This is my article on the blockchain platform BUMO that provides users a top notch internet of value.

Introduction

Virtually everyone needs to be connected; need to communicate and share information and the internet provides everyone the platform to do just that; share information. Since the inception of the internet, there has been a tremendous impact. Information access and transfer have experienced a substantial improvement. This was the era of internet of information.

Internet of Value (IOV)

Even with the advancement the internet has, it could only transfer information, there was no ubiquitous access and transaction between people across the globe. The world desired another kind of internet that would enable them transfer value over the internet just like information. The era of Internet of Value (IOV) came in.
The internet of information offered the sender and the receiver the opportunity of having the sent data simultaneously even after transfer. However, value transfer over the internet left only the transferee with the value and the transferor with nothing.
Record of ownership, transfer of value, within networks were handled by custodians. Stock exchanges, digital wallets, block chain etc. The diversified nature of the custodians and ledger systems was all good until the need for interconnection came and it was difficult connecting these diverse ledgers together.
The IOV was built with focus on trust, transparency, security, and privacy. Merging it with the blockchain technology just made it way cooler. The blockchain simply eliminated the need for the central authorities or third parties in the transfer of values over the internet. Transfers from one user t another will be purely direct.

View of the Blockchain

The blockchain features that led to its mass adoption include:

• A network of distributed dynamic nodes connected in a large network.
• The use of HASHING structures to improve book keeping.
• Public key (user identity) and Private keys(corresponding to public key) to ensure security of funds
• A consensus mechanism to ensure transactions are verified and no double payments are made. The distributed nodes are responsible for the verification and confirmation.
• A rewarding mechanism where the nodes that partake in the maintenance of the network and keeping of financial records are incentivised for the services they have rendered.

The IOV is leveraging this technology to provide users a means of digitising their physical assets and transfer values freely as one would do with information.

Problems of the Blockchain

The blockchain had some shortcomings that limited the full realization of this vast network of providng users of means of transferring values.

• Rate of transactions were too slow and required processing capability was lacking.
• Mining (proof of work) , which is a consensus algorithm required too much processing power and thus more energy. It was consuming way too much energy.
• The skill set and infrastructure required for developing blockchain business apps were very hard to come by.
• Lack of liquidity increased the restriction of asset flow in the economy.

What is BUMO?

BUMO is a project with the objective of creating a trust network where value can flow as freely as information, utilizing existing smart devices that are already present everywhere in the world!

Goal of BUMO

Creating a new generation of value circulated ubiquitous trust network that allows value to be transferred as fluid as information.

AIM OF BUMO

[i] establish a wide network ecosystem of ubiquitous digital trust, fluid asset circulation and common share application.
[ii] provide open, efficient and scalable technical support to meet with the needs of the asset digitization industries.
[iii] establish a wider trust in machines by interconnecting intelligent devices and data organically.

BUMO ARCHITECTURE

The BUMO architecture focuses on keeping the digital power with the users. These users will be able to build a ubiquitous, trusty network of interconnected smart and intelligent devices and transact business in a truly democratic way.

NETWORK COMPOSITION

[i] Open to all
The network is built to be open and autonomous. Thus any device connected to the network can participate in maintenance, application development and circulation of value. The advent of internet of things (IOT) will make it even easier for smart devices to utilize their idle resources to create value in a purely ubiquitous network.

[ii] components

• node: any intelligent device connected to the network.
• candidate node: they are drawn from the node and their size (N) is a function of the performance requirement of the network and the scale of the network.
• validators: these nodes are resonsible for the network accounting and resource management. They get rewarded for their services. They are selected from the candidate nodes via a lottery election system.

CONSENSUS

For a blockchain, the verification of transaction is of utmost importance. Different blockchain over the years have designed and developed algorithms to enable them reach a consensus when it comes to blockchain. Examples are the Proof of Work (PoW) , Proof of Stake (PoS.
However, for the purpose of increased transaction throughput scalability and most importantly security, BUMO employs the FIREWORKS protocol. A hybrid consensus protocol that merges Byzantine Fault Tolerance (BFT) and delegated proof of stake ( DPoS).

