What is MagicCoin (MAGE) Crypto Beginner’s Guide
MagicCoin is a trading platform designed for Proof-of-Stake altcoins. These are alternative cryptocurrencies created after Bitcoin. They are mined according to how much tokens are held by the user. The more tokens the user has, the more blocks they can validate.
This platform allows developers to publish new cryptocurrencies and hold their ICO through MagicCoin. Over 100 altcoins are accessible on MagicCoin. The native token for this platform is MAGE.
Users have access to a digital wallet. It contains many plugins. All profits are saved in the community development fund – MAGIC. Occasionally, tokens are destroyed to maintain the value of MAGE.
Block Statistics for MagicCoin
The block time for MAGE is one minute. It uses the Scrypt algorithm. The maximum block size is 1 MB. The block reward is 2.5 MAGE tokens for the first 2,102,400 blocks. It decreases to 1.25 MAGE tokens for blocks 2,102,401 – 4,204,800. Every block after this produces 0.5 MAGE tokens.
Proof-of-Work mining has a similar set of rewards for each block, but the value is less. The first 2,102,400 blocks generate 0.5 MAGE tokens. Blocks 2,102,401 – 4,204,800 produces 0.25 MAGE tokens. Every block after this generates 0.1 MAGE tokens.
Trading MAGE Tokens
MAGE tokens are traded on one exchange – Cryptopia. MAGE tokens are paired with BTC tokens. MAGE has a market capitalization of $710,530. Daily trading volume is about $26. 7,433,843 MAGE tokens are in circulation. A total of 11,183,843 MAGE tokens are available.
Recent trading data indicates a decline in value for the MAGE token. Since mid-June 2018, MAGE token lost $2 million in market capitalization. MAGE is currently ranked 1,085th by market capitalization.
This exchange accepts fiat currencies and altcoins in exchange for Proof-of-Stake tokens (MAGE tokens). A total of 44 million MAGE tokens were created. The tokens were distributed according to this list:
11 million – Pre-ICO mined tokens
3.8 million – ICO
3.8 million – Team development
3.6 million – Angel investor
What Does MagiCoin Do?
The goal of MagiCoin is promote investment in altcoins. To do this, they created an exchange that assesses whether an altcoin is legitimate or not. After a collection of Proof-of-Stake altcoins have been organized in an exchange, investors will be more likely to trade in these cryptocurrencies. This will increase liquidity for altcoins. Investors will be more willing to stake tokens as well. This is a process where the trader holds the tokens for a long period of time.
The staking rate is 5-15% per month. The rate of return is 1% monthly. The Proof-of-Stake wallet can hold 100 different altcoins. It has access to the Internet, but doesn’t have to be kept online. Users can mine different altcoins from the wallet.
There’s also a faucet system that ensures liquidity. This prevents any crashes in the exchange when users sell large amounts. Users can stake their coins in the faucet system to help support the exchange.