SERO AMA in Bitbns Telegram Community
On 25th May, India’s one of the biggest cryto exchange, Bitbns hosted a Telegram AMA where Mr Tony Tang, SERO Global CSO and Director at SERO Foundation was invited to talk about SERO and took questions from community.
Bitbns(Rahul Jain): Hi All,
Welcome to another AMA on Bitbns Community. Today will we have Member from SERO team.
SERO will be the next today which will get listed on Bitbns.
The group will be closed momentarily and will be opened to take few question at the rounds explained before.
@SERO_Tony — Welcome to the Community!
Tony Tang(SERO Global CSO and Director at SERO Foundation): Hey everyone, it’s great to be here!
Bitbns(Rahul Jain): Amazing, super excited to have you.
We are listing you soon! So the community would like to know about your and your project
The platform is your now!
Tony Tang: I come from a background of bachelor in E.E. and master in C.S., but I started my career as a quant analyst on Wall Street, eventually moving onto macro-derivatives trading, Asset Backed Securitization, and Asset Management, at various large banks as Managing Directors. After leaving my institution career I co-founded a private equity investment firm focused on medical tech and FinTech, and still am its executive partner. I have known SERO’s three founders for a long time and gave my contribution to the project as a close friend and consultant at its earlier stage. I recently officially joined SERO Foundation to serve as its chief strategy officer, mainly in charge of business development and capital markets. I’m very glad to be here today.
Bitbns(Rahul Jain): Amazing! SERO is in great hands. Users can read about SERO at https://sero.cash/ and also join their communtiy — @SeroOfficial — To get the latest update about the SERO.
Let’s get started! We will post the question asked by user via twitter first!
Bitbns(Rahul Jain): Here goes the Question 1:
There are so many privacy coins in the crypto space these days, How is SERO unique from all others and what are the different aspects that would make SERO a number 1 privacy coin?
Tony Tang: In the field of anonymity & privacy protection, sensible comparisons should be made to ZCash, Monero, Dash, Grinn, where SERO’s innovative implementation of Zero Knowledge Proof, the Super-ZK Library, stands above all these peers in either completeness or performance. While they all have their own respective great features, Monero, Dash, Grinn are not ZKP, which means their solutions to privacy protection are not complete. ZCash, is a true ZKP platform, but since its performance is prohibitively slow that most users of the platform don’t even bother to use its anonymity feature at all. And most of all, none of the above-mentioned platforms supports smart contract, which means users can’t issue their own assets on them. If you are happy with moving tokens around effectively anonymously, there isn’t any practical reason in the short term for you to change to a different system. But SERO wasn’t designed just to move things around anonymously, it was designed with an entirely different purpose. Having completeness in anonymity as a premise, it is a utility token to be used by legit commercial developers, and is unpretendingly positioned as such. It doesn’t aim at speed sensitive applications, nor does it pretend to be some of sort of “money” in the future, but is rather oriented to data centric applications. In this regard, SERO’s programmability isn’t even in the same space with the before mentioned platforms, and is certainly a lot more useful than Ethereum.
Bitbns(Rahul Jain): Interesting, I am sure, lot of them would now be able to get the difference between the other privacy coins and SERO. @SERO_Tony
Okay, let’s move on to the next one.
Question 2: In SERO the encryption process is optimized over 20 times comparing with ZCash! What key point in NIZK algorithm allows SERO to achieve this? How is it possible to exchange multiple digital assets with the same smart contract?
Tony Tang: Great tech question! Both SERO and ZCash adopt complete Zero Knowledge Proof doctrine, therefore they are true peers in terms of cryptology. However, SERO team innovatively engineered an implementation of Twisted Edwards Curve out of the Elliptic Curves family, and used ECC instead of SH256 to generate Merkel Tree. The team also adopted a singular I/O structure in circuit design which modulates the entire system to take full advantage of multi CPU environment. These engineering choices compoundedly contributed to SERO’s performance, and that’s why the system is dubbed as Super-ZK.
