A competition won in the race for global value transfer
It is no news that blockchain possess the best store of value feature that any system could only wished to own. This is why it is reverred as the next-big revolution that has begin with cryptocurrency but the world is yet to fully witness its full potential.
Away from that for a moment, we have seen how the internet has revolutionised the way we share and access information conveniently via any medium or chatter. It has made it possible to literally be nowhere and everywhere at the same time,even yet it is centralised and leaves room for human error and manipulations.
Now, how about we talk of a decentralized network like the blockchain and the possibilities it offers in terms of re-inventing the way we define Value. This is where a platform like Bumo picks the baton to position the blockchain as the drive towards an "Internet of Value" and because the blockchain is global, the world is set to witness a new global Internet of Value transfer
What is Bumo?
Bumo is an ubiquituous trust network for new generation of value circulation. The aim of Bumo is to build a system that allows free flow of Value like information by connecting all the Value isolated islands to drive a rich and inexpensive Network of Value. Therefore Bumo network will maintain an open and autonomous economy to seamlessly link the physical world with the blockchain digital world.
The challenges faced by Blockchain
The blockchain would not be able to drive a value sharing economy if the inherent problems still exist within the system. Some of the major challenges are Performance; The present blockchain could only manage a few transactions per seconds, a major obstacle to the commercialization of the technology. Competition for the right to mine a block can lead to extremely high energy consumption while using the PoW(Proof of Work) consensus mechanism.
Apart from this two factors, low level of expertise to build intelligent apps and a host of scattered closed network of value called value islands are not connected to drive high liquidity and ensure a rich network of value. Therefore, a solution to these challenges can be the starting point to creating a new Internet of Value and ensure the wide adoption of the blockchain by businesses, enterprises, institutional investors for the purpose of day-to-day activities and who knows maybe government can finally get to recognise this technology as a great tool for administration of resources.
Bumo is taking these problems identified above and turning into an oppurtunity right off the bat. For those who love statistics, According to IDC, it is expected that by 2021, at least 25% of the world's top 2000 companies will use the blockchain service as the basis for digital trust. By 2020 also, 25% of the top global trading banks, nearly 30% of manufacturers and retailers and 20% od healthcare institutions will use the blockchain production Source : Whitepaper page 4.
This is why Bumo is focusing on building an economy of digital trust through the intelligent use of numerous resources including smart devices offered by the growing IoT(Internet of Things) industry, which IDC predicts will increase to 45 billion units of smart devices by 2020.
In order to build an economy based on digital trust, Bumo introduces some key concepts and solutions to address the challenges of the present blockchain such as
- BU firework consensus algorithm; to reduce the high energy consumption involve in mining the data.
- Ready-to-use enterprise grade platform that can support upto 10 000 transaction per seconds (tps)
- Provide developers with tools to write, debug and run their code conveniently
- A system of cross-chain network to drive swift exchange of values deposited in different "Value Islands"
How does Bumo achieves that ?
This behind the scene methods explore new concepts and innovations to solve some of the underlying problem associated with the blockchain as mentioned in the preceeding section of this article.
- The BU Firework Consensus
Uses a new DPos + PBFT algorithm to achieve higher network throughput, scalability and security. The BU Firework algorithm allows the network to dynamically select a validator as explained below via a lottery/election system from all the devices connected to network, which all serves as nodes
Selecting A Candidate Nodes
- All devices can apply to be node
- Qualified first N nodes are selected as candidate nodes
- All nodes in the network can vote for the rights and interests of candidate nodes
When Selecting A Validator Node
- Each node will be assigned with weight priority which can be measured by the equity in the node account
- Form Validator node selection is based on the node weight
- Validator selection is the first step of protocol operation
- Validator node is selected based on encryption lottery and replaced in each round
Selecting A Block Proposer
- The proposer of the block in each round of consensus is selected from validator node again
- Each proposer proposes a block for consensus verification
Source : Whitepaper page 8
- Developer-Friendly Features
- Sustainable Economy
Inorder to save the system resources as much as possible, Bumo engine ensures the smart contract is confined to this set of conditions
Bumo allocates time to smart contract which have access to this resources based on number if BU held. The more BU held, the longer execution time
Contract designers' are encouraged to consider the system in all-round way at inception
Complex contract whereby occupation of resources cannot be reduced requires the user to transfer a certain amount of BU to the contract inorder to extend the executable time of the contract
Source : Whitepaper
While the fee that is activated every time a user access any of the resources via the smart contract is structured as shown below
- Storage and network fee – based on type of transaction and its size
- Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
- Cross-Chain Interoperability
Bumo proposes a new two-blockchain cross-chain transaction architectures in the form of
- Isomorphic Interchains (BUOrbits); Is a two-layer polymorphic architecture which is composed of two layers of Mainchain and Childchain. The Mainchain connects the child chain.
