Banks do give interest but not very much! Magi does this better! Following the success of the previous proof of interest campaign, Coin Magi announced yesterday the terms for the new PoI campaign that will be running from 01-08-2015 to 01-10-2015.
The rules are very simple. The Proof of Interest will last two months, registration will be open on 01-07-2015. Registration is done by posting your XMG address on Bitcoin Garden Forum. Alternatively you can PM it to the Magi team in bitcointalk, cryptotalk.us, cryptos.us, cryptocointalk.com and altcoinsfoundation.com.
Only one address per person is allowed to join, all addresses will be made public at the end of registration in interest of fairness of the campaign. The team will check the address’s initial balance, and that balance will start participating in the PoI. Interest will be paid on 01-10-2015.
What happens if you have more XMG in your wallet on 01-10-2015? You will receive interest on the amount present in your wallet on that date (advantage participant). And what happens if you have less XMG in your wallet on 01-10-2015? You will not receive any interest from campaign, if your initial balance has decreased more than 15% at the campaigns end (drawback participant). In case you used your XMG to pay for goods there will be no negative effect on your interest (receipt required).
The interest will be distributed by means of a specific calculation. This can be influenced by the number of participants, level of the fund and total number of coins that participate. Team will check the participating addresses and record the coins in that address, based on that the interest calculation will be done. This new PoI is funded thanks of a 25,000 XMG donation (over 1.50 BTC at present time) from a person who asked to remain anonymous.
Exchanges or wallet address on exchanges are excluded from participation. Changes of participating address during the Proof of Interest is possible only once per user in the two months period, changing is not advisable, though.