BUMO: High Performance Blockchain For The Modern Society
How much do you value free-flow of information and value?
With the internet it is now very easy and cheap to send information across the globe instantly. However, transmitting data still depends on a central (and not always secure) party such as ISPs and data/VoIP lines that may be subject to interception and manipulation.
With the emergence of the blockchain, we can now secure not only information but also value on an immutable ledger. The blockchain also supports distributed dynamic networking akin to physical mesh networks that replace the conventional method(which had a single point of failure) with a widespread peer-to-peer network that is censorship resistant. The blockchain also has a public timestamp of every activity to avoid fraud and enhance transparency.
For all its good qualities, the blockchain however has been plagued by some serious inadequacies.
The first is Lack of Scalability. As we saw with the Crypto Kitties event, the Ethereum network can only handle less than a dozen transactions per second. Periods of huge transaction activity can effectively cripple or seemingly halt the network.
The second shortcoming of most cryptocurrencies is the Large Energy Consumption it takes to process the Proof Of Work operations required to mine them.
There is also the issue of Expensive Labour as blockchain technology is relatively new and so there are not too many people skilled enough to develop compatible decentralized apps and platforms.
Finally we have the issue of Isolated Blockchain Ecosystems. Most cryptocurrencies operate independent of each other with rare interoperability.
It is on this premise that BUMO was built.
What is BUMO?
According to their website,
"BUMO is a next-generation commercial-grade public Blockchain for ubiquitous and trusted value transfer, which is aimed to build a decentralized application ecosystem featured with extensive digital trust, free-flowing value and public-sharing apps."
In simple terms, BUMO is a public blockchain developed for business. It is designed to facilitate the transfer of value using all and any connected smart devices aka the Internet of Things. This means we can assign value to what we want and agree on, and have the capacity to transfer this value using unique integral BUMO technologies such as BU Firework, BU Orbits, BU Canal and BU CodeMach. BUMO also aims to attract and create a trusted global network of developers.
Let us watch their Introduction video and hear from BUMO Founder Guo Qiang
Importance Of BUMO
BUMO not only allows us to tokenize and transfer what we find valuable, but this feature can be utilized in a reward and governance system that promotes easier financial transition and a self-sustaining autonomous Industrial ecosystem.
BUMO is designed for high performance and scalable use.
BUMO believes that digital power belongs to the users, and aims to allow users on its blockchain exercise their ownership by participating in the blockchain network to form a trustable value circulation system.
BUMO Network
The BUMO network consists of "nodes" which are basically all the connected smart devices on the network. These smart devices work together to maintain the network, circulate value and can be used for app development. Physically devices are classified as Node, Candidate node and Validator node.
BUMO Consensus
Rather than waste resources using Proof of Work (PoW), BUMO uses a unique consensus algorithm that combines Distributed Proof of Stake and Practical Byzantine Fault Tolerance to create BU Firework (DPoS + PBFT) which can has better scalability, is more secure and can achieve higher transaction rates.
This consensus mechanism does a "random election/lottery" that selects amongst "candidate nodes" to choose a Validator node for activity in the blockchain making the entire network safer and ubiquitous.
Smart Contracts
BUMO supports the use and creation of smart contracts. It comes equipped with in-built templates that contain contract examples. This can be used by developers for visual debugging. BUMO supports most of the popular languages such as JAVA, C/C++ and Python. It also has an individual sandbox environment for testing. The simplicity of BUMO's templates allows anyone to create a Smart Contract without prior developer or programmer knowledge.
BUMO Software Development Kit
As one of its main vision statements, BUMO aims to equip developers with the best tools with which they can contribute to the BUMO ecosystem. After getting acquainted with BUMO's library of documents, developers can then proceed to use the SDK. BUMO has released an SDK which supports programming languages such as Java, JavaScript and Go, and provides methods to operate and query the BUMO blockchain. With this SDK, developers will be able to build Decentralized Apps to provide diverse services such as Asset Services, Contract services and Transaction Services.
