NEW MAG WALLET IS HERE!
November 10, 2018
November 10, 2018
We are more than pleased to release the new MAG chain wallet to the public. We are hours away from the main swap taking place on https://www.cryptopia.co.nz/ and now users can start getting ready for it.
One of the noticeable differences between the old and the new chain is the address prefix. New chain addresses start with a G while the old addresses use M as their prefix. Similarly, the default installation folder has been set to /mag (instead of /magnet) and the binaries names were also shortened to use “mag” instead of magnet.
The official masternode setup guides will be released on 11.11.18 as we enter the swap phase. The Cryptopia tech team will then initiate the swap process and the release of new coins to users. If there are no technical problems, the process should not take more than 1-2 days, but please bear with us, should it take a little extra.
As announced in the weekly update, the main net has started successfully on the new chain and the POW phase has also completed. It is currently running with 152 masternodes of which 30 belongs to the network.
We want to be fully transparent about the process we used to setup these initial nodes and wallets.
A burn address was derived from 32 random bytes of data warranting that the public key is deemed invalid by all clients on the network (65-byte length being required). This ensures that funds sent to the generated address are locked and un-spendable. Anyone is invited to reproduce the steps below to verify that our burn address was not derived from a valid public ECDSA key:
R = 38d8b95351380eec25d9587d3f6586eca4843f054623fc60e4853dcf407c6de3
MAGNET-PREFIX = 0x33
HASH-1 = MAGNET-PREFIX + RIPEMD-160(SHA-256(R))
HASH-2 = SHA-256(SHA-256(HASH-1))
CHECKSUM = First 4 bytes of HASH-2
ADDRESS = BASE58(HASH-1 + CHECKSUM)
RESULT = MXgN5yQ2F1CK9xamnHtpkm3BvrFGmqauqj
We then asked every team member and testers to send their funds to this address, so they would be redeemed with the same amount on the new chain. This is to ensure strict fairness in that nodes and staking wallets setup on the new network cannot also generate rewards on the old network – they had to be undone first.
In total, 1.6 million MAG were burnt and used to run the 152 Masternodes and staking wallets on the new network. The blockchain is also verifiable to identify the number of masternodes and wallets that have been rewarded during this period.
We are dedicated to transparency and fairness.
All rewards collected by our network nodes from the start of the POS phase up till 12/11 will be airdropped, so look for some announcement in the near future and follow us on our social media channels Twitter,Discord, Reddit, Telegram.
Swap time is nearing so make sure you transfer your coins to https://www.cryptopia.co.nz/ ASAP! This is the most convenient and fastest way to get your old coins swapped to new ones – do not miss out.