SERO supports smart contracts, which allow the issuance of tokens. In addition to the ERC20 tokens that most are familiar with (which is a generic and fungible asset), SERO smart contract also handles unique assets that can’t be aggregated with others (the actual issuance facility used by SERO is ERC-721). SERO implements non-homogeneity by providing three different type of data structures, namely, Token (the homogeneous kind), Ticket, and Package. Ticket, for those who have some knowledge of C/C++ type of programming language, can be thought of a pointer that points to the actual meaningful data stored on the blockchain, which itself can contain other Tickets. Immediately, we can visualize nested structures to describe data — something the real world would demand. So when you build your non-trivial applications, the assets that you issue can have nearly infinite complexity. So, regarding passing multiple assets to a smart contract, the “actual place” a Ticket points to is a chunk of memory managed by a smart contract, called Package, where you, the DApp developer, can seal off any app-specific data (usually encrypted with your own preferred methodologies). It is in these Packages that other Tickets can exist, meaning, as many assets as you wish can be handled if the contract just follows the path of these pointers. The Turing completeness of SERO’s smart contract is truly as powerful as a high-level programming language. You are right, that simple smart contract + homogeneous tokens don’t even come close to having SERO’s abstracting power in computing. Please refer to SERO White Paper P.27 for detailed explanation if you are serious about building non-trial asset issuing DApps.
Bitbns(Rahul Jain): This is overwhelming!!! 🚀🚀🚀 to all of us! @SERO_Tony SERO has amazing community on twitter. Do follow them on Twitter.
👇👇👇👇
https://twitter.com/SEROdotCASH
Let’s move on to our next question
Question 3: What is the crucial thing, in your opinion, that would increase adoption of $SERO and possibly the rest of crypto. What’s the #SERO economic model and how will it is architecture ensure scarcity of the token and help to growth token price?
Tony Tang: I must be very clear here, that even though SERO is a crypto token the team doesn’t run the project as a marketing project. In fact, we often joke among ourselves whether we truly are in the crypto space. We’re very aware that the ultimate success of SERO is the recognition of its practical value, as well as its financial reward to the crypto investors, but we deem the former as the driver and cause of the latter. Therefore, we believe the crucial thing for us to do is to pursue the commercial usage of SERO as hard as we can. Since SERO’s positioning of a utility token has been determined, we have done a thorough analysis of the economy model of SERO. Our most important conclusion is to let DApp developers and their users to determine the “DApp Intrinsic Value”. No one can determine the intrinsic value of a utility to a specific business other than the participants of that particular ecosystem. Let’s take a look at Ethereum and its likes — it’s obviously a whim — at business level — to universally define the usage value of their tokens as the gas cost, because no real business can afford such high cost as implied by these tokens’ market values, hence its sustainability is a question. As a public infrastructure, the cost of gas on SERO network is tiny, and its value entirely takes the form of management or operation fee, charged to the ecological users by the DApp smart contracts builders. Only in this way can the pricing of SERO be anchored away from speculative capital flows, rather onto the fundamental supply & demand determined by business activities. It may be more intuitive to use some numbers: let’s use one of SERO’s eco clusters to do a quantitative analysis — supply chain finance. China has about US$ 2.5 trillion worth of assets embedded in its massive supply chain systems, and to release its potential financial value is one of the focus areas of traditional financial institutions. In this application field alone, with our deep institutional backing and the technological advantages, we set our goal as capturing 1% of such asset release, which in our opinion is not aggressive. When our reach is exhausted, in terms of the total amount of assets, the digital asset stock backed by SERO technology could be US$ 25 billion. If the builders of these supply chain finance DApps require their users to pay 2% equivalence of SERO tokens as a premium of credit risk — part of which flows to the investors as compensation for default, and the remaining part of which is allocated to the DApp builders as real fee — then this business alone is the potential source of demand for nearly US$ 500 million equivalence of SERO tokens. Whether it’s the investors who received SERO as compensation or the asset managers who received SERO as fees, they can inject them back into the circulation of the market, thus truly forming a supply & demand flow of industrial usage of the tokens, as opposed to the situation that only speculative capital determines the pricing. This is what we are aiming at with our business model — giving control to the true determinators of the token values.
SERO CSO Tony Tang talks about who are the final decision makers of SERO’s market value with 8BTC
Bitbns (Rahul Jain): Great value and mission. I am so much into it now! @SERO_Tony
Let’s take Q4.
Question 4: Why should anybody use your platform to deploy DApps what unique conditions and tools does SERO offer for this?
Tony Tang: No project can claim to be able to solve all problems. SERO was designed with a heavy tilt toward a few well-defined sets of real-world commercial applications that can scale up by modeling their operations on decentralized platforms. As mentioned earlier, high speed transaction isn’t one of our design goals, data centricity is. Privacy protection (including business secrets and regulatorily required elements), complex data structure, high programmability are tools offered by SERO. Specifically, the infrastructure was designed to carry three clusters of DApps: Supply Chain Management & Finance, Private Data Management & Anonymous Payment, Digital Asset Management & ABS. Let me use “collateral management” as an example.
