Bumo: IoT and Blockchain
Bumo represent a network that is easily replicated on virtually any smart device, making connectivity, it's operation and usability very easy and accessible. Bumo can basically be referred to a ubiquituous trust network that allows for the generation and transfer of values between independent machines. These independent machines come together to make up a closed network of values. With Bumo, a large number of smart devices are integrated.
Performance problem:When we compare the blockchain to platforms such as PayPal and Visa, we see that the blockchain is lagging behind when it comes to transaction speed. While PayPal and Visa boast of 200+ and 2000+ transactions per seconds respectively, the bitcoin blockchain and the ethereum blockchain can only perform 7 and 13 transactions per seconds respectively.
Energy consumption problem: it is no news that it cost quite a high amount of power to maintain a mining hub. This is to say that the more miners we have the more power consumption problem we will face, which is also expensive especially for Bitcoin miners. This leaves the mining game for individuals with big pockets and thereby introducing centralization into a ‘should be’ decentralized network. The energy cost of mining keeps going up as more and more miner starts mining. Developers are trying to create mining machines that requires less power for it operations but his machines are very expensive which takes us back to the same problem of big pockets.
Application Threshold: application threshold refers to the difficulties involved in developing business application, Blockchain technical know-how and high cost of promotional processes. All of these stems from the fact that many Blockchain applications are not operated by an average everyday internet user.
Value isolation Island: Unlike information, values are independent on each other. This means that, to create a perfect Internet of Values, these independent values must be connected to each other.
Bumo Ubiquitous Trust Network
The ubiquitous dream Bumo provide is a network that is open and autonomous (I.e. intelligent and self-governing) with the ability to easily link blockchain space with the real world. This is achieved by allowing virtually any smart device that join the network to act as a node and participate in the network operation remotely.
Smart devices connected to the network can act as any of the below physical component.
Node: any intelligent device in the Bumo network that has the characteristic of autonomy and easy access can act like a node.
Candidate Node: candidate node are node that passes through electoral/lottery system to become validator node. Any node can apply to be a candidate node.
Validator node: a validator node is a candidate node that have passed through the electoral/lottery process, validator node are responsible for the whole network accounting and resource allocation/distribution. Validators are rewarded with network transaction cost.
BUMO’s Smart Contracts are executed in BuVM( BUMO Virtual Machine). By creating assorted templates and grouping them according to industries, users are able to create diverse applications that suit their needs.
The coordination of data and the physical world is done via BuContract, and there are two ways this can be achieved.
Real data contract is created and maintained by the data provider, while a deposit is paid for its data.
By making use of the oracle machine (BuOracle, BUMO Oracle), it is notified by the contract about the data that is needed via event trigger. This will go back to the virtual machine, after being processed by the oracle machine.
The BU token is the driving force behind the BUMO network, and it’s value is based on, the quantity of BU needed to fuel the platform, and the holding BU to ensure participation in governance of the network.
The applications of BU includes, gas (used for executing interactions between smart contract), etc. You can acquire BU by: collecting transaction fees as a validator node, buying BU tokens, donations of ETH to the project developers which would be exchanged to BU, participation in the construction of the BUMO network.
Some Benefits of Bumo
- Digitization of any type of assets
- Ease in smart contracts development
- Intelligent, effective and efficient IoT value chain
- Digital asset free-flow
- Open sourced
- Little or no skill needed to write a BuContract
- Contract tempaltes available for different industries’ classification
- High transaction speed per seconds (up to 10,000)
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