WEEKLY MAG UPDATE 8/11/18–13/11/18
3 days until Swap! Lets kick off this MAG Weekly with an apology for a small update lag. Next week we will be back on normal schedule and it will be released on Tuesday as usual. Overall mood of the core team feels elevated, because forking process has been a success. Current efforts will be discussed later in the update with greater detail. Last week we made a promise to get into the new chain parameters in depth so let’s go!
NEW MAG CHAIN PARAMETERS
Our goal was to create the new chain with specs as close as possible to the old one provided that few changes would still be needed for POS support and to aid MAG adoption. Blocktime is 60 seconds and rewards are geared towards MN owners return on investment. The new chain is full Proof-of-Stake and we decided to update the POS scheme from 7% yearly interest to fixed rewards. The first 12 months will also bring a higher coin emission to make our Masternodes more perennial for future investors. We are always open to dialog and as we progress with the current parameters, we can always further discuss them as a community and make more mature decisions based on real information instead of guessing what is needed in the future.
*250,000 MAG Premine was used to setup the initial masternodes on the network. The network now runs 30 masternodes in total.
Closed POW Period
The swap reserve of 37,354,100 MAG was generated on new MAG chain during first 211 blocks and mined through Proof-of-Work. We took total supply on old chain at block 416959 = 36757502.29915683 to which we added 6 days of expected generation (960 x 100 x 6 ) + 201 POW blocks + 500 margin.
POS Rewards Breakdown
For a detailed breakdown and 121 months projection you can visit this link.
Our new total supply is open ended. The chain will have a very low (0.5 MAG per block) coin generation rate after 10 years and if current parameters have not been changed by then, we can decide as a community how we want to grow. By then circulating coin supply will be around 60 million, a -58% percentage change from the initial 144 million.
Due to the recent issues and vulnerabilities found on ZeroCoin protocol we will not be activating it for the launch. We do not rule out using obfuscation mechanisms in the future but only from well tested solutions as we cannot afford the maintenance overhead should any issue arise (exchanges, collaterals…) with our present resources/team/support available.
We have a mainnet working smoothly and the whole team with community side members are running the final tests to gather more data from the chain before the Swap date 11.11.18. Everything is going according to schedule and our focus is now setting up enough Masternodes to have secure and strengthen the network enough for official public release. Wallet design is finished and here is the screenshot of a MAG new chain wallet.
We added Rewards section to the Overview tab for users to have a better insight into their earnings. As discussed in the last Weekly, we also added Merchants tab for easier sells overview
with a direct connection to our backend so wallet has freshest possible statistics available for users. We can cover smaller changes in coming Weeklies so feel free to post us questions in our Discord or on any of our other social media channels!
Also Litemint web/mobile wallet will be released shortly after the Swap. Last week a more in depth overview about the service was published so make sure to read through it for more information — https://magnetwork.io/blog/more-on-magnet-and-litemint
Originally published at magnetwork.io on November 8, 2018.