Magnet MAG: Coin Swap
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. While most specs will remain unchanged, a few protocol changes will occur and contribute to improved security and scalability: - Moving from PoS/PoW hybrid to full PoS. - Faster block time for merchants (60 seconds). - Steadier rewards scheme. We will communicate in more details (date, timeframe, modalities) in the coming days through announcements and blog posts so stay tuned. Any questions feel free to ask. PARTICIPANTS All holders of MAGNET (MAG) currency. LOCATION Exchanges to be determined (watch for updates).
A coin swap is a process of migration a cryptocurrency from one blockchain to another. Such a process may be due to hard fork or the mainnet launch. Holders need to follow recommendations for a successful swap in order not to lose the cryptocurrency.