BUMO - Your gateway to Fast, Scalable and Adaptable "Internet of ValuE"

Take a look at some of the big industry players today ranging from transportation to hospitality and you will find out they are winning the race almost comfortably even without having one of the resources which they control. For instance, Uber is the biggest taxi company in the world but yet doesn't own a single cab, likewise Booking.com doesn't own a single hotel. However, it must be said that what they lack in sheer resources, they make up by their expertise in arranging for those resources to be useful when needed which puts them at the fore front of the value chain in their respective industries.

It is important to point out that this values are not created by the process owner but rather by the members or customers who use this platform, although the system is owned and controlled by a central central authority in this case the central owner. Creating a faulty system of value for participants of this since for example they might not feel comfortable in the car uber delpoyed for them or they might be booked in a badly positioned hotel. In this light,the internet represents a good network for information exchange but a below par passer for Value exchange

The blockchain technology possess relevant qualities which qualifies it as a store-of-value entity and makes it a viable candidate to be deployed as a network of value in driving economic activities especially in industries relating to IoT, fintech and social media. Network of value simply means the interconnection of independent entities to achieve a fair and transparent model for every transaction. One of the key features that can drive this quality is the presence of smart contracts, because coupled with the decentralized nature of the blockchain, it will allow users to initiate transactions trustlessly without any third party and there is no central authority to monitor these datas over the network while the smart contract enables this transactions to be made fautlessly. These issues represents the bane of the internet as a poor network of value!

However, there are some limitations which confronts the blockchain technology and may render it as a slow, expensive and isolated network of value. Some of those limitations are

• Performance Problem

Value is time-dependent and deploying a slow technology like the blockchain might not be feasible for value utility seekers or company. For example, A bitcoin blockchain can only process between 7 to 10 transactions per seconds. This blockchain is slow when compared with other e-payment outlet such as paypal which process 200+ transactions per seconds or visa which process 2000+ tps

• High Energy Consumption

As the number of block miners increases, mining computation becomes more complex which means that miners will require considerable amount of energy to mine the network and reveal the key to the puzzle before they could unlock mining reward.

An alternative approach to this is to have a host of miners belong to a mining pool to have a better allocation of resources dedicated to the task. However, this approach puts the decentralization of the overall network at risk.

Energy demands will increase as more industry adopt the blockchain technology

• High taste for expertise

The blockchain is just less than a decade old, so the knowledge pool within the industry is still at the low ebb, coupled with the challenge of building and designing high quality smart contracts.

Apart from this, scalability is a major disadvantage as it limits the number of users who can use this developer app to interact with the blockchain in real-time.

• Value Isolated Islands

Independent blockchains, user data, physical and digital assets all possess useful data/proccesses which means they possess an underlying value. However, all these entities exist independently but can only exist as network of value when they are brought together to achieve real-time valie exchange.

Bumo is a project for the purpose of interconnecting these independent value islands!

What is Bumo

Bumo is an ubiquituous trust network for new generation of value circulation. This means that trust can only be forged when both parties in a transaction are satisfied.

The Bumo protocol will ensure every user is well protected by maintaining a trustless exchange of value accross independent economies via the intelligent use of smart devices, smart contracts in a typical peer-to-peer fashion.

The aim of Bumo is simply to create a trust network where value can flow as freely as information, utilizing existing smart devices that are already present everywhere in the world!

Bumo Solutions to Foster Digital trust

Digital trust is a new concept which was coined on the backdrop of an economy that believe in the fortification of digitizing every physical assets inorder to drive a liquid economy for this assets backed by the secure blockchain technology.

Inorder to fully achieve this dream of fully digitizing every physical assets available,Bumo has come up with practical technologies to address the limitations of the blockchain as discussed earlier

• Fast Processing time

With their ready-to-use enterprise-grade infrastructure that can support up to 10,000 transactions per second, Bumo will conveniently drive a host of smart devices to communicate seamlessly with the blockchain.

Apart from this, One of the main factor affecting the low performance of the blockchain is the consensus mechanism deployed. For instance,in the PoW (Proof of Work) consensus employed in bitcoin mining, the complexity of the network can increase as more miners join the equation, which means that some considerable time is spent in finding the keys to the puzzle.

This contributes to the average time it takes for the authorize miner to validate the transaction blocks.

Bumo proposes a new improved 2-layer consensus mechanism, the BU firework consensus mechanism; based on the DPoS/PBFT algorithm to resolve mining issue in this similar pattern

When Selecting Candidate Nodes

       1. All nodes can apply

       2. Qualified first N nodes are selected as candidate nodes
        
       3. All nodes in the network can vote for the rights and interests of candidate nodes

Selecting A Validator Node

         1. Each node will be assigned with weight priority which can be measured by
            the equity in the node account

         2. Form Validator node selection is based on the node weight

         3. Validator selection is the first step of protocol operation

         4. Validator node is selected based on encryption lottery and replaced in each round

Selecting Block Proposer

      1. The proposer of the block in each round of consensus is selected from 
         validator node again

       2. Each proposer proposes a block for consensus verification

However, selection of validator node and block proposer are based on specific lottery algorithm which has the following characteristics

• Algorithm runs automatically and totally random based on the information of the first k blocks
• Ensures that users with higher priority can be selected with higher probability.

• BU Firework consensus governance mechanism

This BU firework consensus constitute the governance mechanism of the underlying blockchain and allows any devices to join the network and act as a node. The benefit of this approach is

• To help achieve the full use of idle resources, For instance computing capacity
• To reduce the threshold for users
  Source : Whitepaper

• Developer friendly tools

One of the features that makes Bumo unique is the host of easy-to-use tools which is available to developers for building smart contracts easily even with little or no prerequisite knowledge easily while they also have access to debug and run their programs efficiently.

