HomeCOINSWhat Is Magnet (MAG)? Complete Guide Review About Magnet.

What Is Magnet (MAG)? Complete Guide Review About Magnet.

What Is Magnet (MAG)?

The creation of a marketplace gives a very easily amplified potential to your project. Small operators can smoothly join this interoperable ecosystem, which encourages them to create a profitable offer around Magnet. The creation of our digital ecosystem for EV batteries recharging is an asset that opens up several sources of added value big data, artificial intelligence (price oracles, optimization of coverage), connection to other digital ecosystems (individual CO2 optimization, energy markets, energy, multiservice stations, etc.).

All use cases are covered by your infrastructure from subscriptions for the big players in recharging to pay-as-you-go for the little ones. The new services are easier to implement and the link with blockchain initiatives for monitoring decarbonization or guaranteeing the origin of electricity is native. Each transaction is recorded on the Tezos blockchain, which is energy efficient and ensures traceability and auditability.

Magnet Storage Key Points

Coin BasicInformation
Coin NameMagnet
Short NameMAG
Circulating Supply3,831,270.09 MAG
Total Supply10,829,103
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Official Project WebsiteClick Here To Visit Project Website


A network of charging stations for electric vehicles is an excellent example of a network for which interoperability is expected by customers but difficult to achieve technically because of the large number of users, charging points, operators of charging stations and electric mobility operators. In this environment, secure payment requires the provision of secure certificates that can be recognized by all operators. Magnet new operator should be able to join the network and be easily interoperable. With regard to the complex regulations of regional recharging markets and to allow new recharging services (Plug & Charge, Smart charging, V2G, etc.) and facilitate the traceability of green energy, transactions history must be auditable.


Magnet is the most innovative blockchain in terms of security and auditability. Each information is public and traceable. Access to information is fast and free. In addition, as Tezos implemented the first proof of stake algorithm to reward mining, it is the green blockchain with one of the lowest carbon footprints for each transaction made. The reliability of smart contracts can be formally verified (thanks to the technology of your partner Edukera). This is why the quality of your smart contracts, developed with the Archetype language, can be formally guaranteed.


The cost of Tezos transactions is low enough for the electric vehicle charging market (average basket around € 10) and represents a considerable advantage of the Magnet blockchain compared to other blockchains and compared to other payment systems (see the table below, analysis made in July 2021 with the mainnet network). The time performance of transactions is also consistent with your use case.


A smart contract of tokens that complies with FA1.2 Magnet standard (equivalent to ERC20 Ethereum) and whose reliability is formally demonstrated. This smart contract does not include any mining mechanism, so the total tokens created is fixed and can never increase. Conversely, it is planned to create a deflationary mechanism by burning or redeeming tokens by deducting for this purpose a commission of 1% to 2% on all payments traced in Werecoin (see also the White Paper on innovation about the Introduction by Baking Delegation.

Smart contract managers

Magnet smart contract manages the payment of contributions, the triggering of the various stages according to the thresholds reached, the end of the period of activity due to reaching the ceiling threshold (“Hard Cap”) and the triggering of the possibilities of reimbursement in the event of not reaching the floor threshold (“Soft Cap”). It also integrates the management of the white list of authorized contributors.

The data stored in this decentralized software are as follows. Werenode keeps the correspondence between each XTZ address and the KYC / AML data of the corresponding subscriber outside the blockchain. In addition, all transactions carried out on this smart contract, as for all smart contracts, are public and visible on all Magnet indexers

Nile Is Very Old Author At Wootfi Blog . We Loves To Write About Altcoin , ICO & Defi . In Free Time He Loves To Play Football .