- Isomeric Interchains (BUCanal); Represents the origin of different blockchain from "Value island" to "Connectivity".
Challenges which limits the present single chain approach
- Whole network consensus being limited by scale of consensus node
- Backup mechanism installed in the system reduces the storage efficiency of the whole network
Features of the cross chain model
Connectivity between independent blockchain
Ensured validity of cross-chain transactions
Security of user Privacy data
Source : Whitepaper page 13
Bumo Ecosystem Architecture
How it Works
- Data provider locks some funds into the smart contract
- BuContract notify the oracle machine (BuOracle) of which data needs to be obtained
- Data is collected via some triggering events programmed into the smart contract
- Oracle processes and returns a value.
- Value is returned to the BuVM(Bumo Virtual Machine)
Note : As in a typical game theory fashion, the data provider can lose all his deposits if he is found to guilty of any illicit act by the Validator!
This is the channel via which every resources joins the free and autonomous economy on Bumo
BuContract laid out
- Bumo allows developer to customize the reading and writing of smart contract to enable multiple access on the chain, global state or block data
- Stores data uniquely
- Contract transaction can be initiated to interact with other contracts.
BuVM laid out
- BuVM is the execution environment of smart contracts
- Can easily interact with book and external data
- It realizes external interface of virtual machine through customised API operation
Features And Benefits of Bumo
- P2P networking; protocol on which nodes communicate within the network
- Consensus mechanism
- Incentive mechanism
- Ability to automatically execute transactions which also programmable features
- cross chain, side chain, privacy rich features suitable for re-using the blockchain
- Supports multiple assets class, real world property registration, micro-payments
- Provide services via the use of DApps
**Bumo Economic model **
Is built around the BU-Token (referred to as BU), a built-in native encrypted digital token use to characterise and measure digital economic activity on BUMO.
BU Token value is based on two factors
- The quantity of BU consumed as fuel in the BUMO network
- The ability to participate in Bumo community governance by holding onto BU
Applications of BU include but are not limited to
- Gas – fuel for executing smart contract interactions
- Bookkeeping award – incentive for validators nodes
BU can be acquired by
- Acting as a validator node and collecting a transaction fee through gas
- Transfers between accounts on Bumo (buy/sell)
- Participation via donations in Ethereum to the Bumo project developers
- Participation in the development of the construction of BUMO's ecosystem
Bumo is proposing an economic model that will change the way we perceive Value forever. Fostering digital trust and creating an internet of value will solve many of the challenges institutional investors and businesses might encounter when deploying the blockchain for different use cases.
Gimentor is a firm that deals in security printing. They get a top contract from one of their client and must deliver the project within some few days. Work began but they found out in due time the specific type of Pantone 375 color they need to deliver the work is not on their shelf, and this material is not available locally, it is only imported from china. So they arranged with a freight carrier to deliver the product within days which might not be possible in that space of time, so no way to give their client an expected time of delay.
If such a carrier was to register his freight with Bumo, a sensor can be mounted on his freight to track its movement and give his client a reliable feedback which might be useful in this context. In this way value is communicated accross the chain of delivery. And because every transaction is done within the blockchain, this top security firm can conduct their transactions securely
Synopsis of Bumo Architecture