There’s a new cryptocurrency in town, and this time, it’s MAGIC! Unlike the current flavor of the month in terms of PoW/PoS and instamining, etc. , MAGI/MAGIC follows in the footsteps of Litecoin, including its mining algorithm. Magicoin uses Scrypt instead of the other proof of work schemes like X11 which are getting more attention in the last month or so than simple Scrypt. In fact, Magicoin is quite similar to Litecoin, even in terms of the block target of 2.5 minutes and a total coin count of 84 million. This will probably make Magicoin easy to keep track of in the future, as its value can easily be compared to Litecoin.
The distribution of Magicoin however is different. There is a 0.95% premine which will be used to develop the coin and the infrastructure around it through bounties. I know pre-mine isn’t the most popular option out there in the community but if the funds are wisely used, the coin can quickly gain popularity and easily reach the crypto-masses.
Also, even though the coin is very new, Magicoin is already listed on SwissCex, one of the better exchanges out there and one that I have used quite a bit in the past for altcoin trading. Even though the volumes aren’t that great, the site and trading experience is excellent at this site.
There are many giveaways and bounties, to help spread the Magic of Magicoin all over, and to help as many people get their hands on some Magic as they possibly can. In fact, there is already a faucet that you can use to get some free Magicoin, to get started with this new crypto. If you want to mine some Magicoin, check out the MagiCoin Mining Calculator.
All in all, MagiCoin seems like an interesting new cryptocurrency that promises to be fun and inclusive. There is already a proposal for a MagiCoin online store. This might mean it could be a coin like NobleCoin which is gaining steady acceptance in the community and has an excellent online store to buy anything at a discount, like Amazon Gift Cards at 15% discounts.
There is lots of interesting information on the main ANN thread for Magicoin, so do be sure to check it out and follow it for regular updates.