Apart from some inventions such as power and the internet, only few things have created the kind of digital wave and influence that blockchain technology have had in such a short time. It has facilitated a distributed financial ecosystem that removed the annoying middle man, allowing users to transact person to person. Considering that it is barely a decade since Bitcoin came into the scene, Blockchain technology has made sweeping breakthroughs into established centralized systems. Whether it is governance, health, sports, education, insurance or any other sector, there is a working or proposed blockchain solution for better service delivery. Anywhere we look, there is evidence that blockchain technology have influenced or will soon influence how current problems are solved. The possibilities are simply endless.

While there is marked progress in cryptocurrencies and blockchain development, it has not been smooth sailing all the way. Like any other field of human endeavor, there are challenges here and there along the way. These technical and functional bottlenecks have limited the speed and application of cryptocurrencies. If nothing is done to mitigate these obstacles, it will take forever to replace current centralized services with the superior decentralized blockchain platform. Consider some of the challenges that must be swiftly overcome in blockchain development.

Statement of the problem

The following are some of the technical challenges that limit blockchain application and prevent its mass adoption.

1. Scalability: The amount of transactions each blockchain can execute is very small compared to current centralized solutions. This slow performance is a major downside of blockchain technology in a digital universe characterized by speed. For example, Visa processes more than 24,000 transactions per second but Ethereum and Bitcoin can only handle 15 and 3-7 transactions per second respectively. This scalabiity issue has made it not practical to fully implement blockchain into current commercial system with its attendant high volume of transactions.

2. Technical requirements: Blockchain design, development and implementation requires a level of expert knowledge which is badly lacking in the current domain. Blockchain applications get so complicated that organization are even scared from considering adopting the system. Because of these complexities and lack of skilled hands, it becomes very difficult to create blockchain solutions for many users or other large commercial projects. The few available skilled developers cannot undertake such large-scale projects and are quite more expensive than centralized alternatives. Hence, organizations are forced to remain with the current centralized systems that are budget-friendly.

3. High energy Consumption: According to a recent paper that reviewed bitcoin's energy consumption, bitcoin processes about 200,000 transactions per day. Many experts believe that the amount of energy used for each bitcoin transaction could probably run a dishwasher for a year. Bitcoin and other cryptocurrency perform a huge amount of hash calculations - usually refereed to as mining- to add new bitcoins to the public ledger. The machines that perform these operations run 24 hours a day and consume enormous power. This is a big issue because of its impact on the economy and environment.

4. Inefficient Value transfer system: Blockchain technology still struggles with its value transfer system. Much like the centralized systems it is trying to replace, some third party (crypto exchange platforms) still collect charges for exchanging one cryptocurrency for another - for example using bitcoin to pay someone with Ethereum wallet. The high volatile nature of cryptocurrencies makes it also difficult to transfer the same value of one cryptocurrency to another as the market price of the coin fluctuates. This instability of value and lack of liquidity restricts the free flow of digital assets and creates an inefficient value circulation economy where each application value is largely separated from the rest.

The above four challenges does not form an exhaustive list of blockchain bottlenecks. The are other technical issues like cost of blockchain projects, centralized wallet systems and others. However, the above and more problems gives an insight into the size of work that must be done before blockchain technology can become an efficient all-inclusive financial system. Many solutions have been put forward to mitigate these challenges but this articles reviews how a noble decentralized solution that among other things proposes to solve the inefficient value system of blockchain technology. What is it?

The Universal value transfer system - BUMO

BUMO is a revolutionary blockchain ecosystem for the efficient transfer of digital value in a trusted and universal manner. BUMO wants to build a distributed platform that facilitates efficient asset value circulation and global digital trust, enabling the free flow of value and decentralized applications in an efficient manner. BUMO will use genius methods to overcome known blockchain challenges such as scalability in order to create a value circulation framework that can handle the global asset digitization in all sectors.

