IMPORTANT:

MagnaChain will do IEO on Bitforex. Subscription time: 2019/05/20 17:00 - 2019/05/23 17:00 (GMT+8). Details: https://support.bitforex.com/hc/en-us/articles/360028178352

MagnaChain (MGC) Blockchain Platform - ICO Review, Rating and Details of MagnaChain ICO (Token Sale) - Rating: Gamble

MagnaChain is a completely new, built from the ground up public blockchain and integration toolset used for distributed application development. MagnaChain utilizes several unique technical approaches solving some of the biggest issues facing public blockchains including:

  • Scalability
  • Safety / security
  • TPS (transactions per second)
  • Consensus mechanisms
  • Ease-of use
  • Ability to have a long-term & sustainable ecosystem

Our ultimate aim is to forge MagnaChain into the leading public blockchain with our dApp development toolset, unlike any other. For dApps and games of all sizes, developers of all skill levels can manage the development and release of blockchain apps utilizing these tools with no need for back end programs.

MagnaChain’s first application is for the video game industry as the gaming world’s fastest public blockchain, completely devoted to game developers and gamers. MagnaChain allows game developers to easily utilize blockchain technology for the development of game products, platforms, marketplaces and other gaming applications. However, MagnaChain also has the potential for other industries and related applications as a public blockchain that allows for virtually limitless variations of dApps running on MagnaChain in the near future.

Problems & Solutions

  • Mission Statement
    • MagnaChain is a revolutionary public blockchain platform built BY game developers, FOR game developers. We intend to usher in the mass adoption of gaming on the blockchain with our streamlined development tools and rapid transaction times, with the sense of community and collaboration that the blockchain provides.
  • MagnaChain Ecosystems
    • Similar to highly regarded public blockchains like Ethereum, MagnaChain will allow for virtually limitless applications and tokenized ecosystems to be built on our platform. These ecosystems will include existing games that have been re-configured to run on the blockchain, new games built exclusively to run on MagnaChain, third-party exchanges for digital assets, and third-party marketplaces.
  • Market Demand
    • With the astonishing popularity of games like CryptoKitties, which crashed the Ethereum blockchain days after its release, we can see a vast gap in the market for blockchain games that has not yet been tapped into– one that we intend to fill. This has not yet been achieved
      as there are no existing blockchain platforms that can handle the volume of transactions that would be required to run many games of this scale (or greater), or that provide the tools that would allow traditional game developers to bring their projects onto the blockchain.
  • Solutions
    • MagnaChain provides revolutionary solutions for these problems by allowing developers to create games for the blockchain, even if they are not fluent in blockchain-specific coding languages. We will facilitate this by providing numerous Software Development Kits (SDKs) to translate games from popular coding languages, such as Lua, so that they can run on the blockchain. This means developers will be able to release extensive games with ease and even bring their existing games on to the MagnaChain platform.
  • A New Type of User Experience
    • For players, MagnaChain will allow for a richer, decentralized gaming experience, with greater transparency and control over their gameplay. This will include true ownership of digital assets, the ability to use those assets across numerous games and worlds, and security in knowing their account cannot be compromised by any overarching authority. With tremendous benefits for both game players and developers, we intend to be the driving force in bringing the $108.4bn gaming market onto the blockchain, which will disrupt and transform the industry as we know it.

Features & Highlights

  • Security
    • Stability and security are essential to any blockchain network. Unfortunately, many existing platforms are challenged by uncertainties due to their decentralized nature. This is why MagnaChain was built with a modular design– to abstract and simplify the blockchain. The architecture adopts architecture layering, module independence, plugin function development methods, and function-by-function unit testing that will ensure the stability and reliability of our software. We will also use our unique consensus algorithm (VH-PoS), virtual machine sandbox environment, and customized Lua infrastructure to make our system more secure and reduce the common mistakes that often occur in the development of smart contracts.
  • Convenience
    • Instead of depending on blockchain-specific coding languages, we have selected the most common scripting languages in game development and are allowing them to be used in developing smart contracts on the MagnaChain platform. This will make the development of smart contracts as similar as possible to coding the back-end of a traditional video game. Additionally, we will provide plugins for the most commonly used tools in game development, which will make the process of building games on the blockchain significantly more streamlined and convenient. For experienced game developers, this process will be as easy as the day-to-day work they are already familiar with.
  • Speed
    • MagnaChain has been optimized for the high TPS (transactions per second) required of any gaming platform. Current test results show that MagnaChain can achieve tens of thousands of TPS.

