Announce

SERO Guild Reward Pool Adjustment Plan Announcement and SERO Association

2019-04-25
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Since the introduction of the guild system by the SERO team, we have received enthusiastic responses from all the guild presidents and community members. The future guilds will also play an important role in the SERO ecosystem. With the development of the project, we notified the community on 22th April, 2019 via announcement that we will make an important adjustment to the guild reward (5%) distribution system. This initiative has been highly concerned by the guild presidents, 24th April, 2019. At 10:30, under the auspices of the co-founders of SERO, extensive and profound discussions were held with the presidents of the SERO guilds. The SERO team places a high value on the opinions of community leaders and members. The summary of this discussion is as follows:

SERO Guild Reward Pool Adjustment Announcement

1. We plan to launch the GPU mining program by the end of May. The PoW algorithm will use ProgPow and the GPU cards which have more than 3G VRAM can participate in it. The consensus will be upgraded to the consensus algorithm of PoS+PoW (The phase 1 stage to achieve SE-RAND consensus)

2. Over the same period, the 5% reward pool will be rewarded to the miners. Hence, 75% of the originally allocated for mining rewards will be summed up to 80% (PoS + PoW)

3. SERO team will estabish the SERO Foundation. In the early stage, the share held by the founding team will be partially donated. In addition to the previous community donation, the foundation will be used for future rewards for the SERO community guild and ecology and based on the principle of open and transparent operations.

FAQs

1. 5% of the rewards are distributed to the miners. Where do the rewards for community activities come from?

A: 5% is directly equal to the distribution to the miners. The other guild community ecological rewards come from the foundation. The former team will donate some to the foundation. In principle, these rewards will be distributed to the presidents of the guilds in units of guilds. Self-governance and distribution are carried out by the presidents of the guilds.

2. In Open GPU mining, more miners will be involved, how will we join the guild organization?

A: Indeed, it is planned to cancel the license at the end of May, which is conducive to more decentralized operations but the problem is that the SERO’s POW is completely anonymous mining (the mining address and amount are not known) No union member can be counted after the license is revoked, so the association will use a relatively centralized method such as cooperation with the mining pool and apply for joining guild from the light wallet.

3. Since it is an anonymous public chain project, why should it be promoted with a centralized guild mode?

A: The earlier method of guild reward was indeed a little centralized, so now since the foundation is operated the source of the prize pool is also different. The future guild rewards will also be based on voluntary participation. This part of the reward is not only limited to the mining competition but after the removal of license the stats cannot be counted. For example, we can develop an application on SERO, and then we can set up a guild including the ecological application on SERO, or we can form a guild to participate in the guild pk or we can promote a prize pool for this application. The guild function will be added to the mobile wallet.

4. After the GPU mining is opened, how can people who do not have GPU graphics participate in mining activities?

A: After the GPU mining is introduced, community members who don’t have a GPU card can participate in POS mining. POW+POS is good for the security of the chain. The POW is responsible for the block, the POS is responsible for the verification block and it has a strong ability to prevent 51% attack. Also, for the previous holders POS mining will have a stable income.

5. Adding 75% to the miners to 80%. Isn’t the time of digging not 101.5 years? How will the team’s share be released again?

A: The miners allocation are still released in 101.5 years. The 10% of the team except the donation part will be released in the remaining 101.5 years and will be locked for at least half a year.

6. Open GPU mining (ProgPow algorithm) and upgrade to the first stage of SE-RAND consensus (POW+POS), the code needs to be modified to re-upgrade?

A: Yes, a major upgrade will be required.

7. Once Open GPU miners are online and supporting the mining via mining pool in the future, will there be mine pool rewards ?

A: The mine pool program needs to be upgraded to support the GPU. After the upgrade of the mine pool, ProgPow is supported. At the same time, the user base of the GPU is also a good thing for the mine pool. The mine pool reward will not be cancelled in the early stage.

8.8. Will the guild gradually fade out completely?

A: The guild has a permanent program such as the Mining Incentive, which is now only available for mining and more will follow. The foundation rewards guild-type organizations with revenue from operations. The guild will not fade out and would encourage the guild to participate in the community ecology construction in various ways.

9. Where does the foundation’s currency come from?

A: Team and community donations will make up the foundation’s currency.

10. How to decide the guild reward and project allocation? Will it be distributed as a percentage?

A: Since 80% of the rewards have been issued to miners, this part of the guild has become a centralized operation and there will be a series of awards but will be all organized and distributed. Foundation rewards are not distributed in percentages.

11. How is the proportion of POW and POS mining assigned?

A: The current optional POW: POS mining has two ratios: 5:3 or 4:4 and the choice of the final ratio remains to be investigated and weighed.

12. How will the the team map 80% for miners, 10% for team and 10% for investors and finacing currency?

A: We will map all ERC20 tokens to the mainnet for statistical and community reporting and the rest of the investment and financing will be made public after the finishing because there are still some organizations that we plan to partner up with in the near future so this part of tokenomics may change.

13. How is the team’s 10% released?

A: Released in the same proportion as mining, and released in 101 years. This release strategy is with the block rewards in the main chain.

14. Will the guild system of the fourth period change?

A: The fourth phase of the guild system like the general scope of the previous month will make minor adjustments which will be more friendly to small computing miners and the current guild system will be delayed until POS+GPU comes out.

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