SERO Foundation Work Monthly Report [April 2020]

8 min readMay 19, 2020

The SERO Foundation refers to a non-profit legal entity named “SERO FINTECH FOUNDATION LTD.” registered in Singapore. The foundation was established to promote the ecological development of the blockchain and SERO public chain, and is committed to the SERO public chain development and construction and community governance transparency advocacy work, hereinafter referred to as the SERO Foundation.

Reporting Directory

1 SERO Public Chain Technology Research and Development Progress

2 SERO Public Chain Ecology & Community Latest Trends

3 SERO Public Chain Network Operation

4 SERO Foundation Work Plan

One: SERO Public Chain Technology Research and Development Progress

1. Gero Synchronization Efficiency Optimization

Completed

In the first stage, the structure of the ticket pool was modified to reduce the number of inquiries.

We have observed a significant increase in trading volume on the SERO chain recently. These transactions, including ordinary transfer transactions, transactions triggered by contracts and PoS Mechanism revenues and so on, these huge transactions slow down the pace of block synchronization. We need to optimize the transaction volume before it seriously affects the efficiency of block synchronization. Therefore, we integrated the technical volume of the community, optimized the entire block synchronization efficiency, and designed the implementation plan of each phases.
At this stage, we have completed the optimization of the building process of the PoS consensus ticket pool storage space, without changing the random algorithm, so that the retrieval efficiency of the ticket pool can be improved when randomly selecting the votes in the ticket pool. In fact, the work of retrieving the ticket pool under the PoS consensus mechanism takes a considerable amount of time in the pre-work of the building blocks. This adjustment greatly reduces the time consumed by this part of the work, and also indirectly improves the TPS of the blockchain network.

Expected to complete the fork switch on 22nd May.

Under Development

In the second stage, we’ll parallelize some of the underlying algorithm.

2. Research and Development of L2 Layer Architecture

Completed

High-speed consensus protocol design.
Prototype framework development.

Under Development

Application architecture research and development.

SERO has always given great importance to the technical support role of the L2 layer in the future blockchain, and we believe that the L2 layer will be the battleground for the future.

We have a completely innovative mechanism for the overall framework of the L2 layer that not only matches the underlying SERO network, improve the performance of the whole block chain, but also enrich the blockchain network. Scalability allows SERO to have more interaction space with the outside world. We believe that cross-chain, pre-auth, and real-time transaction verification are essentially a kind of interface performance for interacting with the underlying network of the public chain. We define different forms of interaction modes in terms of protocols. From the realization of different requirements for interacting with external information, the underlying public chain is finally empowered to obtain more outstanding performance capabilities in data storage, calculation, input output, and transaction.

This cross-era significance of L2 layer architecture will be a long-term process. It will take about 3–6 months to complete the early version of it. We have already completed about 1/3rd of the work.

3. SERO Ecosystem related Research and Development

Completed

RHINO DEX underlying adaptation work

In June 2020, Rhino DEX2.0 will be launched soon, and it will be the industry’s only decentralized trusted asset trading platform based on blockchain smart contract technology. There are many decentralized exchange and RHINO is not the first of them, but most DEX exchanges still continue the centralized exchange’s governance model for listed assets. It is true that DEX can perfectly solve the problems of asset security and transaction data transparency. But in fact RHINO DEX can do more to evaluation of credible assets.

RHINO DEX has proposed strict screening standards for digital assets traded on platforms, and has been exploring how to filter out “high-quality trusted assets” through decentralized technical means and honest response. Real assets need to be converted into assets on the chain through regulatory compliance channels. However, DEX can also cut in from the level of contract transactions and contract asset management, and can use corresponding technical means to enable investors to have a clear risk definition of the digital assets they invest in.

Considering that contracts like RHINO DEX, which carry a lot of digital assets, will have more weight in the SERO block network. And to meet the security and performance requirements during the implementation of these mechanisms, SERO has recently made some adaptations at the underlying level, improving the performance of contract processing and the security of contract account assets.

POPUP Wallet(or Light Wallet) external DApp communication architecture

Popup is the world’s first decentralized mobile wallet based on zero knowledge proof built by the SERO Foundation. In order to facilitate the development of third party ecosystem, decentralized mobile DApps can also be developed. The Popup-based communication architecture is abstracted and integrated, and a standardized interface can be built to allow third-party mobile DApp to communicate with SERO blockchain in the same way.

POPUP Wallet supports Ticket

NFT (Non-Fungible Token) defines an ecologically indivisible and unique interface specification for token interaction and circulation, and Ticket is the specific implementation of anonymous NFT on SERO.

In this optimization, based on the underlying technology of POPUP, the mobile light wallet is supported to interact with contracts containing Ticket assets. The mobile third-party Dapp can directly perform contract-based interaction with heterogeneous assets (NFT). This will greatly expand the scalability of the ecological scenario.

