BUMO the game changer in public blockchain technology

INTRODUCTION
Internet Technology has proved over the years to be a helper of man interms of communication, research, data transfer and most especially economic transactions. So many ways and means has been imployed to maintain security and transparency in internet transactions, one of which includes through blockchain.

Blockchain can be said to be a decentralized technology consisting of network nodes, with incorruptible digital book record of economic transactions which has being programmed to keep records of financial transactions and every other thing of value.
Blockchain is not controlled by a single person and has no point of failure, this makes blockchain technology a powerful one.

The most powerful tool of blockchain technology is it's transpiracy and smooth running of transactions.
Using Bitcoin which uses blockchain technology as a case study, it has being in existence since 2008 and has never recorded any case of failure in transaction.

There are both private and public blockchain but our focus will be on public blockchain.
Public blockchain just as the name implies is an open source network which sends and receives transaction and leaves no one in charge. Examples of public blockchain includes bitcoin and litecoin.

Problems of public blockchain

1. Slow transaction time
2. Storage constrain
3. Lack of proper regulation and governance
4. Lack of formal contract verification
5. Privacy limitations
6. Shaky consensus mechanism
   This and many others not mentioned here are some of the problems associated with public blockchain technology and with this I introduce a possible solution to public blockchain known as BUMO.
   
   
   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! It is focused on enhancing ease of transfer over various networks within the Internet of Things, fintech, and the social network industry. By connecting digital assets, smart devices and user data, BUMO will enable the true benefits of the digital economy to enhance people’s lives.

BOMU'S VISION Unlike most blockchain networks which encounters slow transactions, BUMO's vision lies in creating a network for ubiquitous value transfer (tokenization of any assets) ready for enterprises to use in high performance. With this, BUMO is able to solve or render a solution to one of the problems facing public blockchain technology.

BUMO AND IT'S OFFER
Apart from rendering a high performance in transfer of value BUMA also:

1. Renders Easy integration in the blockchain.
   Knowing that achieving integration lies mainly in implementation, BUMO made it easy even to users without basic dev knowledge to be able to launch dApp enabling them to access the library for their needs.

2. Creates evolution of a fair mechanism in the blockchain. BUMO achieved this by having a lottery election for validator nodes. With this blockchain can be updated in a decentralized way across the devices it hopes to connect to and also solves the problem of centralization in mining.
   
   

   NETWORK COMPOSITION
   Within the BUMO environment, every device can participate in nodes which contributes to things ranging from value creation, network maintenance and application development.
   Further more participants within the BUMO environment can assume roles of NODE, VALIDATOR NODE AND CANDIDATE NODE.

3. NODE: Once any device gets connected to the network within BUMO environment it assumes the role of a node.

4. CANDIDATE NODE: Ones a device becomes a NODE it can apply to become a candidate node but only qualified devices are selected to become a candidate node.
   1.VALIDATOR NODE: This is the next after the candidate node. It is responsible for networking, accounting and resource management.

BU TOKEN
Like every other blockchain networks, BUMO also has a token known as BU TOKEN.
These token value are based on two factors.

1. The quantity of BU consumed as fuel in BUMO environment.
2. And participating in BUMO community governance by holding onto BU.
   This BU can be acquired by active participation of development in the construction of it's ecosystm.
   By buying and selling between accounts in BUMO.
   ALSO by acting as a validator and collecting transaction fee through gas. Etc.

BUMO Benefits

Free Flow of Digital Assets: · Static assets are practically useless · Cross-domain circulation creates new magnitudes of value for all users interoperating through BUMO Intelligent IoT Value Chain: · 45 Billion IoT devices expected by 2020 · Intelligent devices can generate data and therefore create value · BUMO wants to act as a universal, digital book, enabling this data to be traded seamlessly Will eliminate fragmented communication protocols between different devices Will eliminate high costs of network maintenance Will eliminate fears born of lack of trust via illicit nodes on the network

source
FOR MORE INFORMATION VISIT
BUMO Website
BUMO WhitePaper
BUMO TechnicalPaper
BUMO Telegram
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
BUMO Wallet
Contest link
https://steemit.com/crypto/@originalworks/1250-steem-sponsored-writing-contest-bumo

Twitter link https://twitter.com/winniechisom/status/1051823092014698497?s=20

All images here are from the website unless stated otherwise.

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