Report

SERO Weekly Report【19th-26th April】

TECHNICAL DEVELOPMENT UPDATE

1. Consensus selection and R&D plan.

As we are approaching the mainnet launch and the subsequent release of GPU mining and in order to make SERO more secure, fair and perfect, SERO’s technical team has done a lot of research and selected the final architecture of consensus level that will be implemented on the first version of mainnet.

The main selection directions are focused on:

a) Effective prevention against 51% attack.

The selection direction includes the reference Proof-of-Proof (PoP) consensus of VeriBlock and the PoS+ProgPoW hybrid consensus protocol.

Proof-of-Proof (PoP) Consensus : Embed a snapshot of the ledger book into the Bitcoin chain (OP_RETURN) and use the security of the Bitcoin to enhance the security of the SERO chain to avoid 51% attacks.

PoS+ProgPoW Consensus: It is a hybrid consensus protocol, all the blocks generated by the PoW must be verified by PoS to be called valid/legal blocks. This mechanism can effectively balance the interests of all parties and allows PoW miners and PoS miners to participate in the system consensus and effectively resist 51% attacks.

Finally, for the safety and security of the main chain, the technical team selected the Pos+Pow program. The PoS+PoW consensus is also the first phase of the SE-Random implementation to achieve the SE-Random consensus.

b) Achieving a more fair PoW mining and fight against ASICs.

After the technical team developed the GPU mining, in order to achieve a more fair miner mining against potential ASICs and to avoid the occurrence of power monopoly, the technical team researched and selected a variety of PoW algorithms. These PoW algorithms include: Ethash, ProgPOW, X16R, and CuckARoo29. After many trade-offs, the technical team decided to eventually adopt ProgPOW as the PoW algorithm on mainnet. ProgPOW is a PoW algorithm used to reduce the available efficiency gap between GPU and dedicated ASICs. It uses almost all the performance of GPU to calculate, which greatly reduces the performance gap between ASIC mining machines and general GPU hardware that may occur in the future. The mechanism against the ASIC mining machine.

c) 25th–26th April The SERO technical team discussed and answered questions about technical options in the Chinese and foreign community groups (WeChat and Discord). 

The above two technology selection schemes were unanimously supported by community members. After consulting the community, we immediately started the research and development work and will release a version by the end of May. The follow-up weekly report will continue to report on this progress.

2. SERO Flight wallet

1) The SERO Flight Wallet has undergone a series of bug fixes and optimizations for ease of use.

2) The Flight Wallet is upgraded and now supports the storage, display and transaction of tokens sent on the SERO main chain.

3) The transaction fee for Flight Wallet is adjusted from 1 SERO to 0.1 SERO.

3. Snapshot download of the main chain

In order to deal with the slow downloading of data in the node wallet user’s main chain, we have released the download of the blockchain snapshot data. Related downloads have been placed on Baidu Cloud Disk and Mega.nz

MARKETING AND BUSINESS UPDATES

On 26th April, SERO CEO Robert was invited as a guest speaker to attend the forum “The New Economic Trend of Blockchain in 2019”, which was hosted by @InVaultHK and co-sponsored by APBC.

SERO CEO, Robert (centre) speaking at “The New Economic Trend of Blockchain in 2019” forum.

2. On April 26th, SERO CEO Robert was invited as a guest speaker to participate in the blockchain meetup organized by Wugu Theory Chain on the theme of “Blockchain Privacy Session-Development Times Seminar”.

COMMUNITY UPDATES

1. The SERO Super Zero Protocol Foundation was formally established.Since the 5% Guild Association Reward Pool has been continued, the Foundation’s revenue source is mainly composed of the SERO team and community donations. 

4th April, received the first donation activity in the WeChat community. The community members participated enthusiastically and quickly completed the first fundraising goal: 10,000 SERO coins and 10 world’s first privacy token commemorative coins (issued by contract on SERO) The team matched the numbers and donated 10,000 SERO coins at the same time so that the total activity prize pool will reach 20,000 SERO coins. This donation will set up a prize pool for the collection of SERO consensus market promotion resources in mainland China, including but not limited to poster collection. SERO commemorative shirt design, community promotion copywriting and commemorative coin design collection etc., the duration of the activity is 26th April — 6th May.

2. It is reported that a number of eco-partners have begun to build SERO-based eco-applications and many types of privacy tokens have been issued through the SERO contract system. A “SEPAY” privacy token is currently known to be released and will be used. Payments for multiple scenarios including online BBS, global hotel chains, online forecasting, etc., while another issued currency is reported to be mainly used for circulation in gaming scenarios and several private digital currencies are being issued that will disclosed later. As the only public chain platform in the world that can issue private assets, SERO’s positioning is recognized and accepted around the world. It is expected that the SERO-based ecological application will face a blowout in the second half of the year.

3. After the Daling Research completed the SERO evaluation and awarded the BB rating, the members of the Daling community responded enthusiastically. Daling Research think tank is now working with SERO on the next level of deep cooperation at the community level.

4. 17th April, The Twitter and Discord communities launched a SERO Meme Contest which received positive responses from community members. Community members produced a lot of beautiful meme pictures and videos for SERO. The result was declared on 25th April and winner was awarded

with 1,000 SERO.

5. On 27th April 2019, important members of the US Silicon Valley Blockchain Alliance will visit the SERO Global Headquarters for inspection and visit .The aim is to conduct in-depth cooperation and exchange between the SERO and the Silicon Valley blockchain ecology in the privacy protection technology and the blockchain ecological level.