Magic is an open-source and distributed project, built on top of smart contracts running on the popular Ethereum Virtual Machine (EMV). Smart contracts provide a transparent "ledger" and accounting system, and more importantly gives the ability to define & distribute incentives for proper use of the network in a purely mathematical and distributed way.
Incentivized behaviors:
Quality Internet Service: Providers should be providing consistent and fast service to those using their network.
In order to keep this a distributed system, Magic defines a Proof of Availability (POA) concept which seeks to formally prove and define
the availability and quality of a provider in which all parties of the system can agree upon. More on this in
the forthcoming whitepaper. Current implementation is speculative and subject to change as tokenomics are defined.
Use as a utility: Magic coins are technically a "utility token" which should be used for buying & selling internet connection by a consumer or any internet connected device.
The contracts that define the rules to this system are open-sourced. The following contracts are defined:
High-level contracts:
In order to interface with these contracts on Ethereum's online IDE Remix, you can import the remix formatted contracts here.