With the ever evolving Internet of Thiongs (IoT), more and more people, devices and applications are connected in wide and growing network. Up to 45 billion IoT devices are expected by 2020. This will be an enormous collection of digital resources. BUMO will form a strong value transfer link between smart devices, digital assets and user-generated data. It will create a digital asset value system where user and system generated data can turn . With its developer tools and ready-made template libraries, users will be able to launch DApps with little technical knowledge and add more value to the system. This will empower ordinary users to influence, contribute and benefit from this digital asset network and blockchain economy.

To summarize this section and make it comprehensive, BUMO is comprised of three core elements integrated into the blockchain framework to achieve a fully distributed and scalable ecosystem for the efficient circulation of digital assets value. They are as follows:

1. Universal Trust Network
2. Trustable value transfer network
3. DApp deployment and distribution Network

We will take a deeper look at how each component play a crucial role to achieve a superior value transfer system.

BUMOUbiquitous (Universal) Trust Network

BUMO creates an entirely open framework that connects people, IOT devices and autonomously-generated data to facilitate the free flow and transfer of value in the ecosystem. BUMO forms a network that is universal and interconnected and creates a link between physical assets and the digital economy. Each of the linked devices in the network serve as a node and can participate in application development, value circulation, platform maintenance and other activities necessary to keep the platform going.

Here is a breakdown of the physical components of BUMO

1. Node: BUMO leverages the millions of connected smart devices to operate as nodes on the network. Each node performs network defined functions such as enhancing the free flow of asset value on the network, maintaining the daily operations that happen on the platform.

2. Candidate node: All the nodes on are eligible to operate as candidate nodes if their application for such is approved. Candidate nodes that qualify are chosen on first come basis. The number of nodes selected is determined by the size of the network and what they are required to do.

2. Validator node: From the candidate nodes, the validator nodes are elected. Validator nodes manage the network resource distribution and accounting. They are remunerated for the work they do on the system from the transaction fees paid by users.

The network is open and transparent for each of the nodes to participate in network activity. Millions of smart devices will harness their processing capacity to create value in the network. These devices that serve as nodes will expand the scope of the network by utilizing resources that are not allocated to transfer value uniformly. As these devices or nodes are linked, multiply in number and processing capacity, BUMO will become a strong, trusted and universal framework that connects all of them to transfer value efficiently in an autonomous manner.

BUMO Takes a different approach to blockchain mining

From the above setup, BUMO is taking a completely different direction from all other cryptocurrency. Bitcoin and the rest of them are mined by few organizations who control much of the blockchain resources since they add the blocks to the public ledger. The processes of checking and validating a very huge amount transactions by a few individuals create the scalability bottleneck. How many can they check and validate at a time? A very small number obviously. Additionally, bitcoin has a block limit of 1megabyte. This simply means that when each block gets filled to the size of 1MB, all other transactions are lined up in a queue and meant to wait for the next block mining which takes up to 10 minutes in some blockchains - scalability issues arise again.

Instead of using few miners who definitely will never be able to cope with the amount of transactions from global users, BUMO uses smart devices as nodes for the mining. Considering the amount of smart devices arealdy in existence and more to come, there will be as many nodes on the network that will all take part in checking and validating transactions depending on the size of the network. by using this genius method, BUMO partly solves the scalability issue and also eliminate the high energy consumption of blockchain mining. This is just some aspects of the benefits. Further advantages of using smart devices for blockchain mining will be discussed later in this article.
Now discussing about solving scalability and other blockchain issues, BUMO has created a unique concensus mechanism that will definitely appeal to large corporations who are keen on making blockchain technology secure, fast and workable. We take a look at how it works.

Solving scalability and other issues through BUMO concensus mechanism

Another major way that BUMO deviated for good is in its choice of consensus mechanism. Currently, bitcoin uses Proof of Work (POF) while Ethereum is considering to transition to Proof of Stake (POS) consensus mechanism. Both of these consensus models contribute to scalability issues for the respective coin because they rely on getting validation from a good majority of the nodes in the system before a block can be added to the ledger.
BUMO uses a trustless consensus algorithm called BU Firework which makes use of the Practical Byzantine Fault Tolerance (PBFT). The BU firework can be split into two groups or layers of action spread across two chains in the network. These two-chain arrangement is " DPoS+ PBFT." The best way to understand this algorithm is to explore what happens in each layer and chain of this consensus model.

