What is Magi (XMG)?
Future of XMG Cryptocurrency and know how to buy XMG

#1: XMG: The Basics

What is XMG?

The problem plaguing most Proof-of-Work (PoW) coins today are mining farms using Application Specific Integrated Circuit (or ASIC) cards to dominate the network's hashing power. This gives them an unfair advantage over GPU and CPU miners. The issue with Proof of Stake (PoS) coins is that older, earlier adopters, with a large stake in the network have an unfair advantage over newcomers. Magi aims to solve both these problems using a first of its kind PoS/PoW hybrid mechanism which allows only CPU mining, to introduce a truly fair and efficient blockchain system.

XMG Development

  1. XMG was launched on the 15th of September 2014, as a fork from Peercoin. Similar to Peercoin, XMG was developed with a hybrid PoW/PoS consensus mechanism.
  2. Developer identities behind Magi have remained anonymous, with most using pseudonyms online. The original announcement for Magi was made by Bitcointalk user joelao95.

 

#2: What are the benefits of Magi?

XMG Technology

  1. mPoW - mPoW is Magi’s custom implementation of the PoW protocol. It allows solo mining to be feasible by having a dynamically generated block reward, which is inversely proportional to the network hashrate. Thus, a high network hash rate, such as those caused by ASIC miners, will lead to a trivial reward for authenticating a block. A lower network hash rate, such as those produced by CPU miners, will lead to a greater payout. This removes the incentive for ASIC miners to invest their computing power into the system, resulting in a fair and unbiased blockchain.
  2. mPoS - Magi’s custom implementation of the PoS mechanism, called mPoS, removes issues associated with current PoS coins, such as older stakers earning most of the rewards, by introducing restrictions such as limiting the maximum staking time to one week. This removes any incentive to stake coins for longer than a week, thus improving the fairness of the blockchain network. The stake weight is conditionally proportional to amount of coins staked and duration of staking.
  3. Unique hashing algorithm - Mahi’s innovative hashing algorithm, M7M not only enable small block generation times and faster confirmation times, but also effectively governs the XMG blockchain without oversight, adjusting the difficulty of blocks dynamically according to current network hash rates. Higher network has rates leading to lower block rewards. This discourages mining farms and ASIC miners while allowing CPU mining and solo mining to still be feasible.

Key Features

  1. Innovative additions to blockchain technology - Magi is one of the few coins to improve upon existing blockchain technology. Its innovations include a hybrid PoW/PoS consensus mechanism, a unique hashing algorithm, and a dynamic block reward system, leading to an unbiased, stable, and fair blockchain.
  2. Emphasis on security, stability, and efficiency - The hybrid consensus mechanism of XMG, along with other enhancements to its code, has led to the formation of a lean, efficient, and unbiased blockchain. Dynamically adjusted rewards based on network hash rates lead to a much more stable network and block generation time. The hybrid consensus mechanism is also much less power hungry and much more environmentally friendly than other, similar, Proof-of-Work based networks such as BTC. The result is a less resource-intensive coin that is sustainable for far longer into the future.
  3. Low hardware requirements - With the innovative technology at work on the Magi network, even Raspberry Pis will be able to solo mine for XMG coins. This is unlike other PoW-only blockchain networks, where the network is dominated by ASIC (Application Specific Integrated Circuit) miners with large, high performance rigs dedicated to mining, making solo mining practically impossible.

 

#3: How to Buy & store Magi?

How to buy Magi

  1. Magi can be bought and traded at exchanges such as Bittrex, Cryptopia, Nova Exchange, and YoBit, with Bittrex being the largest by volume. It is only paired with Bitcoin so far on these exchanges, so you’re going to need to source some BTC first before your Magi purchase.
  1. Magi can also be mined with CPU miners, with links to mining clients recommended by the Magi team being found on its official website.[1] Magi remains a coin seemingly more profitable to mine than other popular options such as Bitcoin.