Token Allocation

"Public Sale","Seed Sale","Advisors","Team","Vendors","Reserve","Marketing","Developer Incentives" {"name": "Public Sale","value": 7.78},{"name": "Seed Sale","value": 17.46},{"name": "Advisors","value": 3.31},{"name": "Team","value": 15},{"name": "Vendors","value": 2.66},{"name": "Reserve","value": 20},{"name": "Marketing","value": 18.79},{"name": "Developer Incentives","value": 15}

Token Release Schedule

"May 2019", "Jun 2019", "Jul 2019", "Aug 2019", "Sep 2019", "Oct 2019", "Nov 2019", "Dec 2019", "Jan 2020", "Feb 2020", "Mar 2020", "Apr 2020", "May 2020", "Jun 2020", "Jul 2020", "Aug 2020", "Sep 2020", "Oct 2020", "Nov 2020", "Dec 2020", "Jan 2021", "Feb 2021", "Mar 2021", "Apr 2021", "May 2021", "Jun 2021" {"name": "Public Sale", "icon": "roundRect"},{"name": "Seed Sale", "icon": "roundRect"},{"name": "Advisors", "icon": "roundRect"},{"name": "Team", "icon": "roundRect"},{"name": "Vendors", "icon": "roundRect"},{"name": "Reserve", "icon": "roundRect"},{"name": "Marketing", "icon": "roundRect"},{"name": "Developer Incentives", "icon": "roundRect"} {"data": [7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78, 7.78],"name": "Public Sale", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 4.03, 5.20, 6.38, 7.55, 8.73, 9.90, 11.08, 12.26, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46, 17.46],"name": "Seed Sale", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 0.33, 0.33, 0.33, 1.08, 1.08, 1.08, 1.82, 1.82, 1.82, 2.56, 2.56, 2.56, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31, 3.31],"name": "Advisors", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 1.50, 1.50, 1.50, 1.50, 1.50, 1.50, 4.88, 4.88, 4.88, 4.88, 4.88, 4.88, 8.25, 8.25, 8.25, 8.25, 8.25, 8.25, 11.63, 11.63, 11.63, 11.63, 11.63, 11.63, 15.00],"name": "Team", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 0.42, 0.63, 0.83, 1.04, 1.25, 1.46, 1.66, 1.87, 2.08, 2.28, 2.47, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66, 2.66],"name": "Vendors", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 5.00, 5.00, 5.00, 5.00, 5.00, 5.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 20.00, 20.00],"name": "Reserve", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 1.50, 2.73, 3.95, 5.18, 6.41, 7.64, 8.86, 10.09, 11.32, 12.55, 13.77, 15.00, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79, 18.79],"name": "Marketing", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 1.50, 2.73, 3.95, 5.18, 6.41, 7.64, 8.86, 10.09, 11.32, 12.55, 13.77, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00, 15.00],"name": "Developer Incentives", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}}

Token Allocation & Release Note

  • Public Sale: 7.78% of total supply
  • Seed Sale: 17.46% of total supply
  • Advisors: 3.31% of total supply
  • Team: 15% of total supply
  • Vendors: 2.66% of total supply
  • Reserve: 20.00% of total supply
  • Marketing: 18.79% of total supply
  • Developer Incentives: 15% of total supply
  • Public Sale: No lockup
  • Seed Sale: 30% after 30 days. Then vesting in 9 month & 40% bonus with last batch
  • Advisors: 10% after 30 days, the rest each 3 months, vesting in 12 months
  • Team: 10% after 30days, the rest each 6 months, vesting in 24 months
  • Reserve: 25% each 6 months, vesting in 24 months
  • Marketing: 10% after 30 days, the rest monthly vesting in 12 months
  • Developer Incentives: 10% after 30 days, the rest monthly vesting in 12 months
  • Mining: 1,400,000,000 MGC for mining in 30 years

Token Utility & Use Cases

Powering our public blockchain platform will be Magna (MGC), a utility token which will allow developers and gamers to transact directly and provide the technology fabric for all transactions in the MagnaChain ecosystem.

Magna will function on our platform similar to the way “gas” functions on Ethereum. With every transaction on a dApp, the developers will need to have Magna available to fund that transaction, which will be paid to miners to validate it. Additionally, dApp developers will be able to create their own tokenized ecosystems on Magna – for example, game developers may wish to have Magna facilitate in-game transactions between users and utilize Magna as an in-game currency.

