Magnet is a Proof of Work and Proof of Stake cryptocurrency based on the X11 algorithm. Magnet features a network of masternodes who process near-instant and private transactions.

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Although 'MAG' was the ticker assigned at the deployment of the Magnet Token's smart contract, it is already in use by another asset that has a larger market presence and higher trading volume on major exchanges. Due to this pre-existing association and to avoid confusion in the marketplace, the alternative ticker 'MAGNETWORK' has been adopted for this token. This designation is specifically used to ensure that assets are distinctly identified.