The schema and update hooks have to be converted.
The module does not create any table on install. It triggers table creation while creating a field on a content type. The table created is then "serial_" suffixed with a md5 generated string 'serial_' . md5("{$entity_type}{$bundle}{$field_name}").
There was already a todo left under D7 about improving this naming convention.
function _serial_get_table_name($entity_type, $bundle, $field_name) {
// Remember about max length of MySQL tables - 64 symbols.
// @todo Think about improvement for this.
return db_escape_table('serial_' . md5("{$entity_type}_{$bundle}_{$field_name}"));
}
The table columns are sid - primary key ("The atomic serial field") and uniqid - unique key ("Unique temporary allocation Id") that relies on http://php.net/manual/en/function.uniqid.php.