Alongside our own initiatives, we envisage developers of all type of dApps devising an endless stream of innovative use cases for Magna. Developers could even choose to run their token sales in Magna, paving the way for gaming to servce as one of key sectors to bring blockchain to the masses.

Mining in MagnaChain

The token output mechanism of MagnaChain is such that the daily output will be reduced by half when half of the total quantity is mined. The total number of Magna that will ever be distributed for mining is 1.6 billion, separate from the 2.4 billion Magna that is pre-mined for: sale, team, advisors, operations, and marketing. (The exact distributions are outlined later in this paper.)

In the first four years, half of the newly increased tokens will be issued, after which the daily output will be halved. This halving process will take place once every 4 years, on average, and last 63 times, after which the mining will only generate the processing fee without issuing new Magna.

For MagnaChain, there is no interest mechanism during PoS mining, and new tokens are all issued in the new block. It reflects our consideration of MagnaChain’s internal and external economic systems and represents our acceptance of the thought of the Austrian School of Economics.

The production strategy of limited total quantity and deflation contributes to the maintenance and appreciation of asset values of MagnaChain investors, and synchronously avoids inflation and dilution. Furthermore, Magna can conduct nine-figure segmentation after the decimal point, without the problem of losing transaction function due to overly high value of a single token.

The daily output of Magna is determinate relating to Coindays. An obvious benefit is that miners must invest part of new mining earnings in the next round of mining to maintain income, otherwise they will lose the competition. This decreases miners’ motivation to exchange the mining earnings for profit due to no constant selling pressure, which is in favour of a relatively stable Magna price.

Roadmap & Updates

  • 2016
    • Prototype Development
  • Q2 2017
    • Prototype Test / Smart Contract Added
  • Q4 2017
    • Structure Update / Side-chain Added
  • Q2, Q3 2018
    • External Testing Program / Test Chain Launched
  • Q4 2018
    • Open Source
    • The First Games & dApps Go Live
  • Q1, Q2 2019
    • Test Chain of Updated Version Launched
  • Mainnet Launch
    • 100k Transactions Per Second
  • Full Year 2019
    • Expand the Worldwide Support Centers / 1000+ Games, dApps Go Live

Team Members

  • Hal Bame, CEO, Hal Bame has over 15 of years experience in the gaming industry and is the co-founder and board member of SmartChain Media, a blockchain project focused on the entertainment industry. His experience includes many advisory roles to US and Asia-based blockchain companies. He previously served as MD of SEA/ Taiwan/ HK of Electronic SportingLeague (ESL) and was senior management at Sony, Playstation, and Codemasters. Linkedin.

  • Jinsong Zhang, CTO, Jinsong is a “geek” when it comes to software development. He has 10+ years of experience in game development from online gaming giants such as Shanghai Softstar, The9, and 4399.com. In recent years he has shifted his interests to the latest blockchain and cryptocurrency technologies. He has been working as a technical leader on various international open source projects. Linkedin.

  • Peiji Guo, CMO, Peiji Guo has over 20 years of experience working in multinational companies in high-level marketing and strategy roles. He joined Blizzard Entertainment in 2000 and held the Senior Lead position of Live Operation Global from 2004 to 2008. In 2012, Peiji joined Take Two’s China operation with 2K as an Operation Director. In 2014, he joined a gaming operator as the Managing Director for the headquarter in Canada. Peiji holds a bachelor degree of Business Information System from University of Redlands, School of Business. Linkedin

  • Nizam Ismail, Legal, Nizam draws upon his previous regulatory experience as Deputy Director and Head of the Market Conduct Policy Division of the Monetary Authority of Singapore, his compliance background as Head of Compliance for Southeast Asia at Lehman Brothers and Morgan Stanley, and his legal background as Deputy Public Prosecutor/State Counsel at the Commercial Affairs Department and Senior Legal Counsel at Citigroup to help cryptocurrency and blockchain companies navigate complicated regulatory and compliance environments. Linkedin.

  • Sheng Guo, VP business development, Sheng started his gaming career in 1998 and has served Ubisoft, The9, and several other gaming companies. He has worked in game operations, business development, project management, R&D management, and investment management. In 2010, he began to act as a consultant for investment and financing, and set up a consulting and fundraising service company Chuang You Information. In 2013, Sheng founded Bund Board Peer Advisory Group with several partners and has served as senior advisors for various enterprises. Linkedin.

