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Ann (XMG) Magi |1e POSII |1e POM | M7M CPU| Bittrex | Poloniex 1e POI

6 years 3 months ago - 5 years 10 months ago #1 by 111magic


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Freenode IRC: #magi  |   Skype: coin.magi  |   QQ group: 337678945  |   Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

MagiPub | MagiPay | MagiMining ( Discussion ) | MagiDev | MagiCampaign

Website | Forum | Wallet Downloads | Source code
(wallet version:

Launched on Sep. 15, 5:00 PM EST

         # Minerd ( source code )
          A simplified miner enclosed a few compilations: download link
          Spexx's guide and miner dowloads
          MarcusDe's guide and miner dowloads ( generic miner )
          VPS mining , cygwin compilation (windows)
          Compile and run CPU miner on Mac OS
          How to run a minerd
[MagiIntro Video] - What is Coin of the Magi?
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12/03: Preview of MagiPay - standalone payment gateway for Magi; bitcointalk.org/index.php?topic=735170.msg9731024#msg9731024
11/12: Magi Multipool; bitcointalk.org/index.php?topic=735170.msg9526629#msg9526629
11/11: MagiTeam & roadmap & plans; bitcointalk.org/index.php?topic=735170.msg9511891#msg9511891
11/10: Bittrex market is live; bittrex.com/Market/?MarketName=BTC-XMG
11/09: Magi-stratum for setting up pools; bitcointalk.org/index.php?topic=735170.msg9493680#msg9493680
11/08: Poloniex trading and escrow service; 720,000 XMG burned ( 93m4hAxmCcGXMfnjVPfNhWSjb69sDziGSY ); bitcointalk.org/index.php?topic=735170.msg9475622#msg9475622
11/06: Coins Source Trust Index (7/7); bitcointalk.org/index.php?topic=735170.msg9460819#msg9460819
10/30: MagiTor and some other updates; https://bitcointalk.org/index.php?topic=735170.msg9378469#msg9378469 ; Downloads: http://coinmagi.org/files/magi-release/magitor
10/24: Mandatory wallet update [Hardfork] M7M-v2, block rewards, difficulty adjustment - Magi quantum wave (MQW) and PoW-II phase updates; bitcointalk.org/index.php?topic=735170.msg9310611#msg9310611
10/17: Enhancing CPU mining: M7M hardfork in testnet 10/17/2014 8:00 PM EST; bitcointalk.org/index.php?topic=735170.msg9230961#msg9230961
10/07: Coin swap final: total 227,140 XMG will be used for swap, that is only 0.9% of total supply; swap ratio: 16 old Magicoin => 1 XMG; coins swapped no more than 10% of total XMG in circulation, escrow will be used to hold unswapped coins: bitcointalk.org/index.php?topic=821170.msg9190490#msg9190490 ; unswapped coins (except some bounties we paid, like translation, video, etc) will be destroyed. I believe this is very much a guarantee for the miners/investors.
10/07: PoS-II: bitcointalk.org/index.php?topic=735170.msg9121445#msg9121445
         Coming updates & regarding coin swap; bitcointalk.org/index.php?topic=735170.msg9111697#msg9111697
10/02: Anyone can lead a MagiCampaign; bitcointalk.org/index.php?topic=735170.msg9060955#msg9060955
09/29: Proof of mining campaign; https://bitcointalk.org/index.php?topic=735170.msg9019696#msg9019696
09/28: Releasing MagiPublication ( arxiv.org/abs/1409.7948 ), new block rewards explained, statement of future plans; bitcointalk.org/index.php?topic=735170.msg9008850#msg9008850
         [Available online] https://bitcointalk.org/index.php?topic=735170.msg9023457#msg9023457
09/26: About the new block reward and more; bitcointalk.org/index.php?topic=735170.msg8976083#msg8976083
09/25: Proposal of algo revision, half-closed source code, pool limiting hash; bitcointalk.org/index.php?topic=735170.msg8968087#msg8968087
09/24: Initiate coin swap; bitcointalk.org/index.php?topic=735170.msg8950501#msg8950501
09/23: Build a solid cpumining network; pls setup FREE VPS; bitcointalk.org/index.php?topic=735170.msg8800103#msg8800103
09/21: How does the new block rewarding system look like: fist look ; misc ( IRC ): bitcointalk.org/index.php?topic=735170.msg8919460#msg8919460
09/20: Need five pools to support Proof of Mining Campaign; bitcointalk.org/index.php?topic=735170.msg8906452#msg8906452
09/20: Mandatory wallet update v1.0.0.2; bitcointalk.org/index.php?topic=735170.msg8898198#msg8898198
09/19: MagiPlans and more info; bitcointalk.org/index.php?topic=735170.msg8892210#msg8892210
09/19: An potential adjustment of block rewards - diff; bitcointalk.org/index.php?topic=735170.msg8884670#msg8884670
09/18: Urgent, please repond; bitcointalk.org/index.php?topic=735170.msg8878920#msg8878920
09/16: XMG needed for bounties (translation); bitcointalk.org/index.php?topic=735170.msg8851642#msg8851642
09/16: A short summary and an issue to be resolved; bitcointalk.org/index.php?topic=735170.msg8845155#msg8845155
09/13: Mining test before launch; bitcointalk.org/index.php?topic=735170.msg8824996#msg8824996
09/13: A guide for VPS mining; bitcointalk.org/index.php?topic=735170.msg8800103#msg8800103
09/10: OP & coin distribution review; bitcointalk.org/index.php?topic=735170.msg8755719#msg8755719
09/07: About CPU PoW algorithm; bitcointalk.org/index.php?topic=735170.msg8716805#msg8716805
09/04: Miners, possible M7-N algo; bitcointalk.org/index.php?topic=735170.msg8680640#msg8680640
08/30: 2nd testnet; bitcointalk.org/index.php?topic=735170.msg8593208#msg8593208
08/25: cpu&gpu miners ported; cudaminer needs test though: bitcointalk.org/index.php?topic=735170.msg8533387#msg8533387
08/23: CPU miner is ready for 2nd test: bitcointalk.org/index.php?topic=735170.msg8499202#msg8499202
08/21: we got an issue, will fix and run the testnet again: bitcointalk.org/index.php?topic=735170.msg8463488#msg8463488
08/20 (PoS-II): bitcointalk.org/index.php?topic=735170.msg8453963#msg8453963
08/18: 1st testnet; bitcointalk.org/index.php?topic=735170.msg8427923#msg8427923
Summary of past important updates: bitcointalk.org/index.php?topic=846579.0