XMG Wallet

Magi is a fork from Peercoin, so you’re going to need a dedicated wallet to store your XMG coins. Be careful not to store them in popular offerings such as MyEtherWallet, since these are Ethereum based wallets that only support ERC-20 coins. The official XMG wallet can be downloaded from Magi’s official website. [2]

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the XMG cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for XMG on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate XMG wallet from the exchange to store your XMG cryptocurrency. Instead, all transactions happen to and from your own personal private wallets, giving you additional security and privacy over all your transactions!

 

#4: What is the future of Magi?

Also Read: Complete Analysis of Magi | Live Magi (XMG) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.115205

0.135252

0.114883

0.123996

2637

930069

Jan 01, 2018

1.31

1.32

1.12

1.22

938638

10147300

Jul 01, 2017

0.166792

0.178369

0.150914

0.151805

16900

1187220

Jan 01, 2017

0.016059

0.017991

0.015599

0.017965

593

101566

Jul 01, 2016

0.009628

0.010518

0.009443

0.010011

204

49754

Jan 01, 2016

0.012377

0.012416

0.009246

0.009246

45

44709

Jul 01, 2015

0.014795

0.01574

0.014374

0.014665

198

40185

Jan 01, 2015

0.023591

0.024791

0.022029

0.024334

214

43174

Oct 01, 2014

0.034608

0.034818

0.025476

0.030077

132

52677

  1. XMG has followed general market trends for most of its run.
  2. However, with most PoW coins being increasingly difficult to get into without significant computing power, it is likely Magi will see an influx of new adopters in the coming months.

 

#5: How is Magi different from other cryptos?

  1. Unique hybrid consensus mechanism - Unlike most other altcoins, Magi uses a unique hybrid of the Proof of Work and Proof of Stake consensus mechanisms. This means that miners and stakers alone do not have monopoly over the network, and must work together in order to secure the blockchain and authenticate new transactions.
  2. Innovative hashing algorithm - The M7M hashing algorithm used by Magi for its blockchain resists dominance by ASIC mining farms. It allows for the existence of a fair, less power hungry and environmentally detrimental, and more efficient blockchain ecosystem by allowing only CPU powered mining to take place. Since this algorithm is implemented in the code base itself, unlike other altcoins which usually perform a soft-fork when problems start to arise, this leads to much more stable blockchain.
  3. Enhanced security - Magi fixes many known issues with BTC’s codebase, such as protection against transaction malleability, by implementing protocols such as the SegWit protocol, to produce a much more secure and robust network.
  4. Dedicated development team - The dev team of Magi has been consistent in pushing newer upgrades, with plans for DApps, anonymous transactions, and mining/staking clients for installation on devices such as the Raspberry Pi in the works.

 

#6: Should you invest in Magi?

  1. While XMG has run fairly under the radar so far, as the blockchain hash rates of other Proof-of-Work based coins - such as BTC - keep increasing exponentially, more and more users with modes hardware setups will begin looking into altcoins such as Magi which provide a fair and unbiased network. This is because it will always get progressively harder to mine legacy coins since their mining networks will be clogged, making it less profitable to spend your resources on mining those coins.
  2. With its unique hybrid consensus mechanism, a higher degree of balance is maintained and both miners and stakers should be incentivised the secure the Magi network for a longer period of time.
  3. With the Magi team’s plans to roll out DApps, and support for a wider range of devices, users are likely to see a thriving community that is working on upgrades continually, which is always amongst the first factors considered when investor are fishing for cryptocurrencies.
  4. The introduction of much-needed features like anonymous transactions should also have the potential to wean users off other privacy-centric cryptocurrencies such as Z-cash or Dash.
  5. Investing in any cryptocurrency is subject to their inherent volatile nature, however, the market potential of Magi, combined with a robust development schedule and dedicated user base, make it an interesting coin to watch for in the coming months.
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