Magicoin is a peer-to-peer global currency that enables instant payments to anyone in the world. Magicoin is de-centralized and operates with no central authority or banks. Magicoin uses a memory-hard, scrypt-based mining proof-of-work algorithm. Anyones in the world can issue magicoins through their computers to contribute the digital currency community.
MAGIC is the ticker symbole of Magicoin, like BTC representing for Bitcoin. Although they agree on the use of MAGIC in most of sitations, they reserve “MAGI” for future use, for example, in their online store, where you buy goods using Magicoins. The online store is what they aim at in the next stage of the MagiCurrency development.
– Algorithm: Scrypt
– 2.5 minute block targets
– Subsidy halves in 840k blocks (~4 years)
– ~84 million total coins
– 2016 blocks to retarget difficulty (Kimoto Gravity Well – KGW algorithm)
90% coins distributed “normally”, i.e., halving every ~4 years, while 10% coins distributed magically (details explained on Bitcointalk thread). In average, 50 coins per block.