Under Development

Assist Rhino 2.0 research and development
Light wallet’s feather mode research and development
Light wallet release contract R & D
Light wallet supports Package
Cross-App payment framework

Second: SERO Public Chain Ecology & Community Latest Trends

Ecological Trends

On 7th April, XT Exchange announced the official listing of SERO and opened the BiYong group trading function. BiYong customers can easily implement the function of trading SERO in BiYong or using SERO to send red envelopes in the BiYong community for fast trading operation, XT.com exchange held a two-week trading competition;

On 11th April, in order to celebrate PCSEX’s joining the SERO PoS Stake node, PCSEX conducted a low-price discount through the FCO section on 11th April Singapore time to purchase, and officially opened the transaction on 12th April;

On 14th April, SERO successfully completed the first halving. About every four years in the future, i.e, every 8294400 block reward will be halved. The maximum block reward after this halving is reduced to 17.8;

On April 28th, the SERO Foundation announced the official investment to incubate the [RHINO] trading platform. The RHINO trading platform is developed by a third-party technical team and is committed to creating a true decentralized encrypted asset trading platform in line with the spirit of the blockchain, and the team’s pursuit of the concept of a decentralized governance model fits well with SERO’s overall strategy. The SERO Foundation believes that a decentralized exchange will be an important part of SERO’s complete ecology.

Community trends

On 2nd April, Allen, the global head of XT.com, talked with Mr Tony Tang, SERO’s Global Chief Strategy Officer, to conduct an AMA in XT.com’s community to discuss the past and present journey of SERO;

On 10th April, SERO was invited by Gains Associates, an overseas community, and Mr Tony Tang, the CSO of SERO, held an online AMA event in the Telegram community. A total of 5,700 community members asked 311 questions, and 62 were asked in a minute at the peak.

On 11th April, at the invitation of PCSEX Exchange, SERO Global Chief Strategy Officer TONY TANG visited the PCSEX Exchange. The online theme was “How to Seize the Second Opportunity of SERO Emission Reduction” AMA;

On 23th April, led by the SERO Foundation, the “First SERO Blockchain Global Developer Contest” was launched. The foundation expressed its hope that through this contest, more excellent applications will be spawned to form a stronger developer application ecosystem. At the same time, the underlying technology of the SERO public chain is also shown to the world.

With the donation of the community, the Foundation of this competition prepared millions of SERO to reward outstanding technical teams and participants;

Please click here for relevant announcements for Developer Contest: https://medium.com/@SERO.CASH/sero-blockchain-1st-global-dapp-developer-competition-f931c11637f2

On 23rd April, SERO Global Chief Strategy Officer Mr Tony Tang was invited as a guest to node live broadcast room to reveal the complete SERO strategic plan and talk about the future of the public privacy chain. Announce SERO’s DeFi, cross-chain, DEX plans, explained S ++ business layout and talked about SERO market value decision makers.

More than 20,000 people at home and abroad watched the live broadcast online that day;

Interview Video Link: https://www.youtube.com/watch?v=jlgEuTRVFNw&feature=emb_logo

8BTC Link : https://news.8btc.com/sero-unveils-s-on-chainnode-hand-control-of-the-market-value-to-real-decision-makers

On 24th April, SERO was invited to Crypto NationIN, a well-known overseas cryptocurrency community. SERO Global Strategy Officer Mr Tony Tang conducted an online AMA Q & A at Telegram. We received active participation and feedback from the community.

On 7th May, the eighth live broadcast of the “2020 Ecological Public Chain Forum” sponsored by DappBirds and Hummingbird Finance, SERO Chief Strategy Officer TONY TANG was invited to participate in AMA and talked on topic of “Smart Contract Of Blockchain”

Link to content : http://www.fengniaocaijing.com/article/detail?article_id=169562

Three: Operation of SERO Public Chain Network

PoW: After the second halving in April, the PoW computing power is about 50% lower than before the halving. Since SERO is a graphics card mining machine, the computing power will closely follow the changes in mining profits, so the changes are very real-time and in line with expectations.

PoS: As of now, the number of valid tickets on the entire network is about 440,000, which is not much changed compared with before the halving. The ticket price is 337 SERO per ticket, which is basically not affected by halving.

SERO’s dual consensus mechanism design allows attackers to simultaneously attack PoW computing power and most PoS nodes. If someone really has this financial resource to invest, the final result must be worth the loss. At present, SERO’s public chain network is very safe.

On-Chain Transactions: As of 18th May, the total number of on-chain transactions completed on the SERO public chain was more than 2.5 million, 378 smart contracts, and a total of more than 68.38 million SERO were destroyed due to insufficient computing power.

Four: SERO Foundation Work Plan

I. Community

Developer Contest

Received the submission of development works and started the selection of works, etc. to continue promoting the progress of the developer competition.

2. Technology R&D

Decentralized Exchange

Cooperate with the RHINO Exchange R & D team to improve the performance of the exchange and optimize the user experience, and recently released the second version of RHINO.