MAG UPDATE JAN 2020 + New Wallet v2.1.0

January 2, 2020

Running the old chain after the initial swap ( https://magnetwork.io/mag-goes-stellar/ ) had issues with version 1.0.0 nodes and new wallet had to be released. Protocol version was changed so old nodes cannot connect anymore and the late swap process for MAG users can continue with ease.

In order to swap your MAG in 2020, you need to download the new v2.1.0 wallet and go through resync process which can take a long time, especially with low internet connection. We will be available on Discord to assist if you run into any problems.

Add the following nodes to your MAG config file for syncing:

addnode=52.170.193.38:17172
addnode=95.216.209.225:17172

You can also find the swap wallet for downloading here.

MAG STAKING

We are taking now MAG anchor staking in focus and looking for community to share your ideas with us on this topic. For this we have setup a Discord channel #governance there we are waiting for your comments about the new reward scheme.

MAG is a staking currency that distributes dividends to holders. With the SWAP to Stellar, masternodes have been put to obsolescence and there is a need to ensure that rewards keep being distributed fairly, securely and through a decentralized process to assets holders.

Right now about 7,000 MAG are created daily and distributed to holders proportionally to the amount held in their account. This process is centralized, and its execution is controlled by one signatory. This process does not serve the interest of the community in that it was setup for transitioning purpose and never meant to be adopted over such a long period of time (several months). This process is not secured or guaranteed either.

Stellar enables sophisticated smart contract features such as multisig and time bound transactions (e.g. payment transactions that can only be spent in a specific date), to alleviate the risk and provide decentralized control. We should elaborate a process we all feel comfortable with, leveraging these smart contract features, to implement the rewards distribution process going forward.

The first step in achieving decentralized governance is to vote the new reward scheme. We are hoping to reach consensus on the rewards scheme by the end of the month so submit your proposals to our Discord #governance channel. Voting will start on January 27, 2020 and end on January 31, 2020.

The previous reward scheme is provided here as reference: OldMagMasternodeScheme

LITEMINT NEWS

Lastly we bring you the big news – Litemint, the up and coming gaming platform on Stellar, has acquired the renowned decentralized exchange and service platform, Stellarport, this week.
Read more about Litemint future and vision here – https://blog.litemint.com/litemint-acquires-stellarport-connecting-gaming-to-the-crypto-universe/

Make sure You follow us on any of our social channels to stay updated!
Twitter,Discord, Reddit, Telegram