12/13: [glow=beige,2,300]Crypto Mining Blog[/glow]: cryptomining-blog.com/4017-coin-magi-xmg...ive-crypto-currency/
12/01: [glow=beige,2,300]Coinkita.com (a bitcoin educational community startup)[/glow] (Indonesian ): coinkita.com/xmg-magi/
11/23: [glow=beige,2,300]BTC-Germany[/glow]: blog.btcgermany.eu/altcoin-der-woche-magicoin-xmg/
11/15: [glow=beige,2,300]The Bitcoin News[/glow]: thebitcoinnews.com/2014/11/15/coin-magi-...of-of-mining-pos-ii/
11/14: [glow=beige,2,300]Coins Source[/glow]: www.coinssource.com/coin-magi-a-cpu-mine...of-of-mining-pos-ii/
10/31: [glow=beige,2,300]Mundo Crypto[/glow]: La moneda de distribución justa (Spanish); www.mundocrypto.com.ve/uncategorized/mag...-distribucion-justa/
10/29: [glow=beige,2,300]The Einsteinium News[/glow]: sites.google.com/site/einsteiniumbiz/home/page-2
10/28: [glow=beige,2,300]The Bitcoin News[/glow]: thebitcoinnews.com/2014/10/28/coin-magi/
10/28: [glow=beige,2,300]Cryptos.Us[/glow]: cryptos.us/crypto-news/item/58-coin-magi-a-unique-cpu-coin
10/21: [glow=beige,2,300]Satoshis.Guru[/glow]: www.satoshis.guru/home/coin-info/magicoin/
10/19: [glow=beige,2,300]The Cryptocoin Chronicle[/glow]: cryptocoinchronicle.com/2014/10/magicoin-coin-cpu-miner/

Payment gateway

Coin Magi is listed in the TOP position of Coin Market App along with
Bitcoin, Litecoin, Ripple, BitsharesX, NXT, and Peercoin.