  • Kejun Zheng, Senior software architect, Kejun is an expert on financial system security and software architecture, with over 15 years of R&D experience on software development. Kejun has served Amdocs, Accenture, and other companies. Linkedin.

  • Zhaohua Chen, Senior software architect, Zhaohua has 11 years of game development experience, serving Snail Game, The9, 4399.com, and other gaming companies. Zhaohua is an expert on game development technology and has been responsible for the improvement of 3D game engines, development of Flash3D engine, and project management for game development. Linkedin.

  • Oliver Blakey, Business development head - EU, Oliver is a General Partner at BMO Consultancy and a Business Development Advisor for upcoming blockchain projects. He ran a private syndicate raising over $2.5 million dollars in one week, spanning over five projects, with a total of $6m raised in a short period of time. Building on this experience, he then moved into private portfolio management. His previous experience of 10 years as a professional poker player has given him the vast knowledge and experience that is necessary to understand public communities, and psychological aspects of the general public. This puts him in an exceptional position to provide critical advice on long term business development options and overall adoption for the blockchain projects he involves himself and BMO Consultancy in. Linkedin.

  • Brian D. Evans, Advisor, Founder, Influencive, Brian is an Inc. 500 Entrepreneur and Forbes #7 marketing influencer, the founder of the 25th fastest growing advertising and marketing agency in America, and the founder of Influencive.com. Brian has spent over 15 years in online advertising and directly helped multiple top-10 apps acquire millions of users. He was ranked as one of the top influencers in the world on Forbes, and as the 4th most influential business journalist in the world. Linkedin.

  • Etiënne VantKruys, Advisor, Founder, Token Research Group, Etiënne VantKruys is founder of the ‘Token Research Group’, which provides funding, produces strategy and consults start up projects with in the blockchain space. Before entering this industry, he was a coach in elite sports performance. He is an avid reader of literature, financial journals, and philosophy. His goal is to help and develop projects to accelerate to the upmost of their ability to deliver on roadmap objectives. He is a skilled public speaker, constantly progressing forward advocating the benefits of blockchain to create a better society. Linkedin.

  • Alex Nagayama, Advisor, Former Country Manager, Activision Japan / CEO, Capita Inc Alex has 20+ years experience in sales, marketing at gaming and mobile industries and 10+ years experience in the computer games industry working at management level for EA and Activision in Japan. He has a deep understanding of the games development process and extensive intellectual property contract management skills, gained specifically in the licensing in and out of development/distribution/sales/marketing rights to high profile interactive game properties. Additionally, Alex has substantial international and multi-cultural business experience spanning many decades. Linkedin.

  • Marianne Sørensen, Advisor, Blockchain consultant, Marianne is an entrepreneur and goal driven person, with an innovative mindset. Having had several startups and worked for successful business, she has also worked as a startup consultant, advising several startups in the EU and US on business growth and development, with a key focus on strategy and scaling. Marianne has also worked 9 years in business relations, branding, and marketing internationally, creating partnerships and promotions with bloggers and brands such as Fitness World, L’Oréal, Friis, Nutramin, toystory, Salling, Kari Traa, Samsung, Sony, Audi, and more. Linkedin.

  • Gabby Dizon, Advisor, Co-Founder, Alto.io, Gabby Dizon is the Chairman and co-founder of Alto.io, a Singapore-based game platform that connects games to the blockchain. He helped pioneer the Philippine game industry as part of the team that released the first Filipino- made game in 2003. Gabby is also CEO of game developer Altitude Games and former President of the Game Developers Association of the Philippines. Gabby helps champion the game development industry in Southeast Asia and is an active member of the Philippine startup community. Linkedin.

  • Maarten Noyons, Advisor, Founder & CEO, International Mobile Gaming Awards, Maarten Noyons is best known as the founder of the International Mobile Gaming Awards, the largest competition for mobile games in the world since 2004. The competition is now running in China, Southeast Asia, Middle East North Africa and the global competition’s awards ceremony took place on March 20 2018. Maarten started out as a producer of music videos in London and Amsterdam, and moved to TV licensing in the 90s, selling TV formats and TV rights worldwide. In 1997 he co-founded a private incubator, which he sold in 2001. Next to running the IMGA, Maarten is working on the development of the egg a pre-launch platform for games, connecting game makers to their first players. Linkedin.

