Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 1077. (Read 2375939 times)

Happy new year to all who are already in 2015!

Magi took a awesome ride and is still far away from the end of the development. Thanks to all who contributed

- our awesome developer Joe Lao
- dev team members
- coders like ex33s and spexx
- our investors and coin holders who invested their BTC and FIAT
- our pool operators
- the exchanges who listed Magi
- members who developed games, faucets and other services for Magi
- all miners, using their CPUs and VPS to mine
- of course YOU, our community and fans
- and everyone else I forgot to mention

Without you, Magi wouldn't be a success!

Be prepared for some more innovative and cool features in 2015. We're always doing our best to make Magi more than just another coin.

New wallet working fine as well.
 
Thanks for the accurate update. 

As a newcomer to cryptocurrency mining, I tried out several other coins before stumbling onto Magi. As a greenhorn miner, I must say this looks by far the most promising of the newer coins (perhaps in time of all the coins). Hope I'm not wrong - the community definitely keeps growing daily, and the coin seems to be regaining worth I strongly recommend this coin to anyone with a PC that has pa CPU  

Keep on mining everybody, and a happy new year!

Sorry to hear that. Unfortunately I don't know how to help next to posting two links

https://bitcointalksearch.org/topic/btc-ecom-exchange-btcnmcltcnvctrcppcftcxpm-usdeurrur-fee-02-433283 BTC-e support thread
https://bitcointalksearch.org/user/btc-ecom-33012 BTC-e representative (for personal message)

I hope you get help there and your money gets credited to your account, soon.

Hi Magi community, as magi fan i need some help. I sent 10.000 euro on the 16th december to BTC-E bank account for buying btc, still haven't received anything. BTC-e is not responding on my mail. I really need some help. Can somebody help me with this?

Awesome work Joe, very well done. Not we have to spread the word. Please let your Twitter and Facebook followers know about Magi and it's advantages.

http://coinmagi.org/files/magi-release/MacOsInsMagi_V1.1.0.1.dmg

Current Mac Wallet

Great to see Joe, thank you for your efforts in reducing the energy consumption. In such a short time you brought XMG coin above and beyond in the cryptoworld. You have my compliments and respect and wishing you and the XMG community a tremendous 2015. Cheers.

I'm wondering if there will be mac wallets too? 

Amazing update Joe, as per usual!

Have a great new years Magi community!

As far as I know, all exchanges did the upgrades before the hard fork; could you post details regarding the lost?

Some info:

# Currently doing the magipay tests; targeting merchant tests soon as planed.

# Planned giveaway in IRC (#magi) in the next 24 hours, send out coins over minimum 1000 XMG. We will mostly use "!tip" for the giveaway; so for one wish to participate, please be active in the channel so that we can tip you. Also please spread the words regarding the hard fork. Thanks.

 is very nice  Joe! but if the coin will not be lost if for example I send my magic coin into the exchanger? I've lost 300 coin magic as the exchanger is not updating: D

[12/31] PoW & PoS updates

Please update the wallet to > v1.2.0 (mandatory):

Windows: http://coinmagi.org/files/magi-release/m-wallet-1.2.1.1-win.zip
Linux: http://coinmagi.org/files/magi-release/m-wallet-1.2.1.1-linux.tar.gz
Mac OS X: http://coinmagi.org/files/magi-release/m-wallet-1.2.1.1-macosx.dmg
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: http://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? Here is the option.

https://github.com/magi-project/m-cpuminer-legacy


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:


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 one week. 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:

and,

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:
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://bitcointalksearch.org/topic/m.9900074).

3) Added API calls:


"Expected PoS (hours)" : 3

{
    "flags" : "proof-of-work",
    "difficulty" : 1.62299710,
    "difficulty-V2" : 1.54876817,
    "blockvalue" : 5.36191184,
}

Mining calculator:
{
    "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
    }
}

Check it out guys! And reminder the IRC lottery
Who winst the Jackpot!

Working all the time..

Is there something amiss with Magipool https://pow.magipool.info/

I can connect with the miner to stratum+tcp://stratum.magipool.info:3334 but the web page seems down.

Odd

Well said Jawitech

A lot! Think 8000!