MAG UPDATE MARCH 2020

March 29, 2020

Things have changed a lot in the world since the last update a month ago. We wish everybody strength and clarity to sail through those unknown waters. Now lets get to MAG.

Last biggest change in how MAG functions every day was the modification of reward payment script used daily to deliver MAG users their staking rewards. After Stellar made possible to retrieve accounts information on their Horizon API, it was possible to start using their official API instead of third party solution (stellar.expert) we used for collecting the MAG holders data so far. Next step from here will be automation of the reward script.

Marketplace

Marketplace development has been going on at slow, but steady pace. In the first part of the development marketplace structure was created that functioned using local database to list/recall the items and handle userdata. We used React as the main framework for setting up the front and back end. Now prototyping for connecting the created structure to Stellar network has started and this signifies the start of the last part of the development before testing period. There is still a lot of crucial development ahead, but at this point things are getting interesting!

New swap form

Old native MAG chain we used for swapping MAG so far has stopped and we have decided to stop maintaining it. Most of the old MAG (over 39 million) has been swapped and there is no reason to keep the whole old network going for few occasional swappers. We have set up a new form for the people who are in the need to swap their old MAG, but it will take some effort to get them swapped and it is not a fast process to go through.

Reward change

In the last voting for new reward scheme we established as a community that 10% of daily payouts will be given to MAG team. Starting from next week along with the start of april – daily distributed staking rewards will be 4500 MAG instead of 5000 MAG that was divided between all the MAG holders daily so far.

We wish you all the good health and immunity needed to go through this virus period! Stay safe!