrid cryptocurrency utilizing proof of work and proof of stake II mechanisms. XMG also uses a unique staking mechanism that is designed to resist the “rich-get-richer” trend.
XMG is the first to integrate the new M7M algorithm with a new block reward system designed to give everyone an incentive to mine. Unlike other cryptocurrencies, XMG strives to achieve a fair distribution of coins using an energy efficient mining process to maintain the network.
XMG is energy efficient due to the low cost of running a CPU and the use of a staking mechanism which uses minimal power consumption. XMG also plans to add another CPU mining mechanism in the near future which gives additional rewards to CPU miners.
Magi is a unique next generation cryptocurrency that will pave the way for equality in cryptocurrency mining and staking. By leveling the playing field and returning the mining process to the way Satoshi intended it to be, anyone with a simple computer can stake their claim in this new currency and mine just as much as anyone else.
For technical specifications:
please visit: http://cryptomagic.com/resources/specifications.htm