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Coin Magi (XMG) CPU Only Alternative Crypto Currency

10, Dec 2014

coin-magi-xmg-logo

We haven’t talked about crypto coins that are mineable with only CPU and do not have a GPU or ASIC miners lately, but with the not so attractive options for GPU ans ASIC mining lately people are starting to look for some CPU coins again. Looking around through the more recent launches that still remain CPU only one coin catches our attention, it is called Coin Magi (XMG). This crypto coin has been available for a few months already and thanks to the use of a new algorithm called M7M (improved version of the M7) it still remains a CPU only coin. The coin uses a hybrid proof of work and proof of stake algorithm and a block rewarding system to enable fairness in the distribution of coins among miners. By removing the competitive nature of mining, the XMG tries to offer an even playing field for anyone looking to mine currencies without the need to own expensive mining hardware.

The Coin Magi (XMG) is already quite developed and is supported by multiple exchanges, has numerous pools and even a multipool where you can mine other coins and get paid in XMG, there is currently an ongoing effort for introducing a PayPal-like payment system to use XMG called MagiPay. It is not too late to join the party if you have some spare CPU power, though there are a little over 5000 blocks left in the PoW phase of the coin before it enters the PoS stage. Even if you do not have enough CPU power to try mining yourself, you can rent some M7M hashrate for mining XMG from Mining Rig Rentals where currently we see 18 rigs available selling hashrate for the M7M algorithm.

Website:
– www.coinmagi.org

Block Explorer / Crawler:
– https://chainz.cryptoid.info/xmg/
– http://m-chain.info/chain/magi
– https://bchain.info/XMG/
– https://www.blockexperts.com/xmg
– http://www.multifaucet.tk/index.php?blockexplorer=XMG

Coin Specifications

  • M7M (v2) PoW Algorithm
  • Total supply: 25 million XMG coins
  • Block time: 3 minutes
  • MagiQuantumWave (MQW) difficulty adjustment per block
  • Proof of Staking II (PoW-II) Algorithm
  • PoS Interest rate – network weight dependent with maximum 5%
  • PoS Block time: 1.5 minutes
  • PoS Block hash: SHA256
  • PoS Maturity: 120

Wallet:
– Online Staking Wallet
– Windows
– Linux
– MAC OS

Source Code:
– at GitHub

Ports:
– RPC Port: 8232
– P2P Port: 8233

Mining Pools:
– https://xmg.suprnova.cc/
– https://pow.magipool.info/
– https://xmg.maxminers.net/
– http://xmgpool.cf/
– https://www.suchpool.pw/xmg/
– https://pom.m-hash.com/
– https://magipi.tk/

Coin Exchanges:
– Yobit

BitBay (BAY) POS Alternative Cryptocoin

12, Nov 2014

bitbay-logo

The goal of BitBay (BAY) is to create the entire economy within the crypto space. With the implementation of multiple smart contract methods – such as unbreakable double deposit, Halo contracts, and special time locked contracts with the new CheckLockTimeVerify function, this project can allow all kinds of innovative financial instruments. For example, accounts can be created with two keys that can later convert to three keys. Contracts can be made completely unbreakable, financial derivatives will never go unpaid, and BitBay will be the first coin to convert to a full hedging coin. This means, the price gets locked in after the project proves its development schedule.

The economy of BitBay hinges on decentralized markets. We are supporting Halo technology by licensing their software. Since we see the amazing value in being part of the worlds first decentralized markets with Halo technology and decentralized Bitmessage markets we are honored to be working with them. The technology that we will use in BitBay is based on BlackHalos market engine that leverages Bitmessage. Combining the use of proof of burn, white-lists and Bitmessage Channels, these markets will have no central point of failure. The Bitbay blockchain is impossible to bloat and can scale to meet the needs of international markets.