Bumo smart contract (BuContract) engines also supports writing in languages such as javascript, C++ and python which means that incurring cost of learning new technology is almost non-existent.

Also on Bumo, developers can get to use industry specified templates which makes their job a lot more easier.

Other technologies which functions side-by-side with the Bumo Smart Contract inorder to facilitate the process of fostering a digital trust economy are brought into the picture in the next sub-topic below

• Converting physical Assets into digital assets via the Bumo Engines

Image Credit

Inorder to maintain an open and autonomous economy for all participants, it is required that a data provider, similar to the process owner makes some deposit which is locked into the smart contract while the BuContract will act by notifying the oracle machine (BuOracle) of which data needs to be obtained via some triggering events programmed into the smart contract.

However, 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!

After the Oracle processes and returns a vaue, the value is returned to the BuVM(Bumo Virtual Machine). This is how the ** Bumo architecture** brings real world data into the virtual world to ensure the free flow of this assets which have being digitized via the Bumo Assembly.

In a typical fashion, smart contract need to only run for an assigned time amid the certainty it offers which is no different from BuContract as well. Meanwhile Bumo allows developer to customize the reading and writing of this smart contract to enable multiple access while it datas are stored uniquely. Contracts transaction can be initiated to interact with other contracts.

BuVM is the execution environment of smart contracts. It realizes external interface of virtual machine through customised API operation and can easily interact with book and external data Source : Whitepaper page 12

• Cross-Chain Interoperability

The efficiency of the present single chain approach are found to be limited by this two major factors

• Whole network consensus being limited by scale of consensus node
• Backup mechanism installed in the system reduces the storage efficiency of the whole network.

Bumo proposes a new two-blockchain cross-chain transaction architectures in the form of

• Isomorphic Interchains (BUOrbits)
• Isomeric Interchains (BUCanal)

This model helps to realize this objectives

• Connectivity between independent blockchain
• Ensured validity of cross-chain transactions
• Security of user Privacy data
  Source : Whitepaper page 13

• BU Canal Architecture

Bu Canal represents the origin of different blockchain from "Value island" to "Connectivity". In this scenario, a seeminly independent blockchain is similar to LAN and need to be connected to achieve the interoperability of this blockchain. BU Canal aims to drive a scalable and interoperable cross-chain system to ensure the free flow of value, asset and information between the Value Islands of the blockchain

• BU Orbits Architecture

Is a two-layer polymorphic architecture which is composed of two layers of Mainchain and Childchain. The Mainchain connects the child chain.

Cross-chain technology options Source

Major Proponents of Bumo Trustable Service Architecture

These are the basic composition of the underlying blockchain via which data, information and value is mined, transferred or stored constitutes the basis for building a trust network

• P2P Networking; This is the means by which various node in the underlying network communicate with each other. It ensures trustless transfer of data, information and Value without any third party influence.

• Bumo provides the definition of book structure and storage of book data

• Consensus Mechanism ; This ensures strong consistency of the underlying data while resisting attack from malicious nodes

• Incentive mechanism ; Realizes the economic game of the whole autonomous system

• Transaction and Contracts ; Smart contract are able to automatically execute transactions which also supports programmable features.

• Technical Extension Layer ; includes those features such as cross chain, side chain and privacy which makes the network, re-usable, expandable and scalable.

This makes it a relevant framework that can support different class of assets and micro-task such as real world property registration, small and micro payment and security handling mechanism to name a few

• Service Layer ; which represents the use of DApps to monitor the transactions after they are completed

Bumo Economy And Governance Model

While the BU token denoted BU represents the standard index for characterising and measuring the digital economies within the platform, the BU firework consensus drives the governance of the platform, that is how resources are shared and allocated between various nodes. Both of them work hand-in-hand to ensure an efficient network.

Therefore, the user pays a certain amount of fee whenever they access resources, activated via the smart contract

• Fee Structure

           1. Storage and network fee – based on type of transaction and its size
          
           2. Calculation fee – based on weight of computing resources, measured in the 
                time it takes to execute contract requirements
  

Source : Whitepaper

• Resources Management

• 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 resources 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

Therefore Bumo's aim in this aspect is to drive an healthy, sustainable economy that is fair to all.

The BU firework consensus ensures that this resources are allocated to an honest Validator node!

BU Token in the spotlight

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

Full Features and Benefits of Bumo

Technical details of Bumo

Summary

Bumo is on a mission to replicate the high standards of information carrier which the internet represents by creating an immutable platform where value can be transferred easily and inexpensively just like the internet affords with information for all it users.

Any success in this endeavour will be heralded by the commercialization and mass adoption of the blockchain for many day-to-day activities transforming the way we communicate and interact

Use Case

A freelancing platform

Mr tibet is working for his client on a new project. Because most of the work will require tibet to be online, he and his client agrees that he maintains an online presence of atleast 6 hours per day.

But there is no way for this client of his to ascertain he keeps to the terms. Inorder to better provide value to both side of the party and avoid consequences from both party, the freelancing site that tibet is using can deploy the Bumo Internet of value facility to install a watch timer that is connected to each one's account to ensure each party comply while the client's funds is locked into the smart contract template easily deployed on the freelancing platform.

This guarantees a fair and transparent channel for anyone to do his business online in a fast environment like Bumo .

Meet The team