MAGNET COIN SWAP ANNOUNCEMENT
MAGNET was launched almost a year ago. Since
then we have released several services
and created an inclusive MAG ecosystem including our biggest achievement to date: the release of
Magnet Merchant Tools which offer streamlined invoicing, checkout flow and truly decentralized B2C payments
to standalone and Woocommerce websites.
Our first year was also punctuated by many security
challenges (including 2 hard forks)
that we successfully solved while creating unique solutions such
as the secluded miners, and masternode meta data,
a 100% decentralized solution to masternode Proof-of-Work
rewards. After a thoughtful overview of our codebase, we have decided that we would need
a major update to encompass
the latest technology improvements from Bitcoin Core and move forward
with our infrastructure from solid grounds.
We have therefore decided to re-base our
chain from a PIVX fork.
PIVX being a direct fork of Dash and Bitcoin Core(as well as a great team),
we would then be able to incorporate security
and infrastructure improvements very quickly while focusing on the core features we bring to MAG users.
Most specs will remain unchanged and occurring protocol changes
will contribute to improved security
Core Team will communicate in more details (date, timeframe, modalities)
in the coming days through announcements
and blog posts so STAY TUNED!
All holders of MAGNET [MAG] currency
Exchanges to be determined
WHAT IS COIN SWAP?
Coin Swap is the mechanism employed to move cryptocurrencies from one blockchain to another at a pre-determined rate.
As the coins on the initial blockchain may be incompatible with the new one, it becomes necessary to
initiate a swap to carry users from the old blockchain to the new one.