BUMO-The ultimate Trust Network For New Generation Of Value Circulation
Introduction
Blockchain technology has become the next generation technology,just like the internet that allows for the sending of data anywhere and anytime in the world conveniently and on a low cost.but the internet has failed to solve the point to point value transfer plaguing the system without depending on a centralized authority.This is because the value transmission needs to guarantee uniqueness,which is different from the replicability of information transmission.
Blockchain technology is going to be the new master piece of point to point value transactions,its here to solve the problems of making transactions without the control of a centralized authority with high scability,security and transparency,Therefor if the blockchain can improve and provide reliable accounting function,they point to point value transfer would be independent of a centralized authority .
Key Problems
There are problems facing the society and Bumo is here to solve it:
Problem of scalability
The blockchain and cryptocurrency society is represented by bitcoin which can handle ony a handfull of transactions per second which is poor as regarding to what is required in the real financial economy.This problem is the most pressing bottlenecks in the blockchain space due to the inability of the system to carry out huge transactions in a matter of seconds.
problem of Energy Consumption
In the bitcoin system,investors will have to gain bitcoin,miners will have to compete with each other decrypting and moving over to the next block.this method however leads to a high level of energy consumption,even making mining centralized.
Application Threshold
Meeting up with the demand of business applications is way difficult,cause there exist alot of high development engineering amount and high professional technical requirement on the development of blockchain.in the follow up promotion of the application,these platforms find it difficult to prosses high number of blockchain users.
Value isolated island
The application of blockchain on different platform is still on an isolated state,closed digital assets and lack of liquidity.The lack of liquidity not only restricts flow of channel,it also increases the cost of customer obtaining.
These are how the ways the blockchain system has been good:
Distributed dynamic networking
In blockchain there exist what we call nodes and each node is dynamic in nature,this is dynamic nature is important in the creation and maintenance of a network.presently the system has been able to realize this with its P2P feature which is wiedly used in fields such as file transfer and download.
Time order and Tamper proof cryptographic books
The book structure of blockchain mainly includes two aspects: One, to prevent tampering and improve the comparison efficiency between various books through the chain hash structure.The chain hash structure is formed by a series of data blocks,each block includes the hash value of the previous block and the latest transaction set.hash value can be seen as the fingerprint data,where any change will be detected and updated. Second identification of asset owners and public key cryptography mechanism. In verification of account public keys are used in the blockchain books,so that only the user with private key can transact with that account.
consensus mechanism under uniform rules
Consensus mechanism is the heart of blockchain transaction and verification of payment and transactions. it aims in transparency and the issue of double payment.the consensus mechanism works largely at improving verification of transactions to resist malicious attacks on the system,to ensure a transparent transactions.for example bitcoin system makes uuse of the workload proof feature,which is commonly known as mining.many financial system apart from blockchain makes use of some special consensus mechanism that is responsible for transaction verification and confirmation.
Inherent Incentive System
To achieve maximum security and maintenance we need to have an incentive system,to enable the node in the accounting development toward the nodes for their participation in the system.
Bumo
Bumo vision:Bumo is aiming to introduce a new generation trust value system that centers on free value transfer across vast network.
- What is Bumo
Bumo is an innovative value transfer system aiming to improve the value transfer ecosystem.Bumo presents a scalabe,efficient and open digital asset support to the system,this system can be implored by financial institutions big time industries to help them mange their digital assets and value circulation.
Network composition
The Bumo network is an open digital network that connects the digital world to the physical world.Devices can join this network as a node to realize management,application maintenance,value circulation and large scale networking.
The physical composition of Bumo include the following:
- Any intelligent device that is jointly connected to the network.it also has the ability of opening and autonomy.
- Candidate node: All N nodes can apply to become a candidate node,a candidate node now can also apply to be a validator node after he must have passed the election.
- Validator node:It is selected when all candidate noes must have applied and an election is carried out. it is responsible for the whole network accounting and resource dispatching and receive the rewards of network transaction cost.
This contest was organized by @originalworks
All the images used in this contest was gotten from bumo whitepaper and website
For more information please visit the links below
Bumo whitepaper
Bumo technical paper
Bumo bumoen
Bumo wibo
Bumo reddit
Bumo telegram
Bumo facebook
Bumo twitter
Bumo Gitube
Bumo wallet
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