The meaningful e-commerce systems we see today are essentially monopolizing resources relevant to our consuming experiences. It’s not that they can particularly dominate creativity, as we know creative ways of doing business are boundless. The barrier they have raised is the centralized infrastructure. In a digital world where data itself is an asset, our behaviors, digitally captured, are a form of asset. But who owns them? Alibaba or Amazon isn’t going to turn you into a shareholder regardless how much you shop there. But many new forms of e-commerce with huge potentials do exist, in which the platforms and their users can jointly benefit from the growth of the same ecosystems. Model wise, such an ecosystem by nature is decentralized, so it fits naturally with a decentralized technological infrastructure to operate on. Decentralized AND privacy protected, this is THE essence of SERO project. Let’s consider a system in which the platform operator is willing to implement a sophisticated profit sharing scheme with the consumers, for instance, if you consume a product that the merchant heavily promotes, you may get a series of incentive if you introduce more people to consume it. Who guarantees that after you complete your introduction the reward will be allocated to you? Do you want anyone to know the details of the reward you’ve received? SERO has already completed a set of front-mid-back end toolkit for e-commerce developers to implement their own biz model such as this. In the entire process not one person or entity needs to be the trust bearer, because the smart contract code is transparent and it is maintained by the SERO network. I should add that while the code is transparent the actual transactions aren’t — SERO’s key privacy protection feature. Such collateral management mechanism also applies to dispute settlement, another thorny operational issue in e-commerce. At least one retailer has already committed to using this set of tools to launch its e-commerce operation. Collateral management also has wide applications in many financial fields, such as asset management, digital clearing, and asset backed securitization. We will show case such use-case VERY shortly, so please follow up on our announcements.
Bitbns (Rahul Jain): Amazing @SERO_Tony! #AMA Shots
Another history will be created soon!
SERO and Bitbns will both achieve another milestone together! excited to take another privacy coin on Bitbns. Let’s move on to the final question from Crypto twitter.
Question 5: Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period.
Tony Tang: SERO project was launched amid a severe bear market condition, because we never had a notion of catching a high bid to sell a ton of tokens. The project was started by my other three partners who are tech geeks in a true sense, who simply couldn’t resist the temptation of producing something exciting. Fortunately, they were able to be funded by savvy tech angel investors and a big-time like-minded geek during the darkest hours. If you look at the token holding structure, it is as distributed as possible — we don’t hoard them and trade them like dealers so that we can “fund” ourselves. We want to preserve our gene as a tech project team, and we take great comfort in the fact that we don’t lack resources to keep ourselves focused on the continuous development of the project. Going forward, however, in light of our much stronger exposure and greater recognition among institutions, SERO Foundation has established an equity company, co-founded by a number of powerful traditional financial institutions, which is fully committed to developing business applications based on SERO technology. And we call this company S++, which has full-fledged operating arms in China, Korea, and Singapore. Its positioning is a platform of standardized middleware for rapid deployment of customized SERO based DApps for real businesses. It has a very realistic purpose and will generate operating revenue like any traditional tech development company, and the effort will be led by myself. I truly appreciate your question, and be assured that the longevity of SERO project will be preserved. We are staying here regardless what the crypto currency market does.
Learn more about SERO S++ Enterprice Application Solution, watch this video where Mr Tony Talks about it in an interview with 8BTC : https://www.youtube.com/watch?v=SduQbn9G0Uk&list=PL0ghuQHMvJOAtk3EkELwiXtHz3e5QButs&index=2
Bitbns (Rahul Jain): Wow! @SERO_Tony. I am super excited with SERO!
We will now open the group for next round of questions.
The group will be opened for 1 min. Shoot your question and Tony would answer them.
Bitbns (Rahul Jain): Amazing. The community looks super excited @SERO_Tony
The floor is yours now!
A. Ivanov: How is SERO development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Tony Tang: Two efforts are going on at the same time: system extension for rapid devlopment, we’ve completed a real asset to digital asset race track platform, a securitization platform (digital trust, if you want), and a DEX, yes!
The other effort is to land on major apps, the e-commerce one, as i mentioned earlier, and a full-blown asset management effort — blessed by the Korean government, a restructuring of some core code is under way as well, for integrating into Chinese enterprise chain regimes.
