BRIEF HISTORY OF MAG

Magnetwork

July 5, 2019

This chapter is based on actual discord message written by Fred, but since it gave a nice overview what has been done, we decided to share it here too.

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Now to give You a real piece of background on our story. MAG started in 2017 with a focus on green mining, we forked from TXCoin.
The code base of TXcoin was several years old and presented some issues (Bitcoin Core), DDoS and mining exploits which we addressed over the first year with multiple forks and a unique secluded miners solution.
But despite updates, the code base started to show signs of weakness and stability so, back in Sept 2018, we realized that we were spending more time on fixing issues than moving our vision for merchant services. After a long discussion, we decided to fork from PIVX so we could start focusing on goals rather then fixing problems. PIVX was chosen out of all Masternode coins, because of their dev team size, and capacity to maintain their core. After research before forking, we decided to leave out Zerocoin parts of PIVX code base and months later it turned out to be a good call, because of multiple Zerocoin protocol exploits that started to happen more often in April 2018.

Very early on, we also moved MAG main focus from green mining to merchant services, to connect buyers to sellers in real life and become a commerce oriented currency. The initial attempt ( MAG Merchant) was quite robust tech-wise, but we had that major hurdle: how to bring merchants in, with limited budget.
Now, thanks to Litemint, a currency-agnostic wallet, MAG was used to complete 32 in-app purchases in game this week! All these purchases converted to MAG trades on the DEX and these trades were not based on speculation but UTILITY (a gamer buying in-game coins). These purchases are the proof of concept we needed and MAG was used to facilitate these real-life purchases. MAG is just 1.5-year-old, and we already have a nice story to tell as you can see. We have always been there, up and down. And will keep on working toward our vision. Everyday is a progress.

MAG is our story, our vision. We want to have merchants use us through what we build, magnet.market will help merchant adoption, Litemint on the other side, is our open door to the world of crypto users, all these together is how we build in synergy. We are not saying there wont be changes, tech adjustments (we already had many), that is also our strength, we are flexible, reactive, pro-active, enthusiasts.

Make sure You follow us on any of our social channels to stay updated!
Twitter, Discord, Reddit, Telegram


Originally published at https://magnetwork.io.

Magnetwork

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Magnet is a cryptocurrency based upon the core ideas of transparency, accessibility, equality and fairness. Visit Us at www.magnetwork.io

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