Coin Magi is an online currency operating through the peer-to-peer global network that enables instant payments to anyone in the world without needing an intermediary. Coin Magi is decentralized and operates with no central authority or banks. With Coin Magi, anyone in the world can issue digital coins through their personal computers and contribute the digital currency community.
Maintaining the public ledger called the block chain through proof-of-work (PoW) mining is an integral part of running the cryptocurrency system in order to avoid the intermediation of central authority. Unfortunately, the operation of such a system has caused enormous electricity cost which greatly impacts on the environment.
Coin Magi aims at energy saving, as well as FAIRNESS in coin distribution - an essential part of realizing decentralization, and implementation of coin minting by individual persons. Coin Magi is a hybrid PoW/PoS-II coin, where the innovation of the PoS-II concept lies in the security and fair distribution in comparison with the traditional PoS.
Coin Magi utilizes a unique M7M algorithm along with a particularly designed block rewarding system implemented at the first time implemented, in order to enable "FAIRNESS". By removing the competitive nature of mining, Coin Magi offers an even playing field for anyone looking to mine cryptocurrencies without expensive equipment.