Bumo: A Next-Generation Blockchain Ecosystem for Ubiquitous Value Transfer

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Some problem with cryto system

1.interoperability: the current ecosystem with cryto coin as Bitcoin, ethereum etc. Finds it difficult to communicate between themselves . Example: it's difficult for Bitcoin to know what is happening in ethereum. This is what makes it stronger but again it has a problem which makes it vulnerable to hackers and can blackout for long period of time due to upgrade.

By Bumo introducing interoperability, it helps in the mainstream adoption. If blockchain will succeed it must be able to interact with a legacy system like financial institution.

There are areas where cryto ecosystem and the legacy system miscommunication can lead to disaster. Ico's which receive million of dollars in exchange , imagine it being saved in a bank. The banks may start questioning who owns the Money and from who it came. This is why interoperability needs to be worked upon.

2.scalability: crytocurrencies like Bitcoin and Ethereum were not designed to handle much popularity and adoption. Two things hamper it through put.

1. Transaction only goes through when miners check for verification and transaction details they have mined

2. The blocks especially in Bitcoin have a predetermined limit of 1mb while ethereum has a gas limit per block of 6.7 million

Consequences of these

Your transaction will have to wait in the queue before it get in.

The block may get filled even before the miner acknowledge your transaction.

The transaction suffers a delay. 10 minutes for Bitcoin and 15 for ethereum.

3.applications complications:

Introduction to Bumo

How about living In a change world where the bottlenecks of most blockchain and crytocurrencies have been solved? Recent years, 2017 to be precise has being an exciting period for users in the various blockchain and in dealing with crytocurrency. But as news spread about crytocurrency , more users were joining the blockchains and it led to slow response and poor performance and scalability became a vital issues

Bumo is a project which offer a trust network where values , information and utilizing of existing smart devices can flow freely and create a blockchain for ubiquitous value transfer for users and business holders.

Entrepreneur has suffered low performance in recent times due to buckling in the blockchain with several users and billion of transactions running at a time. Bumo offers entrepreneur and users a high performance by it multi-chain technology, a credible value , circulation system, based ubiquitous trust network and it applied ecology shared by the general public.

Bumo due to it ubiquitousness, value are transferred freely and one of such value is "internet of things" which deals with the interaction of internet and everyday objects enabling them to send and receive data.
Bumo serves many purposes and have been widely used in data security, trade finance, equity and bond, digital assets and is currently working with mainstream institutions including exchanges, bank etc. It also offer a developer friendly ecosystem with API interface used for transaction and assets wallet and provide a contract based token that can be used for complex applications.

The main features which add to their USP are?

1.Using the merkle-patricia trie to help store data effectively

2.joint account creation by incorporating

3.two layer multi-chain consensus which is going to scale up to 10,000 transaction per second

4.a trial system which differential data into off-chain and on-chain

5.Allows developers to build apps without creating a smart contract.

6.A canal system which helps with interoperability

Bumo technical advantages over other technologies

1.it provides a developer friendly smart contract
2.it two-layer polymorphic architecture for multi-chain blockchain
3.inter-chain for routing values across blockchain
4.innovative consensus algorithm for two later multiple chains.

Bumo team

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Let's get familiar with them

Steven li: He is in charge of daily operation. He is a degree holder in physic

Steven Guo: He is in charge of the global communication, investment and application ecosystem.

John zhao: An expert in blockchain and technology. He will monitor the preformance of The blockchain.

Yuliang zheng: chief scientist of Bumo. He invested the hash haval function and he is known in investing signcryption cryptographic .

Steven Lee a co-founder is an experience man on blockchain development who have worked for so many blockchain such as teneent, PPTV, and serve as the COO of jianyuan.com and the founder of betterwood . The founder featured two industries veterans with various knowledge and background in some leading tech firm in a summit at SVIEF . This shows more technology and experience is added to Bumo technology which is capable of making it stand out.

Things that are going on on Bumo

1. Bumo will solve the problem of scalability
   2 . Bumo will help with interoperability.

Scalability features
-merkle partricia tried
-consensus system
-two layer multi-chain
-trial system for large scale data
-multisig account.

These systematically planned out account creation tactics will help the BUMO system
get more widespread adoption from big companies.

Merkle Patricia Trie
The Merkle Patricia Trie combines the capabilities of the Merkle Tree and the
Patricia Tree to effectively store data.

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Merkle tree help cut down to the time it takes to check if a transaction belong to the block .

Two multi-chain consensus system

Bumo has choosen this path creating a two layer consensus Which generate validation node for the main chain by voting according to dpos. It contains two layers. The first being the main consensus and the second the sub-chain consensus.

The diagram below will give much explanation.

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One of the most alluring features of BUMO is how friendly it is for traditional app developers
And it's due to this following features.

1.How rich the native APIs is.
2.empowering users to manage token without the need for smart contract
3.websocket like features that check transaction status.

The second feature is of great importance because In other smart Contract platform one of it problem is the inability of or barriers for entry.developers will need to learn a new language and create a smart Contract which will be alright and free from hack.

Let's compare Bump and other smart contract with the aid of this diagram

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Bumo2018

Twitter link

https://twitter.com/Shemzy8/status/1051936183356407808?s=20

Bumotwitter

Here is the direct link to the contest
Originalwork contest: Bumo

You can read more on the following sites

Bumo website
Bumo whitepaper
Bumo technicalpaper
Bumo telegram
Bumo weibo
Bumo Reddit
Bumo Facebook
Bumo Twitter
Bumo GitHub
Bumo wallet