Serey UPDATE: new inflation rate

3 months ago

Dear Serey users,

First of all, I'd like to excuse myself for not having written an update post for some time. We have not only been busy developing Serey, but also finding a new blockchain developer and talking to investors. I think that @jokerswild has already made a post that we have secured enough funding for this year.

In this post, I'd like to give an update regarding our upcoming inflation rate. As part of a general update of the Blockchain, Serey will have a lower inflation rate. Those who have been on the platform so far, have benefited from the exceptionally high rewards. These high rewards have mainly come from two things:

  1. Few writers chasing the same amount of daily rewards distributed by the blockchain
  2. High inflation rate that was set at the start of the platform

If you'd like to read more about the economics of Serey, I'd suggest you read Daisysun's 'The Economics of Serey: where do Serey coins come from and what determines its value?'.

Why do we lower the inflation rate?

There are two main reasons for lowering the inflation rate:

  1. The general update of the blockchain makes it easier for us to put SRY on the Serey Exchange so that people can freely trade their coins.
  2. It will protect the value of Serey. At this moment, SRY is sold to our investors for $0.02. In order to protect the value - actually, to increase the value of everyone's SRY holdings - it's decided to have less newly created SRY in circulation. This means we are adjusting the inflation rate to 0.75% (0.50% for authors and curators, and 0.25% for witnesses).

Why have people's rewards gone down yesterday?

We are currently finalizing the testing of lower inflation. It will be deployed as soon as we are confident the update is safe - we expect this to happen in the coming few days.

Before we implement it, we have drained the reward pool. Draining the reward pool is what caused people's rewards to go down yesterday. As response, @jokerswild has upvoted many posts to make the decline in rewards less drastic. However, he upvoted many posts without looking at the content. It's therefore possible that some of your posts have dropped in rewards, while @jokerswild has increased the rewards for some of your posts per his upvote. It's also possible that one of the curators (wondercury, sereycurator2, and serey-guard) have looked into your posts and upvoted it even more or downvoted it as they believe that @jokerswild has rewarded the posts too much.

What to expect after the update?

To sum up: after the update, there will be fewer rewards distributed by the blockchain. However, lower inflation makes sure that the value of SRY is better protected.

More updates will occur on the blockchain in the near future. The next thing will be the removal of legacy code that we have inherited from Steemit, and we will increase the number of active witness nodes to (probably) 21 including the reserve-witness. After that, the implementation of SRY on the Serey Exchange will be completed.

Bear in mind: in this post, I have only been discussing the updates to the blockchain. This does not affect the development of other applications that are currently under development, such as the Serey Market Place, a new Serey web design, a Serey Quora, and a new Serey Mobile App.

Thank you for reading this update.

@Timelocker

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yes, what month can we sell this serey coin

Update about the apps under development:

  1. Redesign of Serey web
  2. Serey market place app
  3. Serey Quora app
  4. Serey Lottery app
  5. Serey Twitter app
  6. Serey Mobile app
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Thank you @jokerswild for sharing the update. By the way, will Serey Quora app be a question answer platform like Quora?

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@rezoanulvibes, yes indeed. It will be a QnA platform like Quora. The goal is to make Serey not only suitable for creative people, but also suitable as a knowledge tool.

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That would be great! :)

Thank you for useful information! I wish the platform to grow and develop only with quality content. On today's posts very low levels. I hope you will be interested in new users to come to the platform of Serey

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Hi @r3benok. I agree with you that many posts are still of low quality. I think higher quality posts will drive the success of Serey so I am concerned about that. Our curators are working hard to separate quality from non-quality posts.

Concerning the approval of new users: we have received many new registrations, but we haven't approved them. At the moment, I am more concerned with users having multiple accounts and upvoting their own posts through their multiple accounts - this is what I believe has taken out the joy of Steemit. There are examples of bots creating 100s of fake accounts and then upvoting themselves. One of the things we are experimenting with to combat this is (1) our recent implementation of an SMS verification system for new Khmer users and (2) our new registration that is currently under development for people outside of Cambodia to post a picture of themselves at registration.

Another concern was the high inflation rate, but this will be solved/tackled this week. Once these are in place, we will actively approve new registrations again. It's better to experiment with new features when there are few users so we have the basics right, than growing fast but allowing people to misuse the platform from the start. This is the harsh trade-off we have made at this moment. I hope you understand.

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You're doing the right thing! I am glad that the work on the project is moving and you are interested in development. Strength to you, a healthy mind and dream! Each project according to the law of nature passes a stage from quantity to quality. I hope that this transition will be successful. Let there be more creative people on the platform of the Serey. It would be great to connect educational institutions, for example, Cambodia. After all, school sites can be on the platform Serey. And blogs of other companies and organizations;) You're doing the right thing! I am glad that the work on the project is moving and you are interested in development. Strength to you, a healthy mind and dream! Each project according to the law of nature passes a stage from quantity to quality. I hope that this transition will be successful. Let there be more creative people on the platform of the Serey. It would be great to connect educational institutions, for example, Cambodia. After all, school sites can be on the platform Serey. And blogs of other companies and organizations;) Good luck and all the best!

Thanks for inform all serey users

well done, keep up good work.

Thank you for the information update. :0)

I hope to see this new platform work, I managed to see images and the interface of the new update looks good, they should establish a route map so that users can be more attentive to each update. You're great @timelocker, greetings bro, luck and success!

Looks like Serey is in a transition period. It is just a beginning and more exciting things are coming soon. We are with you. We all want this platform to be successful. Keep up the great work!

Thank you very much @timelocker for the update!

You are very genius in making decisions and are very good at developing this Serey.io platform. I personally don't understand this after I read your post. I understand the development of serey.io. And I personally strongly agree with the decisions you make with the aim of advancing this platform. But on this occasion I ask you, when are these SRY coins on the market? For your answers, I thank you very much. 👍👍👍

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We will work putting the coins on the market after we have updated the blockchain. We are getting rid of the legacy Steemit code with Steem Dollars and will take a whole different rout than them concerning reward and inflation. The blockchain update should be finished the second half of April

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Great 01 !

if price at least 0.1 $ it is better.

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The price is not up to us to decide, but rather up to the markets.