DPoS is a fast, efficient, decentralized and flexible consensus algorithm on the blockchain. With its elected delegates (witnesses). These witnesses determine the certain parameters of the network like : fee schedules, block intervals and so on. The witnesses get rewarded for generating blocks on the platform.
The steps include:

• all nodes can apply to be candidate nodes
• the voting process can be cyclical or dynamic
• consensus is reached by the validators using asynchronous BFT. Weights of validators determine their chances of getting the block.
• for security purpose and protection against malicious validator nodes, any illicit activity by a validator would cost him his deposit.
• another measure of security is to ensure that all deposits of validators are frozen during redemption.

VALIDATION

• selecting the validators is the first step in protocol operations
• the process is encrypted
• the proposer(selected validator node) brings the block for validation.
• the lottery process is automatic and random and users with the higher priority have the higher probability of their block being chosen and sent.
• validator vote for each value of the proposed block in each round of the voting.
• in the event a validator node experiences a network failure or slow connectivity, the validator is skipped.

BUMO SMART CONTRACT

Smart contracts are Turing scripts on the blockchain having its own storage resources. Once triggered, CPU resources are allocated to it. A smart contract must be:
[i] definite: it must run and stop within a limited amount of time.
[ii] correlated: the same inputs must generate the a corresponding output.
BUMO offers contract developers the opportunity of designing contracts that can be used by upper application and inter-contract transactions. The tool to achieve this feat is the BUMO Virtual Machine.

BUMO VIRTUAL MACHINE (BUVM)

It is simply the execution environment of the BUMO smart contracts. The contracts offer developers an online editing and debugging tool to enable them develop and debug smart contract efficiently.
Benefits to developers include:

[i] intelligent control of logic and application layer.
[ii] an interface where customized API can interact with flexibility.
[iii] an interface that supports application virtual machine.
[iv] high execution efficiency
[v] low learning cost of programming languages
[vi] direct script translation to machine code
[vii] supports a wide range of high level programming language such as C/C++/JavaScript/Python.

The smart contract will be interacting with the real world using two means:

[1] Real data will be established, generated and maintained by the provider. Data is paid for by deposit. Any illegal act by the validator would lead to the expulsion of the validator.
[2] BUMO Oracle: the oracle is notified once a contract is triggered.

GROWTH AND INTERCONNECTION ON BUMO

If there is one thing the digital economy world has experienced over the last decade is growth. Most thanks to the blockchain technology. But this growth is not quite over. As users of blockchain begin to increase there is the need for the platform to grow as well. Most platform on the blockchain don't scale so well and experience lapses in serving their clients.
Blockchain interaction is also an issue that needs to be resolved most of the blockchain grow in a vertical manner more like local area network (LAN). There is no cross chain interaction and this can be a problem if the network has to grow.
BUMO approaches scalability and interoperability using two mechanisms: isomorphic(BUOrbits) and isomeric(BUCanals).

[1] BU-ORBITS

This mechanism specifically targets the problem of inefficient storage in single chain networks and offers solutions. They include:

• child chains that can customise key operation parameters.
• free flow of value between chains
• A separated storage for the childchain book.
  The mainchain and childchain of the BU-orbit have the same underlying architecture which makes it easier for resources to be shared. Several childchain can be connected to the mainchain via a mapping mechanism but there can be only one mainchain.
  The childchain can interact with each other and simply synchronize their data on the mainchain. The larger the childchain connected to the mainchain, the greater the processing capability if the network. And scalability can be achieved.
  The BU-orbit has two layers:
  [i] the nomination and verification layer that provide high level consensus for childchain ad cross-chain interaction.
  [ii] interconnection of childchains responsible for directly handling transactions, contracts and data.
  For the purpose of reducing the storage load on the mainchain, only smart data from the childchain will be stored on the main chain. The nodes of the BU-orbit are the full node which is responsible for maintaining the full state of the chain and the light node which downloads and verifies blocks.

[2] BU-Canal

The solutions BU-Canal offers are:

• bridging value routing of blockchain with the same or different underlying architecture.
• realtime synchronization of the mainchain
• free flow of value
• canal acting as a blockchain router.
  The BU-Canal has the same expansion method as the orbit but there is no direct communication between the childchains.
  The mainchain has the collection and verification nodes. The collection nodes route communication from different blockchain to the target blockchain; trabslat protocol to avoid cross-chain overloading and avoid cross-chain attack using a queue control mechanism.