Donation: 99Sg2jHMt8quEk72YxPTCpnn3dnQEkZtV6

MagiPay - standalone payment gateway for Magi

How does it work?
1. A merchant creates an account at m-epays.com; after successful registration one can create a payment box;
2. m-epays.com issues MagiPay account details;
3. Integrate MagiPay to merchant's website;
4. Customer clicks the 'Pay with magi' button, MagiPay connects to m-epays.com server and requests for a specific payment box;
5. m-epays.com issues a MagiPay address and the total amount to be paid;
6. Customer sends coins to the MagiPay address;
7. Once the payment is received and confirmed, the server informs the successful payment;
8. After 1 hour upon the payment is received, the server automatically transfer the amount of magi to merchant's registered external wallet address.

What's special?
1. Fully configurable compared to the third party service provider, since we ourselves will develop and manage the system;
2. Using the payment service provided by MagiPay will be free, in comparison with cases which charge minimum 0.5%. Additional feature to make use of the free service is the inclusion of fiat/BTC-XMG conversion, which practically reduces charge accumulated during the process, where payment is done typically by, for example, the credit card.
3. Delivery:
  • Phase #1: Basic functionality, e.g., buying goods online via using XMG (end of December or so)
  • Phase #2: Embedded with advanced features (survey, see blow)
  • Phase #3: The inclusion of the fiat/BTC-XMG exchange.

Survey of advanced features:  

PoW phase I:  block 1 - 50,000; block rewards between 5 and 300 XMG
PoW phase II: block > 50,000;   block rewards between 3 and 50 XMG
PoS-II: initiated at block 10080 (see following details)
(Disable PoS-II)

A network-dependent rewarding system: proof-of-mining ( arxiv.org/abs/1409.7948 )

arxiv is an e-prints. it has received paramount attention in the academy: en.wikipedia.org/wiki/ArXiv [Begun on August 14, 1991,
arXiv.org passed the half-million article milestone on October 3, 2008. By 2012 the submission rate had grown to more than 7,000 per month].


XMG:  95V9eZnrghtEriGUhBwwEuqMbDm1HBJ58u
BTC:  188AmugttD1jfy2xYNy6muTzVzYha1JEuq
LTC:  Lba3T9NUWcTi2VrKWxtXAT4ypnFGV5ojLC

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6 years 3 months ago #2 by 111magic

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6 years 3 months ago #3 by 111magic
Some great developments are coming for the unique Magi (XMG)
Magi is the fair next generation coin! 2015 will be the year of the Magi!

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6 years 3 months ago - 6 years 3 months ago #4 by 111magic

Hard fork [client version v1.2.0.1]
PoW & PoS updates

Please update the wallet to v1.2.0.1 (mandatory):

Windows: http://coinmagi.org/files/magi-release/win32_magi_v1.2.0.1.zip
Linux: http://coinmagi.org/files/magi-release/linux_amd64_magi-qt_v1.2.0.1
Source code: https://github.com/magi-project/magi/

This update includes the following hard forks:
PoS hard fork at block 131100 for better staking results (Expected on January 6)
PoS-II Protocol V2 hard fork at block 131300 (Expected on January 6)
PoW-V2 hard fork: 1/7/2015, 12:00:00 PM EST time (GMT-5:00)

# Piece of info
Magi Cheat Sheet v1: coinmagi.org/files/misc/magi-cheat-sheet-v1.pdf

# Brief summary
  • Implement a filter for the difficulty data and stabilizing yielded block rewards; anticipation is improved accuracy of the block-rewarding (MagiReward) system in responding to the actual network hashrate;
  • Introduce a CPU miner targeting at reducing hash rate ( https://github.com/magi-project/m-cpuminer-legacy ) which is much more meaningful for magi in comparison with any other coins;
  • Adapt a close limitation of the PoS stake weight which disables potential PoS attack via accumulating significant amount of coins or offline stake time;
  • Other miscellaneous updates.

