BeyondFaucet Blog: What is Magi?
Dive into Magi (XMG) and it's unique features such as low-powered mining and staking.
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Welcome to the fourth post on the BeyondFaucet Blog! In this post we will have a look into Magi (XMG) also known as Coin Magi, Magicoin, and by its ticker, XMG.
Magi was founded in 2014 by an pseudonymous developer and launched with a vision of creating a decentralized payments network secured by an algorithm which would be more appealing to miners that don't have ASIC miners as Magi has its own mining algorithm that allows for users to mine on lower-powered devices such as mobile devices and computers (CPUs and GPUs) as well as add a proof-of-stake algorithm which will appeal to investors and general users to earn more from their coins.
In recent years (since 2017) the Magi project was seen as abandoned, but a community of users still host nodes for the project as they believe in its potential, especially due to how almost everyone can mine it and its staking capabilities. This is also part of the reason why Magi is now listed on the BeyondFaucet as Magi has an active community still behind it, but very little public outreach for new users. We believe that by adding Magi to the faucet, more users will check out Magi without the need to risk their own funds to explore the project.
Even though the original developer of Magi has vanished since 2017 (last known contact was in 2017), the coin lives on and is still being mined by a lot of users and there are still coins being staked. Magi's original vision was to create a coin with its own proof-of-work system different from that of Bitcoin and Litecoin and add a proof-of-stake protocol which will appeal to miners and general users. The benefits of their own proof-of-work protocol allow for Magi to be mined on practically any device that can compute its M7M algorithm which can include CPUs and GPUs on smartphones and computers. Their algorithm is also ASIC resistant which means the risk of an ASIC being used is quite low making mining fairer and appealing to users without a lot of equipment.
Magi also has a proof-of-stake (PoS) protocol and was one of the first coins to have this capability. Proof-of-stake allows for anyone to “stake” their coins in a pool and earn more coins based on how many coins the user has staked on each staking round. Staking is appealing as it adds an incentive to hold XMG as you can stake it to earn more without doing anything, like a passive income stream.
Another cool feature of the Magi blockchain is that if no blocks are mined, there will still be automatic blocks created from the proof-of-stake protocol which means if every miner leaves the network, but there are still online nodes, the blockchain will still be able to process transactions which makes the risk of stuck transactions low in the event all the miners leave the network.
Due to Magi having a unique proof-of-stake protocol and mining algorithm, it allows for Magi to overall be an energy efficient network by allowing for the network to be run on its own by staking, and by low-powered miners when compared to ASICs which use a lot more electricity than the average gaming computer.
In conclusion, Magi (XMG), even though abandoned by its original developer, still has an active and thriving community of supporters that host nodes, mine, and stake on the network. We here at BeyondFaucet decided to add Magi as we would like to increase the public outreach that Magi has in hopes to help keep interest in the network with all crypto users to checkout without the need to risk funds. As always, remember to do your own research and make informed decisions when exploring the world of cryptocurrencies.
The information provided in this blog post and all our posts is for informational purposes only. The content is based on personal research and opinions and should not be considered as financial or investment advice. Cryptocurrencies and blockchain projects are subject to market risks, price fluctuations, and regulatory changes. Before making any financial decisions or using any cryptocurrency, we strongly recommend conducting your own research and seeking advice from qualified professionals. We do not take responsibility for any actions taken based on the information presented in this blog post. Use this information at your own discretion.