BUMO AND PRIVACY

If there is one distinct feature that the blockchain is reknowned for is privacy of transaction.
BUMO is using the ZK-SNARK algorithm. Zero knowledge (ZK) is a better algorithm since it does not require trusting a central node and has better anonymity. Anonymous users interacting with anonymous currencies to ensure user privacy.
WhitePaper page17
Using certain parameters, the validation of transaction can be carried out with out revealing any information on the transaction. Crosschains can now anonymously interact. There are two kinds of cross-chain interaction:
[i] transparent: provides content of the transaction and the Merkle branch evidence according to the rules of the parallel blockchain.
[ii] anonymous : no information is revealed except for the validity of the transactions. Upon startup of phase of the validation, certain parameters are generated and these parameters are used to validate the transaction from a cross-chain.

BUMO VALUE SYSTEM

The business world is going full scale automatation now. Self executable contracts have reshaped the world of business transaction and sooner rather than later, there will be a huge business network run by machines on a global scale. These businesses would require faster transaction speeds, better throughput and relatively low transaction fees. BUMO is offering the world that chance now.

[1]Better asset circulation

The hiccup with asset flow traditional systems is that users assets are conformed and confined to that particular system.

BUMO believes that digitized assets could and should flow with certain fluidity. They create an open value circulation platform that supports the free flow of digital asset. Users on BUMO in no distant time will be be able to coordinate process, reduce customer acquisition cost and improve efficiency on value circulation.

[2] BUMO AND IOT

The internet of things (IOT) is simply a system of interconnected computing devices (mechanical machine, digital machines, people objects) given a unique identity and the capability to transfer data through the internet without human to human interaction or human to computer interaction.
IOT had some problems that BUMO looked into and they are as follow:

• fragmented communication protocol
• high cost of maintaining network
• distrust in network creation.

BUMO figured, why not leverage this technology and use it to create value. The IOT value chain on BUMO will allow intelligent devices carry out transaction with the blockchain being the ultimate book keeper. BUMO provided solution to the problems associated with IOT.

[1] IOT devices can now achieve and benefit from a real correspondence between real world and blockchain world. Authenticity and validity of input data would also be achieved.
So as a user with access to IOT devices you can simply join the network. Many users create many business opportunities and thus an increased liquidity of digital assets.

[2] the data source and data itself on the network will be true and effective.

Decentralised application (DApps) is the most intuitive understanding of the blockchain. BUMO understands the importance of the DApps that is why it is creating a standardised protocol to attract more DApps application to join the network. Integration will be easy since BUMO is implemented to support DApps from different industries (finance, game, IOT).

BUMO ECONOMICS (BUCONOMICS)

[1] BU-TOKEN as incentive

Built in native encrypted token for measuring digital economic activities on BUMO. Using the resources on BUMO would require the users to pay some amount of gas as fees.
Smart contracts must be definite an this means that they must be executed in a limited(short) amount of time. This is because the longer the execution time or the contract, the more resources it would require. This will prompt developers off contract to make their contracts as simple as possible. In the event that the complexity of contracts is a must, then the BU-Token is transferred by the user to extend the execution time. The greater the BU-Token, the more the execution time of a contract.

[2] BUMO gas algorithm

Gas is awarded to the validator node for contributing to the network. The average allocation is calculus thus:

AVCI = p/n
RCI = p - q * n
where AVCI is average cost incentive

• RCI is remaining cost incentive
• p is the total cost
• q is the average cost
• n is the number of validators

The adjustment algorithm for the gas provides the following services:

• A registration fee standard for validators to vote
• A fee standard for revoking a registration fee standard
• Withdrawal of vote

[3] Asset Tokenization Agreement

[i] Account Based: a built in token issuance and transaction function that enables token issuance even to users who do not create smart contracts.
[ii] Contract Based: used for more complicated scenario. For a token to meet the standard and compatibility of certain application, the standards are defined the BUMO initalzing , main and query functions.

What Benefit the token offer

• as a fuel for executing trades
• rewarding validator
• motivating community development

How can I get these token?

• as a validator node
• received from another BUMO account
• participating in the early donations support projects

BU-Token Allocation

BUMO Governance

[1] Board of Directors: their function include

• modifying governing structure
• hire and dismiss CEO
• system security and software updrages

[2] Tech Work Group
Core developers responsible for decision making and research and development.
[3] Operations Work Group
All market promotions, applications propaganda, press conferences and issues announcement.

[4] Management Work Group

• personnel management
• salary
• Recruitment

[5] Project Team

• project plan
• network operations
• application landing
• optimization