Huge amount of energies consumed in the cryptocurrency has been a big issue, which is totally opposite to the global efforts in saving energy. This issue should be resolved sooner or later in order to advance the cryptocurrency any further. As one of the possible solutions, that's the reason we have PoS. However, the pure PoS mode would never give rise to decentralization. Any approaches are vain if decentralization cannot be maintained, unless one agrees with a coin with limited time of mining or with total premining, or the such likes. The PoW should be remained in order to distribute coins into a broad audience over time.

The basic rule of dealing with the energy concern is to involve a "braking" mechanism in coin design. Such a rule exists in every piece of things in nature: why earth/electrons should circle the sun/nucleus without collapsing or departure? or just imagine a vehicle without brakes. Bitcoin or litecoin does not put actual limits in the rewards, or that simply not functioning properly. That's where magi plugs in.  

What do we need to save energy?

On the whole, mining should be encouraged at a lower hashrate level.

# MagiReward-V2

The issue to be solved in this upgrade is the removal of the vague dependence of block rewards on the difficulty, due to the fluctuating nature of block time. A basic consideration is applying a filter to smooth out the difficulty data. Details are as follows.

# Necessary to adjust miner efficiency?

A direct consequence of the above implementation is the well-shaped block rewards in which big rewards due to network fluctuation are totally avoided. The following figures disclose the real situation most likely:

Mining at a network hashrate of 22 Mh/s results in 50 XMG/block, whilst hashrate increases to 36 Mh/s like mining the air.

Who shall mine nothing?

Provided that I have a miner with hash rate of 1000 kh/s; I would have big concern of yielding nothing at its full speed, but I don't care throwing 10kh/s at nothing. The reality behind this scene will be a different story; at the time by which the exit of miners will pull the block reward back to some numbers, one is able to mine something by then. Reducing hash rate does sound the right action in this incident.

Attenuating hashrate of miners in mining bitcoins is very unusual or pointless, since the higher the hash rate, the greater the bitcoin amount mined. Except this sole "advantage", there are dozens of facts people should be aware of that increasing hash rate comes along the wrong direction: 1) running a PC miner is totally incompetent since every single person in the world would like to sharpen their miners with high hashrate; 2) running 100% CPU usage miners is impractical in most of situations even if one can do so; 3) mobile devices are incompetent under this scene.

It will be wise to run a hashrate-depressed miner under the improved MagiReward system. Technically by doing so it's possible to run miners everywhere.

# m-cpuminer-legacy

We are "joking" the miner, but this is for real that you'll need it; running it in VPS without incurring limitation imposed by vendors? working computers / school's super computer? :D Here is the option.

minerdlegacy -o stratum+tcp://pool_url:pool_port -u pool_user.worker -p password -t thread_numbers -e cpu_efficiency

This is none different from the regular miner, except that an option "-e cpu_efficiency" is added, where cpu_efficiency is a number between 1 - 100, for example, 50 representing for 50% of CPU usage. A few instances:
-e 75 -->
-e 50 -->
-e 25 -->
-e 1   -->

Given 10~30% CPU usage, the miner is more like a regular program. Please notice that neither I nor the magi team shall be responsible for any consequence because you run the miner in your working computers or school super computer.

# PoS-II-V2

What we have done in this upgrade is adding rigorous limitation on the amount of coins in one transaction for staking purpose, and reducing maximum staking time within two weeks. We don't expect impact on typical situation where one remains wallet online for PoS stake; the offline time should not exceed more than a week. We also recommend to keep 100 - 1000 XMG in one transaction for best results.

Again, magi implemented a braking mechanism which makes it more secure compared to any other PoS coins. To understand that, take a look at the basic PoS mining equation:
hashProofOfStake <= [Coin-age] x [Target]
[Coin-age] = [amount of coins] x [days in stake]
[PoS-block-reward] = [Coin-age] x APR / [days in a year]

Apparently [Coin-age] is a paramount quantity for PoS, which is the driving force for people to stake with as many coins/days as possible. The major weakness in this mode is a possibility of attacking the network by mining a number of blocks ahead of other PoS miners, which can be done via accumulating significant [Coin-age] by

1) having significant amount of coins, which is technically difficult to be achieved in PPC, but rather easy in a freshly created coin;
2) accumulating significant amount of offline days of coins which shall not undergo any transactions before staking, which is a rather feasible approach.  

