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PROOF OF WORK, PROOF OF STAKE, MASTERNODES

About

Our network is designed so anyone can benefit from holding and supporting the coin.

Magnet is both community-oriented and still strongly coupled with our vision of network scalability, allowing us to grow and withstand the intensity and speed of all blockchain technology. By keeping the tenets of a decentralized network and focusing the community directives we can couple the best of both world in cryptocurrency with the utilization of masternodes. In our first year, a lot of attention will be given to the Magnet Wallet, specifically focusing on the user experience (UX) creating a wallet that is overall smoother and richer in features. Masternode owners will have access to tutorials, tools and documentation that bring clarity to users on all levels of experience. The final part of the initial wallet and masternode creation will be the Magnet wallet (MW2.0) with features that make developing on the Magnetwork a possibility for other developers. All the features will be implemented with appropriate coding and testing in order to preserve maximum network security while opening up our product to new possibilities.

A fundamental part of the Magnet vision is the belief that there must be a balance struck between the electrical cost of processing blocks and the security of all transactions. Magnet is developing protocols to utilize more electrically efficient POW mining to keep the crucial security at the lowest cost to the planet, but continuing to build on the POS foundation that is inherently more cost efficient. We are currently researching a variety of renewable energies and the most efficient way to harness them into the mining process. In time this research will grow into a platform for investing in renewable energy mining with scalability continuing to be a prominent part of our direction. Green technology that will underpin our network is part of our growing Magnet infrastructure and while in development stages we expect this to be available to the public in 2018. Our goals for the near future can be found in the Roadmap section of our website.

MAGNET IS GROWING TO BE A TRANSPARENT AND ACCESSIBLE PAYMENT OPTION FOR USERS TO EXCHANGE VALUE SAFELY.


Wallet Synchronization Guide

To Access Magnet Wallet Data Folder
Windows 
Locate folder %Appdata%/Magnet
Linux
Ctrl+H in Home folder should reveal .magnet folder.
If not – start the wallet and close to create it.
MacOS 
Alt(Option) + Finder > GO > Library.
When the Library opens find Application Support > Magnet


Close wallet and open magnet.conf file from data folder.
Paste the following code in the magnet.conf file.

rpcallowip=127.0.0.1
rpcport=17179
rpcuser=INSERT_YOUR_USERNAME
rpcpassword=INSERT_YOUR_PASSWORD
server=1
daemon=1
listen=1
staking=1
port=17177
debug=all
addnode=35.199.85.169:17177
addnode=35.198.223.207:17177
addnode=35.194.87.150:17177
addnode=35.189.4.137:17177
addnode=35.185.121.119:17177
addnode=35.200.21.250:17177
addnode=35.205.55.1:17177
addnode=35.189.66.131:17177
addnode=35.198.116.135:17177
addnode=35.199.118.191:17177
addnode=35.200.190.45:17177
addnode=35.189.37.6:17177
addnode=35.189.97.133:17177
addnode=35.203.183.136:17177
addnode=35.195.167.40:17177
addnode=35.199.188.194:17177
addnode=104.196.155.39:17177
addnode=35.197.228.109:17177
addnode=35.198.35.45:17177
addnode=35.197.145.93:17177
addnode=35.199.1.114:17177
addnode=35.201.4.254:17177
addnode=35.188.240.39:17177
addnode=35.199.48.8:17177
addnode=146.148.79.31:17177
addnode=104.196.202.240:17177
addnode=35.195.122.245:17177
addnode=35.198.82.29:17177
addnode=35.200.247.198:17177

MINING POOL

Start mining Magnet today, we have our official mining pool ready for you. Please head over to Magnetpool.io

stratum+tcp://magnetpool.io:3533 Default Diff: 92

Pool fee 0.5%

When setting up the miner use Your Magnet Address as Username so we know where to send the rewards.
Find more info from pool website!

MASTERNODES

GUIDE FOR COLD WALLET + MASTERNODE ON LINUX VPS: DOWNLOAD
(Used in video tutorial)

GUIDE FOR COLD WALLET MASTERNODE ON LINUX FOR BEGINNERS: DOWNLOAD

GUIDE FOR HOT WALLET MASTRNODE ON LINUX: DOWNLOAD
DISCLAIMER! Only advanced users should use Hot Wallet setup and only when they are fully aware of the differences between hot and cold wallet setups.

Keep in mind that staking = 0 line must be added to the magnet.conf file for accurate Masternode Ranking.
Default is staking = 1 so Masternode ranking resets with every staking reward.

MASTERNODE REQUIREMENT
10000 MAG

Soft Lock Update
Masternode owners have the ability to “soft” lock the masternode collateral. When the option is turned on, the wallet will not select masternode transaction as input to new transactions. This behavior can be overridden by using the Coin Control Features and explicitly selecting the collateral. Simply add the following line to your config file to use: masternodesoftlock=1

Masternode Tools
http://magnetwork.io/checkmn/
http://mnrank.com
http://masternodes.online
https://www.crypto-coinz.net/master-node-calculator/

FAQ Frequently Asked Questions

Add maxconnections=35 to your wallet configuration file (magnet.conf). While 35 should give you a good enough connectivity to the network you can increase this number up to 50 if needed.

Download the bootstrap file here: https://magnetwork.io/Wallets/bootstrap.zip. You should extract bootstrap.dat into your wallet data folder and restart the wallet. It should allow any wallet to fully validate the Magnet blockchain in <30 minutes regardless of the internet connection speed. File checksum: SHA256(bootstrap.zip)=69b1618e539d774ec145e76c956f42d8042fbcd4fe201ac6531f01708dc8e058

Go to the following link and type your masternode IP in the box: https://magnetwork.io/checkmn. Alternatively, you can search using your masternode public address.