1. Main-chain /first layer: In the main-chain which is the first layer concensus, BU firework allows all users in the network to apply as candidate nodes using Delegated Proof of Stake (also known as DPoS). BUMO uses DPoS because it is the fairest and least centralized model that includes all users in the network, also taking their reputation rating into account. It lets users democratically vote in real time in a transparent and dynamic manner. After the voting which may also include voting for validator rights and privileges, qualified nodes are elected to become validator nodes in the order of their qualification. The voting may be repeated to select more candidate nodes as required.

1. Second-chain /second layer: In the second chain which is the second layer concensus, validator nodes reach a concensus on already generated blocks and complete validation using Practical Byzantine fault tolerance (PBFT). Shedding a little light on PBFT, systems using PBFT provide incomplete information about the failure or workability of some components. Though they have different information, the remaining working elements or components must agree on the true state of the erratic component and take a decision on it. On BUMO, PBFT completes DPoS to help nodes reach the fairest consensus possible. The weight or rating of each validator node on this second layer influences its chances of getting the block. To prevent attacks on the ssytem, validator nodes are generated randomly and can be changed anytime other nodes agree that they are malicious.

Here is a comprehensive summary of the entire process of BU firework from candidate node application, election for validation node and the consensus protocols.

1. First, candidate nodes apply to become validator nodes. A lottery system is used to select qualified nodes to become validator nodes. After each round, selected validator notes are dynamically changed and the process is repeated.

2. Any one of the selected nodes can propose a block for consensus verification. To reach a consensus on the proposed block, several rounds of voting for the value of a block is conducted by validator nodes. A proposer passes as successful if at least 2/3 of the whole network voted for it. At this point, consensus is reached and the block will be mined and added to the public ledger.

3. Proposers can fail in their proposal because of several reasons. For example, a proposer is considered inefficient if it does not get votes that exceed a pre-set threshold. Or it can be convicted of malicious activity to trick the system. At this point, the other nodes vote for a termination of malicious or inefficient node. Malicious nodes lose the fees sent to the smart contract at the beginning of their proposal. This is a penalty mechanism designed to discourage illegal activity on the network.

BUMO's BU firework is a revolution in blockchain consensus algorithms. Its "DPoS+ PBFT" concept not only uses nodes for mining, it combines a most transparent and equitable system for sharing block mining among the nodes. This ensures that the most qualified validators are democratically selected to do the job. For organizations that require swift and secure blockchain solution, this consensus mechanism delivers the fastest blockchain transaction speeds only obtainable on BUMO's. Scalability is solved

BUMO's Incentive System

Validator nodes are incentivized using the BU-Token (“BU”) token. Blockchain resources are spent in the process of executing a smart contract, users pay a network fee to sustain their contracts in particular - and the platform at large. The BU token is the unit of measurement of system resource use and a means to reward miners.

There are two categories of network resource fees. They are:
1. Storage and network fee: The cost of this is determined by the nature (transaction type and size) of the transaction.
2. Calculation fee: The resources it takes to execute a smart contract is billed as calculation fee. Since this is measured based on how long a smart contract executes, designers of smart contracts make them to execute in the shortest time possible. If a smart contract takes longer to execute, more BU tokens must be spent to sustain the transaction.
To incentivize validator nodes, average allocation of gas is sent to the nodes initially. The balance which is sent later is determined by how many validator nodes are on the system and the size of the block being mined. As more contracts and transactions are executed on the system, new incentive token parameters created by the community using GAS adjustment parameters. The algorithm covers areas like registration fee standard and registration fee standard cancellation, plus other areas.