Approaches to resolve the above situation have been proposed, mostly by manipulating the staking days. In contrast to PPC's linearly increasing coin age with time, BC and RDD are two example coins with efforts towards this, but neither of them take care of both situations simultaneously. The BC's V2.0 takes the staking time out of the equation, i.e., [Coin-age] = [amount of coins], which does not solve the issue #1. It is also none organic that one cannot buy advantages from staking time using a cheap PC, in addition to simply buying coins. The growth rate of staking days over time is compromised in RDD if one stakes coins over a month; it should be noted that any desired attack can happen within a month staking time. In addition to the above point, one should be aware that the difference in the number of coins under stake should be emphasized too. The system should encourage one staking with more coins, but discourage greedy accumulations.

Magi's PoS-II?

Magi takes the following form for coin age:
[Coin-age] = [amount of coins] x M(coins, days)
where M(coins, days) is a function of the amount of coins, and the days under stake. [Coin-age] is also the so called stake weight. The best description of M is shown below:

It's rather empirical to determine the best value of stake days. I am rather taking time to sit down and figure, with a basic rule in mind, to limit it within a week. Let's see how it solves the PoS issues:

1) one holding more than 3000 XMG does not result any good in the stake weight; for staking over 25,000 XMG is like staking with nothing;
2) the maximum offline stake time is four days, beyond which staking weight starts to drop; it's unlikely to accumulate infinite staking time.

A side advantage of the PoS-II is that significant amount of offline time is not allowed. There is no advantage of gaining coin age for offline more than 4 days. For any online stake holders, the block time will be refreshed upon finding blocks. The stake weight (coin-age) nearly increases proportional to the amount of coins when coins in one transaction are between 100 and 1000 XMG.

# Misc updates

1) PoS status update in wallet GUI; please be aware that "expected time to earn reward" is only an estimate.  

2) Correction of the money supply shown in API calls: getinfo by reducing 720,000 XMG, which was burned ( https://bitcointalk.org/index.php?topic=735170.msg9900074#msg9900074 ).

3) Added API calls:
"Expected PoS (hours)" : 3
getnewblockvaluebynumber 122478
   "flags" : "proof-of-work",
   "difficulty" : 1.62299710,
   "difficulty-V2" : 1.54876817,
   "blockvalue" : 5.36191184,

Mining calculator:
getminingbykhps 10
   "hashrate (kh/s)" : 10.00000000,
   "difficulty" : 1.56666109,
   "difficulty(aver)" : 1.35112710,
   "blockvalue" : 5.23089843,
   "mining (XMG)" : {
       "1 hour" : 0.03245060,
       "1 day" : 0.77881439,
       "1 week" : 5.45170070

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6 years 3 months ago #5 by 111magic

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6 years 3 months ago #6 by 111magic

Missed a few posts before.

Firstly, repost the hard fork as already mentioned by jawitech.

Hard fork [client version v1.2.0.1]

Please update the wallet to v1.2.0.1 (mandatory):

Windows: http://coinmagi.org/files/magi-release/win32_magi_v1.2.0.1.zip
Linux: http://coinmagi.org/files/magi-release/linux_amd64_magi-qt_v1.2.0.1
Source code: https://github.com/magi-project/magi/

This update includes the following hard forks:
PoS hard fork at block 131100 for better staking results (Expected on January 6)
PoS-II Protocol V2 hard fork at block 131300 (Expected on January 6)
PoW-V2 hard fork: 1/7/2015, 12:00:00 PM EST time (GMT-5:00)

Details regarding this update: bitcointalk.org/index.php?topic=735170.msg9991269#msg9991269

I did spend some time and tried to figure out the CPU algo, but all have been done just under the range of my knowledge. People are talent; no one would know the capability other people can do. It's not my intention to hold firmly the CPU algo statement. PTS was arguing only CPU minable, and was awarding how many dollars for a GPU miner? Everyone knows that PTS is minable with GPU now.

Once upon a time, someone was suggesting me that, go for a CPU algo, finish the PoW mining and then going into PoS. That was right likely, but not all to me. Pure PoS is not right way I figured.

