MAG started in 2017 with a focus on green mining. But very early on, they moved MAG main focus from green mining to merchant services. Initial plans were to connect buyers to sellers in real life and become a commerce-oriented currency. In 2019 MAG swapped from native Masternode coin to a staking token on Stellar network.
And today MAG Token, just like BIZZNERD Token, is a Stellar token, which you can store on any Stellar-compatible wallet.
Approximated circulating coin supply will be around 50-60 million MAG.
You can add MAG using any SDEX exchanges or Stellar wallets, but official MAG partners are Stellarport and Litemint.
MAG is staking token
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network.
HOLD MAG to receive automatic stake rewards.
What is Litemint?
Litemint is a friendly Stellar Wallet and trading platform at the same time, providing access to all currencies and trade opportunities on the Stellar Network. Magnet uses Litemint as a web/mobile wallet solution for MAG.
All app purchases (a gamer buying in-game coins) inside Litemint are converted to MAG trades on the DEX.
What is Magnet Market?
Using Litemint app users can sell or buy digital assets.
At its core, Magnet and Litemint aim to leverage the wide Stellar ecosystem by providing accessible, far-reaching products and rich integrated services to all users without locking them into the centralization snare.
The team behind MAGNET project
The company behind MAGNET project is MAGNET INVEST OÜ and founder is Janno “R0land” Vainikk. Because Magnet Network and Litemint are so closely connected, we are convinced that behind the project are Ishai Strauss and Frederic Rezeau (founders of Litemint and Stellarport) as well.
I think that Magnet network is a great project with huge potential. We highly recommend staking MAG tokens while the market price is good. But remember that MAG ICO is not officially released yet, so be careful and buy or trade on your own risk.