Most Extravagant Goat Coin [MEG]
Mandatory Update!Planned Fork at block 18,000! Upgrading is MANDATORY!
Phase 1 – Rebranding and strategyAs many of you will be aware the Megcoin team decided to alter our strategy for Megcoin. The first phase of this strategy was detailed in the re-announcement which saw the coin rebranded and a team formed to advance the coin.
This was successful and as such we succeeded in getting Megcoin listed on Bittrex
Phase 2 – Block reward and feesThe second phase of our strategy focuses on the specifications of the coin. This will involve improvements to the block reward schedule and the transaction fees.
The planned changes are listed below and will be implemented by a fork at block 18,000:
New block reward schedule: - 18,000–200,000: 50K Megcoin
- 200,001–400,000: 25K Megcoin
- 400,001–600,000: 12.5K Megcoin
- 600,001–800,000: 6250 Megcoin
- 800,001–1,000,000: 3125 Megcoin
- 1,000,000+: 10 Megcoin
Transaction fee structure:A typical transaction will now have 1 Megcoin + 0.5% transaction fee to replace the present transaction fee of about 1 Megcoin per transaction. After May 17th, transactions without proper fees will not be accepted by nodes.
Why this benefits Megcoin:- The percentage fee will be used as an incentive to mine and enhance the security of our network, despite decreased reward payouts
- The implementation of the percentage fee will also enable the redistribution of wealth accumulated from launch to new users to ensure that the coin is both sustainable and attractive to these new users.
These changes will take effect after block 18,000 and upgrade is MANDATORY. The updated wallets are listed below
AboutMegcoin is a revolutionary new cryptocurrency sporting a
new algorithm (SCRYPT-N-R) and building upon the
strengths of the Bitcoin 0.9 wallet to create a very fast and strong coin. Unlike most other new coins Megcoin is
immune to the recent influx of standard Scrypt ASICs and has taken steps to ensure that ASICs will not pose a threat therefore making it an excellent choice for both CPU and GPU miners. Megcoin has a strong development team pushing the advancement of the coin on all fronts and as such is positioned to become a major cryptocurrency. It has not been premined and is fully featured with multiple geographically-diverse DNS seed nodes to ensure extremely fast wallet synchronizations.
Rebrand and ReannouncementThe rebrand and reannouncement of this coin is due to the formation of a strong marketing and development team which was not present at launch. After its formation our team decided that in order to become a key player and strong force in cryptocurrency we needed to create a stronger strategy for success and part of this was rebranding to create a distinct image and plan going forward.
On behalf of the Megcoin team we would like to thank you for your patience with our coin through these changes. We believe that these changes are ultimately for the best and are essential if we are to push this coin to the next level. We urge you to not miss out on this opportunity to be a part of our coins journey.
Note: All previously mined coins remain unchanged as the changes are only related to branding and strategy.Rebranding Giveaway!In order to redistribute wealth with the rebranding, we are having a 200M MEG giveaway! See
this thread for details!
Most Extravagant Goat?Meet Meg, our coin mascot. A friendly extravagant goat who is the face of our coin and movement. Meg bought all of his gold bling with his Megcoin wealth but still remains excited for what's coming next. Join Meg!
Specifications:- Launched May 3rd, 2014 - Original Announcement
- PoW Algo: Scrypt-8-4 (scrypt-n-r)
- Premine: 0%
- Total: Infinite (20K final block reward)
- Block time: 60 seconds
- Reward halved: Every 200,000 blocks
- Rewards mature: 120 blocks (~2 hours)
- Difficulty adjustment: Every block (Digishield)
- Wallet forked from Bitcoin 0.9
What is Scrypt-N-R and how does it make Megcoin superior? Megcoin's algorithm uses a new algorithm dubbed scrypt-N-R. Typically, scrypt means scrypt with N=1024, R=1, P=1. This algorithm changes R for more granular tuning of memory usage. Currently, there is only the wallet miner and cpuminer(minerd) ported to the new algorithm. The memory usage of scrypt-8-4 is only 4Kbytes, compared to normal scrypt where it is 128Kbytes.
Scrypt-R-N ASICs are not practical to make for Megcoin because of the short "payout streak" period of around 1.5 years. If ASICs were produced for the new algorithm it would be near the end of the large block rewards when mining is needed more for network stability rather than for coin generation.
Security provided by DigishieldMegcoin uses the Digishield difficulty algorithm which has been proven stable and effective on Dogecoin and Digibyte. Although multipools shouldn't pose a threat due to our unique algorithm parameters, Digishield has been proven to handle large hashrate changes very well to ensure that the network is never stuck with slow blocks or vulnerable to a timewarp attack.
Advanced wallet building upon Bitcoin 0.9Unlike many other new Scrypt altcoins Megcoin has decided to base our wallet on Bitcoin 0.9 which we forked to produce Megcoin's wallet. This decision was taken to ensure that the Megcoin wallet included many of the advancements that Bitcoin 0.9 has along with some of our own:
- A faster graphical user interface (supporting Qt5 as well).
- Fixes for transaction malleability.
- Services separated into megcoind, megcoin-cli and megcoin-qt.
- Many more features which can be seen in the bitcoin 0.9 changelog
Wallet download The source code is available on
Github for self-compilation and review.
MiningMining Megcoin couldn't be easier, get started with out CPU miner below:
See also an easy getting started guide
here.PoolsMegcoin is currently supported by these trusted pools, more will follow:
Reward schedule:- 1–200,000: 500K Megcoin
- 200,001–400,000: 250K Megcoin
- 400,001–600,000: 125K Megcoin
- 600,001–800,000: 62500 Megcoin
- 800,001–1,000,000: 31,250 Megcoin
- 1,000,000+: 20,000 Megcoin
Community and ResourcesCome and get involved in our Megcoin communities, we look forward to hearing from you:
Exchanges- Bittrex
- We are working to get Megcoin onto Mintpal and Cryptsy along with as many other exchanges as possible, this is a key and urgent priority of our team.
Block explorersMerchandiseServicesWe understand that gaining widespread adoption and success for our coin will rely strongly on the production of new services which utilise Megcoin. At present we have an IRC tipbot for Megcoin (megtip) which you can use in your channel upon request. We will be pushing strongly for more services in the future and welcome any developer who would like to use Megcoin to get in contact with our devteam.
TestnetIf you would like to test services or mining with Megcoin we have testnet nodes running meaning that syncing should be effortless. If you would like more details then please contact our team.
NodesThere are multiple geographically-diverse DNS seeds built into the wallet ensuring that the wallet will sync very quickly. If you have a reliable node and would like to help strenghten the Megcoin network then please contact us and we will add it to the node list. Please note that no addnode arguments should be required right now.
Bounties- AMD GPU Miner - 130 Million MEG (Bounty address: MSGoyrBfXad1Pv8Jqc3t74a2yBsDoDbE1G
- Nvidia GPU Miner - 4 Million MEG
- Informative youtube video suitable of the homepage - 25 Million MEG
- Established merchant to accept Megcoin - 50 Million MEG
- Service using Megcoin, such as faucet, dice game, etc - 1 Million MEG (rewarded up to 10 times)
- Ubuntu wallet package - 20 Million MEG
CreditsPlease consider supporting the artist of our logo by donating Dogecoin here: DC1ZEaQMuQfgcYvtd6DhJ6k4Y8ogk9VKYy