SERO CSO and Director of SERO Foundation, Mr Tony Tang talks about Decentralized Exchanges
Sujit: When it comes to e-commerce , many titles such as advertising, marketing, supply , payment methods , logistics come to mind. How will Sero , which aims to provide Ebay’s Model on blockchain, handle e-commerce? Will all components be on blockchain?
Tony Tang: Let’s not confuse biz development with infrastructure. e-commerce, or any other biz for that matter, need their own biz models to be successful, yet SERO isn’t a do-all biz team. it is rather a biz enabler! We don’t define biz policy, we provide tools to enable as many policies as possible. a utility token!
Father: Hi @SERO_Tony !
While I see most blockchain projects come out with hotshot keywords claiming to be different from rest in the space and minimal product, where do you see your product actually being used by the community and solving the real world problem?
Tony Tang: We fully appreciate the severity of the situation you are concerned with. The fact is smart contract is quite transparent — if we say we can do something, then there must be real contracts on our network to show what we say it is so follow our updates, and verify, people may lie, but math doesn’t. if you see the contracts with tokens collateralized, and you compare the code with the biz front end, you’ll know if something is real. I totally agree with you — trust is earned, not granted. that’s why we are working day and night to showcase SERO’s capability, instead of doing marketing and propaganda. Excuse us for working too hard on the REAL thing. LOL…
We’re done with this round.
Bitbns (Rahul Jain): Super.. will take the final of questions! We will open the community for final set of question for SERO team.
Karla Herrera Pulido: Wonderful question and i will give a real example. Say you mediate between hospital networks and test labs — not a small task because these two sets entities need reliable logistics but both of them are regulated bodies that can’t allow for data leakage. You as a mediator, only want to facilitate the biz but really don’t want to let data pass through your system, here comes SERO: both parties store data on a decentralized network, with their own encrypted data. Now only the two parties engaged in the actual transaction — brokered by you — can swap their keys via SERO’s absolutely secret protected network. The key swapping itself can be as arbitrary as possible — such as a group of keys to unlock different segments of the same group of patient sensitive data. The data is stored, and the data is used, yet no unintended audience should have access, and you, the mediary, can now only focus on biz development, instead of worrying about being a trust agency. This is a great example of SERO’s 2nd eco cluster — private data management.
LBTS: 1a) Super Sero actually preaches privacy, but why are you listed on exchanges that require KYC (already a breach of privacy). Why not on only DEX that has no KYC that won’t breach our privacy?
2b) A recent extensive research showed that there’s no privacy on MONERO actually, that 90% of transactions can be traced. People have started doubting other privacy chains too. Why should they not doubt Super Sero?
Tony Tang: 1a) We are about to launch our DEX on SERO, and the first version won’t achieve high speed nor cross-chain, but it is a solid start, and it will keep moving.
2b) Ring signature is fundamentally different than ZKP — it isn’t complete
Bitbns (Rahul Jain): Here comes the end of super exciting AMA on SERO Coin.
Tony, once again. It was pleasure to have you on Bitbns Community.
To the Community
If your question were not answered in Today’s AMA. Dont worry, please join SERO’s official telegram group — @SeroOfficial — They have super representative, I am sure you will get your answer their.
Let’s build together.. Catch you soon! until then — Add your friends, family member or acquaintance to @bitbns community
Tony Tang: It’s my pleasure to share! thank you all for this opportunity.
Official links
Official website : https://sero.cash
Tencent : https://v.qq.com/x/page/s0792e921ok.html
YouTube : https://youtu.be/UNG2boG49Io
Twitter : https://twitter.com/SEROdotCASH
Medium : https://medium.com/@SERO.CASH
Github : https://github.com/sero-cash
Reddit : https://www.reddit.com/user/SEROofficial
BitcoinTalk ANN : https://bitcointalk.org/index.php?topic=5123382.0
Linkedin :https://www.linkedin.com/company/sero-global-inc/
Facebook : https://www.facebook.com/SEROProtocol
Gitter Community : https://gitter.im/sero-cash/Lobby?utm_source=share-link&utm_medium=link&utm_campaign=share-link
SERO VS Zcash encryption speed comparison :https://www.youtube.com/watch?v=bc6yHTLSl5M
Telegram Community
Chinese group : https://t.me/SeroOfficialChs
English group : https://t.me/SeroOfficial
SERO Announcement : https://t.me/SEROannouncements
SERO Official Technical Support : https://t.me/SeroFans
