Coin MAGI is a decentralized digital payment platform that is designed to run without any interference from authorities or any intermediary and without any downtime as well. Payments can be made using MAGI anywhere without incurring any fee. It is also possible for anyone to issue MAGI coins by using a minting process powered by software and their PC.
MAGI is focused on keeping the maintenance of its block system low cost by using devices that are cost effective. To ensure fairness, affordability and energy efficiency, MAGI wants to make mining available to everyone. It is one of the few cryptocurrencies that’s aiming to provide an even playing field for those wanting to transact using digital coins but are unable to invest in the expensive equipment needed for the process. A hybrid version of the proof-of-stake and proof-of-work protocols is used for the purpose.
The proof-of-work protocol of MAGI is known as mPoW is a network-dependent system that requires some amount of computational work to ensure protection from DoS attacks. Those who solve complex queries related to cryptography are adequately rewarded. It helps validate transactions and also in the creation of new blocks and on the generation of new coins. The MAGI network is effectively managed and governed by mPoW so that it remains within a specific scale.
The proof-of-stake protocol of MAGI is called mPoS and is used for reaching a distributed consensus through operations. The mPoS system is designed to thwart potential attacks that can be possibly launched either by accumulation of a large number of coins or by offline staking time. Both these situations are areas of security concerns for the platform. Both mPoS and mPoW works on the attraction-repulsion model. The hybrid design allows the platform to enjoy the benefits of both these mechanisms.
At the core of the currency system of MAGI is m-core which has been incorporated as an m-wallet. It is available in two types – the GUI wallet and the Daemon wallet. The P2P open source wallet acts as a public ledger for the MAGI system and determines the best block chain constituting genuine transactions. The m-Wallet can be used for sending and receiving coins, for mining coins using mPoW and for minting coins using mPoS protocol.
The total circulating supply of XMG, the coin associated with the platform, is 7,730,281. The market cap for XMG is $11,882,679. The currency trades at $1.54 and is ranked at 394 position in the cryptocurrency market.
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