On 29th November, 2019 the directors and volunteers of the SERO Foundation collectively completed the first community AMA. The following is a brief revision of AMA.
Q) In the domestic region, how does SERO plans to achieve compliance?
A: First of all, we must recognize that domestic regulation is cracking down on bogus projects i.e, only those projects that are working under the guise of the concept of blockchain, doing pure speculation on the value of virtual currency and illegal fundraising, and the second is the non-compliant trading platforms. Especially the continuous electronic matching auction, digital currency regulatory policies in the past few years are also exploring and observing, there are still some principles in the definition of behavior, these are the two above.
In addition, as long as it is a truly technical project, the country will only support it. If there are some non-compliant detailed operations in the early stage, we’ll try to resolve them as much as possible. For example, there are also serious differences in the private investment behavior of many projects. At very early stage I repurchased the private investments donations of some friends. The most important thing is that we are well aware of SERO’s steady implementation of technological innovation and applications. In January, SERO will have a milestone supply chain finance application. This indicates that SERO is a blockchain technology that is truly integrated with the entity, rather than a hype tool.
SERO, as an open public chain platform, if there are domestic legal entities involved in doing some business and ecological development based on this public chain, it will also actively comply with national regulatory policies to register as much as possible, or obtain relevant licenses. As far as we know, Sanfang is also building applications based on SERO and also hopes to complete compliance in time.
Q) When will the current SERO technology achieve stable coin issuance and mapping? What other technologies are needed? What’s the next development plan?
A: The next plan is cross-chain anonymous stable currency. Anonymous stablecoins require two components: a predictor and cross-chain. After the stable use of anonymous stablecoins, we plan to increase TPS and combine various Defi functions in layer 3. We do not plan to issue stablecoins ourselves. We hope to achieve an excellent decentralized digital asset (like Bitcoin) as an endorsed stablecoin solution.
Q) Are there any plans to modify the ratio of PoW and PoS reward?
A: There is no standard answer for the ratio of PoW and PoS reward. The inflation ratio may indeed be a little high in the first year, but it will be halved next year. We are more concerned about whether the demand for SERO from ecological development meets the inflation benchmark, but ecological development takes time. The emission that exceeds the ecological demand in the early stage will also be adjusted as the ecological demand grows in the later stage. It may be more objective to look at this market balance relationship with a longer time axis.
Q) It is rumored that SERO may cooperate with Ant Financial’s subsidiaries to develop cross-border payment services. Is this true? Can you talk about it?
A: At present, due to the confidentiality clauses in the terms of the cooperation agreement we cannot disclose the name of the cooperative company but yes, there is indeed such an application scenario that is being developed. The project planned to be launched in January is this cross-border trade supply chain finance based project.
This is a cross-border trade import business application that involves data that needs to be chained, including supply chain trade data from overseas imports to domestic goods, specifically orders, logistics, customs clearance, payments, etc. These data are buffered through a two-tier network and abstracted into the general asset on-chain data, forming a risk control platform with trusted nodes to confirm rights and multiple verification of payment data. It is also a debt asset portfolio tool, which provides the ability to provide asset display and screening to overseas banks. The upstream suppliers of overseas supply chains provide financing services, so they are not mainly targeted at the payment scenario. Ant Financial Double Chain Link is mainly based on the alliance chain technology. The main business of this application is that the on-chain business is open, so it does not mean that the customer is SERO. If you obtain financing on the application, you cannot obtain financing on other platforms, so there is no competitive relationship. You still need to identify the funder of this platform’s risk control.
The simple understanding is that it was difficult for a bunch of small suppliers to finance because the cost of bank penetration risk control is very high, but the trade data on the blockchain is credible and assets can be packaged and a credit system is established, so the originally scattered creditor’s rights can be packaged into standards that meet the needs of funders for financing. This scenario does have a longer implementation cycle, but it is this scenario where the blockchain should play a role and the direction of national support. I think the public chain is worth the time and cost with energy, we can gain market share with good cases.
Q) Regarding whether the community has a development plan, how to introduce new users?
A: I talked about the ecological demand for coins. I think there are several aspects. One is the demand for coins. The other is the investment demand generated by investor consensus. The former is the goal of ecological launch efforts and the latter is the goal of community consensus promotion. The overseas market was originally inadequate in community work, so I will go and make up for this short board. Xuezhuang also had a great plan before, we can discuss together, the other is the industry’s incremental market, we hope there are more original ideas that produce enough awareness for the user learned through SERO blockchain, there are many community groups teams are working on it, such as Super-Zero blockchain business school.
Q) What is the logical relationship between the project team and the foundation? How are the divisions formed?
A: The project team in the narrow sense now mainly refers to the R&D team and also has full-time customer service. In a broad sense, we cannot actually call the project team because the goal of SERO is decentralized governance. The foundation registered in Singapore is the driving force of this decentralized governance organization, so the current nature of the work of the R&D team is strictly in the sense of being entrusted by the foundation to work for SERO, but the foundation also includes many other members, many of whom are working for SERO for free, taking different responsibilities, but these all the personnel are not fixed. The foundation will use the team share to motivate people who work for the project in different periods. I hope more people can join in. Now the full-time team basically has only three functions: technology ecological cooperation, business development and customer service. Whether it’s full-time, part-time or volunteers, everyone’s contribution is important for us.
Q) The unilateral current meeting of the platform will affect the overall market performance and promotion momentum of SERO. What does the foundation thinks? Is there a way to communicate to avoid it?
A: It is actually difficult to intervene with the behavior of the exchange. Gate’s current wealth management products are not low in revenue. Compared with ordinary PoS, it is actually more attractive to users. From the perspective of its product design, there is no malicious manipulation to interfere with the secondary market. After all, users choose to participate by themselves, but the premise is that the data must be true. In this regard, we have no evidence that the number of exchanges participating in PoS exceeds the magnitude of users participating in current financial management. This is a difficult problem to address. The original intention of the PoS mechanism is not this kind of current form, because if the PoS pledge does not have a certain time guarantee, it is not conducive to the stability of the network. Users choose to participate in the native PoS mechanism, which is more in line with the project’s design positioning and development goals.
Q) What advantages does SERO have over the recent popular anonymous coin Grin, or is it also an anonymous coin, and is there any reason for investors to choose SERO over other anonymous coins such as Grin?
A: SERO and Grin are not similar. Grin is a pure digital currency used as a payment token, while SERO is a smart contract ecology based on the field of decentralized privacy ecology, so just like ETH and BTC, SERO and Grin are totally different, there is no competition between each other. In the field of privacy coins supporting smart contracts because of the complexity of technology, we have not found other mature competitors except us.
Q) Some people say that the circulation of SERO is not 1 billion at all?
A: In fact, it has been almost six months since the launch of the mainnet. SERO has been open source since last year, especially the source code related to the token issuance. All miner nodes are deployed. Many industry geeks have never given up looking for SERO’s vulnerabilities. I have learned from other sources that some geeks have tried to attack but have not found any loopholes.
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SERO VS Zcash encryption speed comparison :https://www.youtube.com/watch?v=bc6yHTLSl5M