MagnaChain is a completely new, built from scratch, public Blockchain and related integration toolset used for distributed application (dApp) development.
Magna (MGC) 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 in-game currency.
We envisage developers of all type of dApps, devising an endless stream of innovative use cases for Magna, along with our own initiatives. For mass market sectors such as gaming, developers could even choose to run their token sales in Magna, as the gaming sector could be one of the key sectors to bring Blockchain to the masses.
It is currently difficult for developers to create games for the blockchain due to the steep learning curve demanded by the environment’s back-end programs. In order to build blockchain games, creators are forced to learn and build within the required coding languages of the system. This inhibits independent creators and developer teams from making meaningful progress toward bringing gaming to web 3.0.
Independent creators and smaller studios are currently unable to get the kind of traction and user base for their games that they need to sustain them and create more. This is a result of a monopoly of gaming publishers and platforms that are controlling the video game marketplace. If you look at the Google Play or Apple App Store for example, you may notice that the top ten games almost never change. This limits the entire industry to the creations of just a handful of corporations, stagnating creativity and innovation and keeping the gaming world highly centralized.
Low Bandwidth & High Expenses
Currently, game development depends on the limited capacity of traditional technologies in order to run efficiently. The need for exorbitantly expensive hardware that can handle high bandwidth, as well as marketing costs, operations, and everything else needed to produce a successful game, is innately inhibitive for creators.
Risk of Data & IP Theft
In the same way that storing money in commercial institutions like banks makes monetary savings only as secure as the institutions themselves, keeping all video game content on a breachable centralized platform makes developer products vulnerable to piracy and fraud. The lack of secure copyright and data protection, as well as the risk of transaction fraud, breeds developer frustration and distrust, and will ultimately hamper industry market growth.
Despite investing a lot of time, energy, and real-world currency on in-game items and achievements, players currently have no agency over or ownership of the virtual assets acquired by their own hard work. As long as games and all related content exists on monopolized, publisher-controlled servers, player accounts belong wholly to the game company and not gamers.
Additionally, because all game content is contained on a centralized server, players’ personal information is vulnerable and susceptible to attack from malicious parties. Players do not own their gaming information and therefore cannot adequately protect it, which places gamer data at risk of falling victim to hacking or a major server crash. In-game achievements can instantaneously vanish and players currently have no ability to preserve their hard work.
Centralized Liquidity of Virtual Assets
Only game publishers are able to set the value of digital assets, which restricts the in-game market value of an item to a single authority that is removed from gamers. This relationship between developers, gamers, and in-game assets can only offer gamers the the illusion of possession, at most. When players’ digital items depend on the liquidity of a centralized forum for valuation, total ownership of assets will never really be given to users.
Lack of Original Content
Because the traditional gaming market is so exclusive, players are provided with an inadequate selection of products. The popular titles currently on the market are often repackaged with what is more or less the same premise, content, and gameplay, released under a new name year after year. Players have become accustomed to simply not being exposed to new ideas in the marketplace, and therefore user expectations of overall gaming options are discouragingly meager.
With proprietary Software Development Kits (SDKs), game development will become decentralized and adaptable for the blockchain. SDKs will minimize coding-based barriers and cultivate a nonexclusive environment where a wider, more diverse community of individual developers and teams can participate in game creation. Our SDKs will accomodate for all popular gaming coding languages, such as Lua, by re-configuring a developer’s code so their creations can run on web 3.0. This process will be streamlined and efficient, allowing developers to bring their existing games to MagnaChain or create new ones specifically for our public platform.
Marketplace Opportunity & Innovation
An accessible, revolutionized platform for development encourages innovative and diverse projects that were previously unsupported by the boundaries of traditional gaming development. With the opportunity for independent and small studio developers to participate in large scale game creation, the market will benefit from a greater variety of products to not only offer to a wider audience of gamers, but also to inspire fellow game developers, fostering a collaborative community that thrives on innovation.
Lower Costs & Stable Bandwidth
With MagnaChain, the ethos of democratization that is so key to the blockchain revolution will apply directly to the games that are able to find success on our platform. Instead of developers depending on massive marketing budgets, the community will decide which games are worthy of being featured, based solely on the quality of gameplay. Developers will also be able to sustain their creations at a lower cost with our model that relies on distributed nodes rather than centralized servers. Instead of depending on expensive hardware to make games accessible to a wide audience, MagnaChain technology will enable virtually limitless numbers of users to participate concurrently without the strain of high transaction costs.
With use of the blockchain, MagnaChain will provide developers with complete, verifiable ownership of their creations and intellectual property. All content that is released will be time stamped on our transparent and immutable ledger, thereby supporting copyright ownership. A community of developers made confident by the security of their creations will ultimately encourage overall market growth.
MagnaChain will allow players to finally and truly own their in-game assets in the same way they own real-world assets. Because game content will be controlled by the gaming community itself, rather than by a single company or publisher at the top of the pyramid, items and achievements earned by each player will no longer be at the mercy of an untouchable overarching entity and cannot be influenced by any external force.
By using MagnaChain, players will be able to participate in a self-regulating and self-monitoring market where they can trade and sell their virtual assets according to communally assessed values or agreed upon terms between two players, rather than values assigned by a singular self-invested corporate identity.
Data will no longer live solely on a company’s servers, which will significantly increase the security of players’ accounts and personal info. MagnaChain offers gamers peace of mind bolstered by their participation in a benevolent community with shared interests and common goals, rather than surrendering personal data to the authority of an exclusive game company and its private, potentially volatile servers.
A new and innovative hybrid PoW-PoS consensus protocol that combines the best of both protocols while preventing DDoS and 51% attack vectors; we call it VirtualHash-PoS.
Allows developers to program smart contracts in Lua, a popular and battle-tested language that has seen over 25 years of development, documentation, and enterprise support in the gaming industry.
A fair, transparent, and deterministic mining algorithm design that discourages miners from exerting constant economic selling pressure while still providing viable incentives; it’s a win-win that balances decentralization and liquidity.
Side-chaining architecture that increases network throughput linearly with the number of side-chains; the MagnaChain network speed is limited only by data transmission speed and all elastic chains are protected by root-chain consensus.
**Team: No upfront - Allocation vests 25% every 6 months for 2 years (24 months lockup)
**Advisors: 20% upfront - Remaining 80% vests every 4.5 months in 20% blocks (18 month lockup)
All unsold tokens will be burnt