MAGI PROOF-OF-STAKE MINTING MANUAL

MAGI PROOF-OF-STAKE MINTING MANUAL

A/M

Introduction.

Different from PoW mining, in proof-of-stake (PoS) minting one can mine and validate block transactions according to the amount of coins in wallet and the amount of time staked, the combination of which composes the computational power for PoS, i.e., coin age, or stake weight.

In MAGI's implementation of PoS (aka mPoS), the stake weight is conditionally proportional to amount of coins and duration of stake. The maximum staking time is limited within one week; that is, the offline time should not exceed more than a week. There is no advantage of gaining offline coin age for more than a week. In addition, increase in the number of coins in stake does not always lead to higher stake weight.

To stake with mPoS, it is recommended to keep at most 1000 XMG in one address. If one has more than 1000 XMG in wallet, split the coins into multiple fractions, and send each of them to an own address. Source: http://m-core.org/resources/mining.html

Step 1. Encryption of wallet.

You must be insure that your wallet encrypted (for security reasons). Even if you just holding XMG on your wallet, encryption can prevent steal of your coins. To do this click Menu -> Settings -> Encrypt wallet. Please use at least 9 random symbols (lowercase, uppercase and digits). After this wallet.dat file can be backuped.

Step 2. Settings in magi.conf file.

Magi.conf file placed in same folder where wallet.dat file. Windows example of its location: "C:\Users\%your_username%\AppData\Roaming\Magi". If it not exist, create it. The folowing line must be in magi.conf to enable POS minting: posii=1

magi.conf example

After changing magi.conf you need to restart wallet.

Step 3. Enabling POS minting.

To enable POS minting just click Menu -> Mint -> Enable mPos Minting and enter password used for encryption of wallet (only for staking).

This green icon indicate that your are staking.

Icon will green only if you have input(s) with 520+ confirmations (but not to old 5000-7000+ confirmations). Confirmations is how mach blocks past sinse tx to your wallet.

Checking confirmations. Pic 1
Checking confirmations. Pic 2

As you see, enabling of POS minting is very simple.

Conclusion.

POS minting is significant part of security net of Magi. It is safe. Unlike POW minting, in POS the more coins people staking, the bigger reward will be for each.