Wolf0, you're absolutely right (not the GPU part since not proved yet), that "just because no one bothers to spend the time on it" cause it's unprofitable. Let me extend the statement, the idea of GPU mining is neither profitable for now, nor profitable in the future even when magi gets into top. I encourage people to work on a GPU miner for magi, but surely up to you whenever you see a time coming with profits.

Wondering?... read the OP, or the coinssource article, evok3d did spend a lot time researching and writing before publishing the article:
I've spent time on this, and the idea behind it worth of a try; I want to say magi is a coin CPU minable "ever".

I almost forgot to post the miner, for some people who may want to run it in computers with limitations, just use the "-e" option.

# m-cpuminer-legacy

minerdlegacy -o stratum+tcp://pool_url:pool_port -u pool_user.worker -p password -t thread_numbers -e cpu_efficiency

This is none different from the regular miner, except that an option "-e cpu_efficiency" is added, where cpu_efficiency is a number between 1 - 100, for example, 50 representing for 50% of CPU usage. A few instances:
-e 75 -->
-e 50 -->
-e 25 -->
-e 1   -->

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6 years 3 months ago #7 by 111magic

New wallet v1.2.1.1 (not mandatory, but strongly recommended):


Source code: github.com/magi-project/magi

Compiling from the source code is recommended for linux. The new wallet fixes public key for delivering messages into "error" section (command line) or the status bar of the Qt client. Also a few other updates are included in the new version.

Enclosed include the 64 bit wallet. The compilation really spent me some time; the 64 bit wallet was keeping crashing, but pretty fine now as I tested in all of my home computers (windows8). To be safe, PLEASE rename the folder %appdata%\magi to something else before the first run, so that you will have the original block data untouched if something goes wrong. By confirming everything works properly, then close the wallet, rename the folder back to %appdata%\magi and restart the client. BE SURE make a backup of wallet.dat.

Let me know any issues and desired improvements.

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6 years 3 months ago #8 by 111magic
The facebook votes for rynomster have been disqualified due to the large number of double and non-legit votes and for not honoring the terms of this award. This however would not have changed the winner.

We would also note the individuals who are new to the crypto scene though have been supported in great numbers. People such as Joe Lao from Magi and Kingscrown from Exclusive Coin.

Very proud!  :)

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6 years 4 weeks ago #9 by 111magic

Why do we need this piece in the space?

As an appreciation to members who are fonder of Coin Magi, we present free charge to utilize the MagiPay service, despite you sell $1 or $1,000 goods.
- Merchants: no extra charge at all
- Customers: responsible for the trivial mining fee

2. Customize
MagiPay is uniquely designed for Coin Magi, independent of any other payment gateways. Custom requests will be sent to tailoring MagiPay functions.

3. Instant & Secure
No payments are held by our server. Funds are available to merchants upon 6 confirmations.

Schematic of MagiPay integration

Guide: https://www.m-epays.com/merchant_guide

1. Registration & create MagiPay box
Notice the callback URL has to be corresponding to the location of the file "magipay.callback.php" in the server (see below).

2. Magipay integration
1) Download merchant files: https://github.com/magipay/merchant , then place them in your server
2) Revise db_connect.php and magipay.keys.php (for details see www.m-epays.com/merchant_guide )
3) Run magipay.createtable.php through browser, example
4) Revise the following file to enable MagiPay pay option in online shop: Notice the action upon receiving payment as highlighted.

3. Online purchase example
1) Checkout
2) Pay through Coin Magi wallet
3) Payment received
4) Payment transfered to local merchant's wallet
More ...

1. What else?
I'd say the current form of the MagiPay is basic. It enables one to create Coin Magi payment option and accept payment. It works but we should have more than that to do.

2. Plugins
User friendly plugins is a must. WooCommerce is one of important ones we're targeting at. To community members, please offer us plugins if you are able to do.

3. What do I do to integrate MagiPay in my online shop site?
Please follow the guide and be sure to ask us for help to set up MagiPay. Try out the example here by following the guide:   https://github.com/magipay/shop-example .

Make your site be notable in MagiWorld, as well as obtain XMG by selling items in addition to mining!

Enjoy The Magi!

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6 years 1 week ago #10 by 111magic


thanks :)


Thanks for this! :)
Awesome to see activity from the Magical community!

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