BUMO Smart Contract

Development of smart contracts are one of the hardest part of any blockchain solution both for users and developers. BUMO simplified the whole thing by integrating a complete developer-friendly toolset to assist developers easily design and deploy smart contracts in no time. Smart contracts on have some unique characteristics which sets them apart from other smart contract platforms. Consider the following.

BUMO smart contract is a standalone Turin script, simply put; it should completely execute given enough resources. The developer friendly tools help the swift deployment of smart contracts on the platform. Also, reliability of the smart contracts assures of its complete execution without hitches. All these and more are facilitated by the BUMO Virtual Machine (BuVM). Look at this image below.

BUMO Virtual Machine (BuVM) is the workshop where smart contracts are executed. This environment is unique in many ways. For example, it optimizes the performance and security of smart contracts. It amazing array of supports even allows developers to launch design and launch smart contracts in many languages, as well as its ease of use and interactive control elements.

Perhaps, one of the biggest asset of BUMO smart contracts is how easy it is for developers to master it. Most smart contract development platforms will require developers to learn a new programming language. BUMO allows users to work using mainstream programming languages such as C++ and Javascript. No need to learn another language. Developers can now create applications without first developing a smart contract. This will appeal to lots of them.

The Issue of blockchain interoperability solved - at last

How do you efficiently communicate in a country where people do not speak the same language? Difficult. How much difficult it will be where the only interpreters you can find are not trustworthy! That is the true situation with blockchain republic(the country), cryptocurrencies(the people who cannot understand each other), and cryptocurrency exchange platforms(untrustworthy interpreters). Here is a definition of interoperability:

Interoperability is the characteristic of a computer system or network, to interact, exchange and make use of information with an independent, outside system or network.

Right now the above definition is not applicable to cryptocurrencies as we have them today. The problem is that you cannot move value from one chain to another without using exchange platforms. The risks of using blockchain exchange platforms do not need any introduction, but for someone just arriving from the moon since 2000, here are some risks. Crypto exchange platforms are slow, you can lose your money through hacking or dishonesty and they are costly, period. How does BUMO tacking this glaring challenge? Lets see how.

BUMO facilitates Interoperability by running a double layer canal system: Isomorphic Interchains(BU Orbits) and Isomeric interchains(BU canals).

BU Orbits: The BU Orbits is made up of the validator nodes that are responsible for providing optimal consensus for the BU canal. The single consensus models of lone cryptocurrencies with their limited mining nodes, cannot handle the heavy processing and storage needs of commercial organizations. So the validated block of BU canal is transfered back to the BU orbits for storage.

BU Canal: BU Canal is the connection link that changes the current nature of blockcahins from "value island" to a networked and interoperable value system. Instead of allowing individual chains to manage verify transactions and remain separated, BU canal acts as a linkage to connect all the chains and form a network where there is free flow of value. With BU canal, blockchains can now speak one language so to say, no need for "interpreters" again. It becomes super easy to exchange assets and facilitate streamlimed chain-to-chain transfer of value and communication between the formerly "value islands". Here is a summary of the major advantages of BU canal and Bu orbits:

For BU orbits

• support diffentiated Child Chain diverse technical characteristics, Different Child Chains can customize the key operation parameters of the blockchain.
• the creation and consistency of the Child Chain and the separated storage of the Child Chain book.
• the overall book structure of hash and index.
• the free flow of value can be realized between Child Chains.

BU Canal

• bridge value routing of the blockchain of the same/different architecture.
• the Main Chain synchronizes globally in reat time/regularly according to the state and type of cross chain.
• free flow of value can be realized between different blockchains.
• assume the role of blockchain "router" to form blockchain "internet"

Please, read a more detailed explanation of how each of BU robits and BU canal work on pages 13-20 of BUMO WhitePaper

The need for a trustable value transfer ecosystem

The world is getting smarter at a very fast pace. Analogue devices are changing to digital and becoming automated. The vast number of IOT devices keep rising by the day and more is projected for the future. As these device join the ever growing number of smart connected devices, there will be more interaction among them; creating, sharing and transferring value in the process.