Two Layer Polymorphic Architecture
BUMO improves from single-chain systems like Bitcoin and Ethereum and uses a multi-child blockchain system with each having different features. This allows for faster transactions and lessens the load on the main blockchain. The BUMO Dual-blockchain is named Orbit.
Orbit is divided into main and sub blockchains to distribute and quickly handle transaction requests, data storage and broadcasting of different operations across the network.
Orbit has a whole ledger for hashing and indexing. Multiple child chains can be created and value is easily transferred among the blockchains.
Inter-Chain Value Routing
The nodes in each blockchain validate their respective transactions and then relate to other blockachin through Bumo's CANAL. Canal is a blockchain system that will function as a router to and from the different blockchains.
Features Of BUMO
BUMO is a massive collaboration of devices and hence the possibilities of its capabilities are limited only by the imagination of the user. BUMO can be used
- For Cross-chain services between homogenous and even heterogeneous blockchains;
- To protect data privacy using BUMO's blocking services;
- Value Data exchange between various tokens and dApps (Atomic Transaction Execution);
- Speedy and high performance transaction services for organizations;
- Multi-signature joint accounts that allow multiple users perform specific operations;
- On-chain and Off-chain data storage;
- BUMO Contract Templates can be used to provide standard industry-compliant contracts.
Applications Of BUMO
Supply Chain Traceability
This can be applied in food, pharmaceuticals and consumer goods industries.Notarization
This can be utilized in charity, pension, mutual insurance, online loan services that require transparency.Supply Chain Finance
The BUMO blockchain can be used to campaign for warehouse receipt pledge financing, accounts receivable financing, consumer finance, and commodity trading.Digital Assets
The BUMO blockchain is designed to store and share a variety of digital value including , e-vouchers, prepaid cards, game equipment, insurance cards, and pretty much any other digital commodity of value.
User Case Scenario
Jeff is the Head IT Officer in XYZ Corp. XYZ Corp has recently acquired a national Retail chain and aim to offer a cryptocurrency payment option to their customers to help promote a "Cashless Society". During the Board meeting the group reviews options such as Bitcoin and Ethereum but then discover during their trial run that these currencies tend to delay transactions due to high blockchain congestion and discourage customers because of the high transfer fees. After much research, Jeff discovered BUMO and the board decides to test it. Not only is the Company pleased by the rapid performance of the blockchain, but the customers get to also earn BU tokens by connecting their smart devices to the network and contributing in their spare time.
BU-Token and BU Explorer
the BU-Token is the native digital currency used to power operations on BUMO. It represents the "GAS" fees for driving operations such as transactions and account creation. Users can buy BU or earn the GAS as rewards for contribution to operations on the blockchain as Validator nodes.
BU WALLET
BUMO has released stable and practical wallet client for users. This will allow users send value over the robust network meeting user demands in various scenarios. You can opt for the Full Node Wallet which can handle complex operations such as offline transactions, or you can download the lite Quick Wallet which doesn't need to store all the data of a full node.
The full node wallet is supported on Mac and WIndows.
BUMO Full Node Wallet - Mac Download | Windows Download
Download Quick Wallet
Since the BUMO Project encourages open source development and contributions, developers can get tools from the Keypair Generator. The Keypair Generator can also be used to create blockchain account addresses directly.
You can view the blockchain by using the BU Explorer
THE TEAM
The BUMO Core team is quite large as they leave no stone unturned in the quest to perfect their blockchain and offer the premium service they believe we all deserve.
BUMO was successfully launched in Silicon Valley, and the mainnet is fully operational.
To learn more about this wonderful project, you can visit their website or read their whitepaper.
They have also released a Technical paper for more intricate review of their technology and a Token Economy whitepaper to explain the reward consensus mechanism in detail.
SOCIAL MEDIA
The BUMO team welcomes all attention and contributions. Reach out to them on any of their social channels.
Facebook | Twitter | Weibo | Reddit | Telegram | GitHub
BUMO In The News
- BUMO Listed on Kucoin!
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All images were derived from website and whitepaper
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