CD into the magnet daemon folder and type the following command: ./magnetd sendtoaddress my_address amount_in_mag_unit (e.g. ./magnetd sendtoaddress MkbuFvxBsvKxAxUreFxcajoV 500).

CD into the magnet daemon folder and type the following command: ./magnetd walletpassphrase “passphrase” timeout_in_seconds

No, the purpose of masternode is to strengthen the network hence a single dedicated (or separate) machine is required to host a Magnet masternode.

Yes, add a new line to the masternode.conf file. You will need the IP of the VPS, the new private key (masternode genkey command), the collateral transaction ID and output ID.

Anonymized inputs cannot be mixed with normal inputs. Go to Settings > Options, click on the Display tab and check the box “Display coin control feature”. Go back to the Send tab and click Inputs. This will allow you to select the inputs.

Bring the console: Help > Debug window, click the Console tab and type: masternode start-many.

If the error is on the VPS, then start the local wallet, Bring the console: Help > Debug window, click the Console tab and type: masternode start. Then get back to the VPS and type: ./magnetd masternode debug to check that the masternode was activated remotely. If the error occurs on the local wallet make sure your masternode.conf is properly setup.

Bring the console: Help > Debug window, click the Console tab and type: repairwallet

Bring the console: Help > Debug window, click the Console tab and type: scanforalltxns. It may take a while, once complete type: repairwallet to actualize the amount.

Proof of Stake is 7% yearly returns so the block reward amount is: COIN-DAY x 7 ÷ 100 ÷ 365.

Magnet being a hybrid PoW/PoS coin it is not possible to assess the exact amount of generated coins over time due to PoS rewards being proportional to the coins staking. However, to help answer this question more accurately, we have setup a quick spreadsheet that you can use to run various simulations on the magnet specs: https://docs.google.com/spreadsheets/d/1HF6lb_keU1buQGgr6ynENYskai2fH5fGlRcqfMlc2ME/edit#gid=0 For example, if we consider that 20% of the money supply is staking and an exact 50% PoS blocks are generated we can say that a total of 101231999.9 MAG will be generated when the last PoW halving occurs. PoS will continue rewarding wallets proportionally to their staking balance at 7% yearly interest.

Type Windows + R key, type regedit then OK. Delete that key: HKEY_CURRENT_USER\Software\Magnet\Magnet-Qt or set “fUseProxy” to false

You should specify the OPENSSL_INCLUDE_PATH and OPENSSL_ LIB_PATH to point to your OpenSSL 1.0 version install. Example: export OPENSSL_INCLUDE_PATH=”your_include_path” export OPENSSL_LIB_PATH=”your_lib_path” make -f makefile.unix

Your system does not have automake/autoconf installed, run the following commands: sudo apt-get install autotools-dev sudo apt-get install autoconf.

The windows compilation instructions are outdated (from the fork). The fastest way to get a compilation toolchain working for Windows is to use MXE (M cross environment) and cross-compile from Linux.

The official pool (magnetpool.io) uses variable difficulty (with minimum) so it depends on the network conditions and hash rate. The best is to try them and see which one works best for you.

Use the -datadir command line option to specify an alternative data directory (tip: create a shortcut). Example: magnet-qt.exe -datadir=”c:/wallet1”

It is entirely up to you. These values will be read by all Magnet processes on your machine so any will do.

Staking=0 prevents your wallet from staking. However, a masternode still earns 50% of all mining rewards including PoS reward generated from other wallets.

Masternodes earn 50% of all mining rewards, that includes both PoS and PoW. PoW are currently at 200 Mag. 100 Mag goes to masternode winner each block. PoS would vary depending on staking which is computed in coin-day-unit x 7% / 365. These PoS rewards may be quite small but could later on earn more than PoW blocks when wallets are staking more coins. (a 5-day old 100K stash would reward as much as a PoW block). These are the rewards you get.

Magnet default block size is 5MB and can be changed through config up to 19MB (protocol limit). If we take an average transaction size of 500 Bytes and a block time of 90 seconds, that’s 111 transactions per second which we can increase to 422 per second without affecting the protocol. Keeping in mind that transactions per second is theoretical because the very concept of blockchain is that to be accepted and validated, a transaction must have made it through the consensus for at least over 50% of the nodes. It is physically limited by the network conditions on which nodes are running.

This is a false positive and we are currently working on code-signing the Windows Wallet to help antivirus identify us as legitimate program. In the meantime, you will either need to whitelist the program or compile it from source if you possess the technical expertise/resource. We can to assist either way so feel free to get in touch. https://www.virustotal.com/#/file/0c372c3c588d6901faf463fb80433507fcf870ff3b4c5ce2aa74e23ba22c3103/detection

Bring the console: Help > Debug window, click the Console tab and type: masternodelist rank.

This error means your system does not have boost 1.62 installed. If you are running a later boost (e.g. 1.65.1 then you can probably solve it with a simlink) otherwise you either need to compile the daemon against your installed libs version or upgrade your system. We recommend using Ubuntu 17.10.

To make sure the masternode IP is registered as VPS and does not conflict with your local IP you should add externalip=insert_your_ masternode_ip_here to the local configuration file (magnet.conf).

WHITE PAPER 1.0

GET MAGNETIZED

MAGNET is available to trade on these Exchanges:

TEAM


THOUGHT

Holds everything together.

Roland
Vision

LOGIC

Makes it happen.

Frederic Rezeau
Head Developer

VOICE

Supports the ones in need.

Nord
Community support