The BUMO service delivery is designed based on 5 integrated components. They are as follows:

1. The fundamental network design which includes the peer-to-peer value transfer mechanism, the incentive and consensus mechanisms and the book structure. These form the basic building blocks of the platform.

2. BUMO smart contract which defines the nature and function of transactions on the network.

3. The third layer takes care of blockchain reusability, expansion of its operation size, privacy, side chain and cross chain, and many other micro functions of the platform.

4. The next layer supports third party integrations, IOT, etc. It also takes care of making available computing resources and automated trust transfer on the system.

5. To enable the efficient transfer of value in the system, wallets, validation of user identity, data analysis and monitoring all will enhance trustable value transfer on the system.

The service architecture is integrated and works together to ensure the users on BUMO platform are served no matter their area of need. Whether its is DApp devlopment, computing resource use, chain-to-chain value transfer, or data management. The efficient management of IOT devices on the platform will give rise to mass adoption of blockchain technology by these smart device owners who take part in network operation of the system.

The Token

The BUMO (BU) token is a utility token that fuels all economic activity on the platform. It is used to accomplish a lot. The BU token is used to provide incentives to validators and other contributors on the platform. It is also a unit of measurement for the extent of resource use (GAS) by each participant on the platform.

Token Allocation

The total offering of BU is 1.5 billion, wherein:

(1) The creation generates 1 billion, which is generated in the blockchain creation block at one time when BUMO network is online.
(2) 500 million bookkeeping rewards are used as block bookkeeping rewards of the validator node in BUMO network. The block bookkeeping rewards are reduced by a quater every five years, 25 million per year for the first fives years, and 18.75 million per year for the secondary five years.

The image below explains the token distribution plan:

Use case

1
John is a seasoned crypto trader who has been in the business for quite some time. He has a large crypto portfolio. But john is annoyed at the high rate of network fees he pays to cryptocurrency exchange platforms. He is also worried at the security risks of leaving is cryptocurrencies at the hand of exchange platforms. He understands the prevalence of hacking and always spends sleepless nights thinking about the possibility of losing his investments.
During a blockchain summit, a friend told John about a platform that helps him to trade across blockchains without using exchange platforms. The platform is called BUMO.
John came back, investigated the platform and couldnt believe such a rare and useful solution exists. He purchased BU token, is happy trading on the platform where value flows like information.

2

Humanne is a top staff recruitment organization in Newyork. The have worked for multi nationals and have a large client database. Lately, the IT managers at Humanne have been told to look for better solution to handle day to day
management of CV's and other data they work with. While looking for solution online, one of the managers stumbled upon BUMO. Other managers understand the scalability issue with blockchains, but after investigation, they found out that BUMO was designed to effectively overcome it. They suggested BUMO and the board approved it. Now, they are able to process more documents in less time of the BUMO platform.

Conclusion

Today, cryptocurrencies have made landmark achievements, but obvious deficiencies that must be resolved abound. BUMO utilizes various genious technologies to solve these challenges. BUMO does not use power houses for its blockchain mining, but employs smart devices as nodes. Imagine how scalability will simply disappear if all smart devices will form one large network of miners, utilizing their resources to add blocks to the chain. This will also propel the mass adoption of blockchain technology. The BU firework will also speed up the speed of transactions. More important, it will create the crucial missing link or "language" that will enhance free flow of value and communication among blockchains. BUMO is secure, and appeals to large organizations that favor speed, security and workability of blockchain technology.
It is obvious that BUMO solves major blockchain challenges: interoperability, scalability, security and an efficient system for the transfer of value across chains.

The Core Team

Partners and Investors

Find More Information about BUMO

BUMO Website
BUMO WhitePaper
BUMO TechnicalPaper
BUMO Telegram
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
BUMO Wallet

Who Organized this Contest?

This contest was organized by @originalworks. You can participate in the contest by clicking here.

Image credits

Unless otherwise indicated, all images in this article were taken from contest post, BUMO Website, WhitePaper and Facebook page

Twitter link

https://twitter.com/focusnow6877/status/1052404098153308161

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