This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Basic information
Project name: Magnetic
Currency: MAG (MAG)
Issuing account: rXmagwMmnFtVet3uL26Q2iwk287SRvVMJ
Distribution accounts: rMAGHzF6BkWGT4kQ1rDMRZ2ia6etpJTCJ1
This is revision number 1, signed March 17, 2023 by rMAGHzF6BkWGT4kQ1rDMRZ2ia6etpJTCJ1
Description: Magnetic is DEX on XRPL, which brought mining as well as the most convenient tools to interact with XRPL.
Magnetic DEX - trade and earn. Proof Of Trade.
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
1) MAG is a token that will only be mined using the Proof Of Trade algorithm. It will be namainen. Even the team does not have its share and gets its part only according to the mining algorithm
2) MAG is needed to mine other tokens as well as interact with Magnetic tools
3) Some of these tools: the NFT Marketplace, which will be ready soon. Of the others I cannot say.
4) The overall supply of MAG is constantly decreasing, because the complexity of mining is growing + MAG will be burned when interacting with other tools
5) There will never be Airdrop MAG or royalty-free distribution from general stocks (only if someone wants to distribute their own tokens). 100% of the issue will be issued only by mining
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
There is no token in XRPL that has a similar distribution model. Our token will be mined only by mining, unlike other tokens where airdrop or free balance increases take place, which often results in a price dump.
Whitepaper/sales material: https://xmagnetic.org/WhitePaper.pdf
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: The issuer does not have a bug bounty program.
Sovereign Entity
The self-assessment is made by a soverign entity (i.e. not a legal entity, such as a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: https://xmagnetic.org
Website information: The website should disclose the following information:- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website contains relevant information.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
Self-assessment revisions
| Revision | Date |
|---|---|
| Revision 1 | March 17, 2023 |