Topic: [ANN] [Proof of Mining Campaign] [XMG] Magi | 1st PoS-II | Tor | M7M CPU only - page 16. (Read 56324 times)

______________________________________________________ Proof of Wok Hash: M7M - only minable via CPU M7M manipulates certain mathematical functions to frustrate GPU mining; Block time: 3 minutes; Difficulty dependent block rewards; 1st phase PoW: primary mining with maximum 500 XMG/block; 2nd phase PoW: maximum 15 XMG/block, 7% annual reduction.

______________________________________________________ Proof of Stake-II Introduce a new staking mechanism: PoS-II, designed resistant to "rich-getting-richer"; Minimum stake coin age : 2 hours; Dynamic coin age: maximum 30 days, subject to change; Dynamic annual interest: depends on network weight, maximum 5%; Block time: 1.5 minutes;   Block hash: SHA256 Maturity: 100 PoS-II initiated after two weeks of PoW

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Benefits of participants

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1) CPU mining XMG;
2) All participants will receive a share of XMG funds; currently 112,505 + 2,000 XMG are available and the funds are still growing. As an example, totally 100 people participate in this campaign, each person will receive 1145.05 XMG;
3) Reading below for more benefits.

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How to participate?

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1) Requirements:
    a) You must CPU mine;
    b) Your hashrate must be greater than 30Kh/s, but not over 2 Mh/s;
    c) You must be a bitcointalk user registered before 09/29/2014 12:00 PM;
    d) You must register in pools: http://xmg.suprnova.cc and http://magi.nonce-pool.com;
    e) You'll have to remain mining (estimate a month) in the pool; we will have the pool verify your mining status including hashrate;
    e) Exception: show us reason why we make exception without the need of above requirements (e.g., show mining with an old pc which has hashrate less than 30kh/s); even you don't have miners, show us you're seriously taking this coin, not simply get-and-dump, we may make you a shareholder too;

2) Fill out this form: https://docs.google.com/forms/d/1c8tmugKbUoU36G6AFwOy-syaAUdPvnzRSfMqtKulBC0/viewform?usp=send_form

You can make use of free VPS mining by following the guide here (support us too): https://bitcointalksearch.org/topic/m.8800103.

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Why this campaign?

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# This campaign will assist Magi to be a real CPU coin;
# We have some spare coins to giveaway ; seriously we need more miners to consolidate our CPU miner camp.
# This campaign in the meantime compensates CPU miners who have much less mining earnings;
# We do have a concern about the coin swap (check out the official thread); there would be many coins left and we don't want that is going to be a concern to all followers. We will giveaway these coins to the participates; however, we reserve the right how many coins being distributed (very much depending on number of participants), and when these coins are issued (to protect the market).

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What does proof-of-mining mean?

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1) [this is a joke ] we give you coins because you mine XMG; aka, we care more about your participation but not your hashing power
2) [seriously] The block rewards implemented in XMG proves to be proof-of-mining: A network-dependent rewarding system: proof-of-mining

Brief intro:
http://coinmagi.org/misc/images/magi-thread/PoW1-new-02.png
The above rewarding scheme leads to rapid varying reward when the network difficulty is between I and III. The market place may encourage more miners to the network which immediately move the block reward out of the maximum region and initiates a self-adjustment. The consequent marginal rewards cause some of the miners to stop mining, thus pushing the reward back to the maximum. It will be less advantageous for miners quickly in and out the mining activity. One will need to show a proof of mining in order to gain sufficient credits to declare the rewards. The new system emphasizes the participation of miners instead of their hashing power.

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How to calculate the shares?

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We won't use the same share percentage for all of participants. Some general rules apply to the scene: 1) more advanced users will have advantageous to get high shares; 2) show us you're seriously taking this coin, not simply get-and-dump; 3) Extra credentials; 4) ......

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Extra credentials

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# We are researching the minining, tell us what cpu miners you have and the hashrate;
# Optimize the CPU miner;
# Help us Magi, and tell us how you helped us.