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:
- Few writers chasing the same amount of daily rewards distributed by the blockchain
- 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:
- 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.
- 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.