Coin Magi (XMG) Proof of Interest 2015 Campaign

30 Mar
2015

coin-magi-xmg-proof-of-interest

The team behind Coin Magi (XMG) has announced an interesting initiative called Magi Proof of Interest 2015 that would allow people to get interest on their XMG coins kept in their wallets if they keep them there for 2 months. The Proof of Interest will last two months (starting April 1st and ending June 1st)and it is not implemented in the wallet itself, you need to send your XMG wallet address and the balance you have in the wallet will be entered in the PoI initiative and in 2 months if you still have the same amount of coins your interest will be paid on 01-06-2015, if you have more coins you will get higher interest and if you have less either no interest will be paid to you (if more than 20% less coins in your wallet) or an interest rate for the amount of coins present in your wallet.

In order to participate you need to either post your wallet address here or send in a PM with your address if you don’t want to make it public. The interest rate is not yet available, it can be influenced by the number of participants, level of the fund and total number of coins that participate. So if you have some XMG coins that you are keeping in your wallet long term, then there is absolutely no reason not to take advantage of this campaign. Do note however that exchanges or wallet address on an exchange are excluded from participation in this initiative!



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2 Responses to Coin Magi (XMG) Proof of Interest 2015 Campaign

brandon

April 1st, 2015 at 02:27

I think it’s worth mentioning that BURST has a similar thing going. A major difference to be noted: interest is being paid daily to those that participate. You can check out here for more info: http://burstbank.com/

There’s talk in the forums about creating a “Smart Contract” to do this work for us, making the entire process completely trustless :)

Spexx

April 2nd, 2015 at 01:12

Coin Magi (XMG) is a combined proof-of-work and proof-of-stake coin, so holders gain “interest” via the proof-of-stake mechanism constantly, provided that they have their wallet running and unlocked for staking. The rewards from the Proof Of Interest Campaign will be in addition to the rewards (i.e. interest) gained from holding coins in the wallet. On the issue of trust, I have participated in previous XMG campaigns and the rewards have been not only paid promptly, but in excess of expectations. I say “get in”.

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