  • Nicolas Cole, Advisor, Founder, Digital Press, Nicolas Cole is a 4x Top Writer on Quora, Top 30 Columnist for Inc Magazine, and founder of Digital Press—a thought leadership agency for founders and C-level executives. Cole’s work has acquired over 50 million views online, and been republished in TIME, Fortune, Forbes, CNBC, Business Insider, and more. Cole is also the author of Confessions of a Teenage Gamer, a memoir about his experiences as a teenager being one of the highest ranked World of Warcraft players in North America. Cole now advises a number of blockchain companies on their messaging and thought leadership strategies. Linkedin.

Partnership Overview

  • Unreal Engine is a game engine developed by Epic Games, first showcased in the 1998 first-person shooter game Unreal. Although initially developed for first-person shooters, it has been successfully used in a variety of other genres, including stealth, fighting games, MMORPGs, and other RPGs. With its code written in C++, the Unreal Engine features a high degree of portability and is a tool used by many game developers today, with it being source-available. The most recent version is Unreal Engine 4, which was released in 2014.

  • Egretia creates the world’s first HTML5 Blockchain Engine and combining blockchain technology with partner mature tools, community, content, and our vision is "Bring 200,000 Developers and 1 Billion HTML5 Devices to The Blockchain World."

  • The Korea Mobile Game Association (KMGA) currently has 600 small to mid-sized game development companies as members, and was originally founded to strengthen competitiveness and foster the mobile game industry through facilitating exchange, initiating joint projects, protecting the rights and interests of member companies, and supporting government and government related institutional policies.

  • Alto is a decentralized platform that enables users to conveniently mint, use, and sell interoperable cryptoitems on the blockchain. It is a self-sustaining ecosystem built around the blockchain’s item-first economy. Alto cryptoitems are interoperable, meaning they can be used and sold across multiple games and users.

  • Token Research Group is a group of blockchain enthusiasts, passionate about assisting (in)experienced investors when entering the crypto space. Token Research Group dedicated research and crypto experience provide the fundamental business due diligence essential for sound investment decisions. Even though cryptocurrencies provide new opportunities for innovative investors, investing in cryptocurrencies can be a challenging venture.

  • The IMGA is now the mobile gaming industry's leading showcase for groundbreaking innovations, displaying exceptional quality and new trends in mobile entertainment, whether the games are made for the iPhone, for Android Phones or other platforms. In collaboration with our partners, we organize conferences and summits in Europe, the United States, China, Southeast Asia, and the Middle East, offering unique networking and learning experiences to professionals in the mobile games industry.

  • iPeoples have been servicing the 'Blue Marble' mobile game series since 2008, having acquired the IP rights of the most popular Korean board game in history with the same name, originally made by Korean board game publisher Siyatsa in 1982. They are currently working on a real-time PVP mobile & Blockchain-utilizing version of a new Blue Marble game.

  • Goldilock is revolutionizing the way data and IT infrastructure are protected on the Internet by providing an isolation layer to segregate and secure digital assets for institutions. With a technology that provides a remote physical disconnection of data from the internet, the system leverages biometrics, multi-factor authentication, regressive non-IP technology triggers, and cryptography to keep your sensitive digital assets physically segregated from network access, while still having them accessible at a moment's notice. We based Goldilock on the premise that your data should not be physically connected to the Internet when you’re not using it, but that it does need to be available to you from anywhere immediately when you want to access it.

  • Monetizr - industry’s leading blockchain game reward engine! It's an API/SDK for game publishers that create new revenue streams by rewarding gamers for their game-skill and time. Gamers are rewarded along the narrative of the game with real-life goods like exclusive swag, gift cards and brand-sponsored rewards that can be unlocked, redeemed or purchased without leaving the game. With the help of AI-based rewards, Monetizr drives revenue & engagement for game publishers and enables brands to reach millions of gamers by becoming part of the gaming experience.

Competitors Overview

MagnaChainEnjinLoomXEthereumEOSNEO
OperationalYesYesYesYesYesYes
Consensus MechainismVH-POSPoWDPosPoWDPosDBFT
Block Target Time5 secN/AN/A15 sec0.5 sec15 - 20 sec
Planned TPS Max> 1,000,000N/AN/AN/A1,000,000N/A
Current TPS Max13,313N/AN/A1512751000
dAppsYesYesYesYesYesYes
Multi-SignatureYesNoNoNoYesNo
Smart ContractLUANoNoSolidityC/C++C#, Python, Java
LanguageC/C++SoliditySolidityC/C++C/C++Python, JS, VC, .Net, C++

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