MagnaCoin (MGN) is a peer-to-peer digital currency that incorporates advanced privacy technology, masternodes, and on-chain atomic swaps. It is designed to offer users a high level of anonymity and security through Zero Knowledge Proofs (ZK-Snarks), which allow for private transactions without revealing any information about the transaction. The coin also features masternode governance, enabling node holders to vote on important aspects of the coin, including the roadmap, marketing, budget allocation, and technical aspects.
MagnaCoin (MGN) provides users with the ability to swap coins simultaneously using the Komodo Barter DEX through its atomic swap feature. It also offers cross-chain decentralized applications (DAPPs) by leveraging the BlockNet DEX, facilitating the sharing of data between multiple chains. Furthermore, the coin supports smart contracts, allowing it to interact with other asset chains using these programmable agreements.
MagnaCoin (MGN) has a premine percentage of 7%, with a total of 2,000,000 MGN distributed. Part of the premine is allocated as developer funds for future costs, while another portion is dedicated to marketing purposes. Additionally, MGN has been used to ensure the initial stability of the network through the setup of seedbox servers. The coin has been listed on various exchanges, and the BTC accrued from burning a portion of MGN was used for additional exchange listings. The technical aspects of MagnaCoin are open-source and available on GitHub.