MAG UPDATE 2020 FEBRUARY

February 11, 2020

VOTING FOR NEW REWARD SCHEME

We held MAG governance discussions open in our Discord #governance channel for little over a month. Community could express their thoughts on how they would like to see MAG governance happen in terms of the staking reward parameters. Main topic turned out to be the amount of rewards and community made it very clear that they preferred lowered reward size over current 7000 MAG per day. Yesterday, on 10th of February, voting was closed and here are the results that will be used as reference when coding the decentralized automatic rewards scheme in coming weeks.

FINAL PARAMETERS FOR NEW REWARD SCHEME:

REWARD SIZE / MAG paid for rewards in decided timeframe – 5000 MAG (48 votes)
TIMEFRAME / how often reward payments occur – 1 time in 24 hours (58 votes)
MATURING / time to hold MAG to qualify for staking reward – 24 hours (55 votes)
NETWORK BUDGET / percentage that goes to MAG network budget – 10% (43 votes)

We want to thank everybody who participated! First steps towards better governance of MAG could not have happened without you! Through new possibilities on Stellar Network we can start giving more power to the community and build a better experience for MAG users.

MAGNET MARKETPLACE UPDATE

At the end of the 2019 we had to slow down the marketplace development to the point it nearly stopped. We have been back on it since January 2020 and can bring an update. Start of February a bigger milestone was reached – marketplace is now ready to be connected to the Stellar network. This means currently site has front and back end successfully setup so code for connecting to Stellar network can be executed safely in the back end. Our goal is to get the marketplace running with minimal features and design as soon as possible. Planning for the connection to Stellar has started and we will bring an update when new stages in development are completed. Being a small team, we do our best to bring constant progress. Connecting the marketplace to Stellar will be last part of the development before we can start thinking on beta release date. Things are getting interesting at this point!

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