Furthermore, we use our contact list from Alibaba to help populate all the decentralized markets. BitBay is positioned to replace current online auction websites once the world recognizes the true utility of basing trust on Satoshi’s blockchain tech. After the debut of the markets, we will fork the coin into a hedging coin. This will greatly reward investors who get in on the ground floor, and it will eliminate volatility using a similar system to NuBits. This is all possible because of time locks that allow us to park coins.

BitBay supports Stealth technology. Because of time locks, it will be possible to perform Atomic trades allowing for decentralized exchange.

Bitbay smart contracts are also designed to support the internet of things. We plan on implementing our contracts into hardware. Since the contracts are unbreakable, we will form powerful partnerships in Chinese manufacturing markets and be able to decentralize more than just money. Hardware will store these contracts and be used for honoring agreements and creating mesh networks.

Mesh networks are by FAR the Holy grail of anonymity and freedom. This is internet without IP addresses. Forget, Maidsafe, we want to decentralize the world and make it free for everyone. This is our end goal.

Website:
– http://bitbay.market/

Block Explorer:
– https://chainz.cryptoid.info/bay/

Coin Specifications

  • Initial ICO + PoS
  • Total Coin Supply: 1 Billion
  • 64 seconds Block Time
  • 1% annual Nominal PoS stake interest
  • 8 hours Min stake age (no max)
  • 10 confirmations for approval
  • 50 confirmations for maturity
  • POS2 Proof of Stake Phase

Wallet:
– Online Staking Wallet
– Windows
– Linux
– Mac OS

Source Code:
– at GitHub

Mining Pools:
No mining pools, the coin had ICO and is now PoS.

Coin Exchanges:
– Bter

Mining Feathercoin After the NeoScrypt Fork with AMD and Nvidia GPUs

27, Oct 2014

neoscrypt-gtx-750-ti-opencl

Feathercoin (FTC) has hard forked from the Scrypt algorithm to the NeoScrypt as was announced earlier this year after block 432000. You need to update your wallet to Feathercoin 0.8.7.0 in order to continue using it after the NeoScrypt update and you need to download a special version of cgminer with support for the NeoScrypt algorithm (link below). The goal of the hard fork away from the Scrypt algorithm is to make FTC not mineable with Scrypt ASIC miners giving back the opportunity to GPU miners to mine the coin. Currently the profitability of mining FTC is quite high compared to other coins that are being mined with GPUs, so there is high interest in Feathercoin at the moment. Do note that here is no special miner dedicated for Nvidia miners to mine NeoScrypt using CUDA, however the version of the cgminer with NeoScrypt support actually works quite well not only on AMD, but on Nvidia GPUs as well using OpenCL. The screenshot above is from a GeForce GTX 750 Ti video card at stock frequencies giving a bit over 40 KHS and with some overclock you should be able to push the performance of a single GTX 750 to about 50 KH/S.

Mining with cgminer 3.7.7B with NeoScrypt support (source) on AMD GPUs has something that you make sure to do to get the best performance out of your GPUs. You need to make sure you have Catalyst drivers 13.11 installed, and then run the cgminer to compile the kernel with the settings you are using, then update to the latest 14.9 drivers and run the miner with the already generated kernel (BIN) file with the old drivers. Make sure you don’t change settings affecting the kernel after getting back to the latest video drivers as this will invoke the compilation of a new kernel that will not work and you will most likely be getting HW errors only. Generating kernel with newer drivers and not using a kernel generated with the older 13.11 drivers will not work and you will be getting only hardware errors instead of actual work being done. This is a bit of inconvenience, but you will have to do the driver trick only once and hopefully there will be a fix for this in the future as well as further performance improvements. Currently we are getting about 90-100 KH/s on a single AMD Radeon R9 280X GPU, so the performance on Nvidia graphics cards compared to AMD is looking very nice considering that we are using OpenCL and not CUDA.

– You can download the cgminer 3.7.7b with NeoScrypt support for Windows OS here…


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