The In-Depth Guide To Understanding BUMO,The Blockcahin For Value Transfer
I have to admit that i love the pace at which technology is taking us.There are really many developments in the blockchain sphere that sometimes it becomes hard to keep up!
I have always read that humans have infinite potential! I have to admit that the Blockchain technology has helped many people release their infinite potential.
In this post i will be talking about a genius idea that many people have to understand.I will be talking about BUMO a trust network that promises to transfer value just as information!
We all know that we have very smart devices in the world at the moment,BUMO hopes to leverage all those devices in the transfer of value!
I have to give a definition of BUMO before i go any further! I will quote directly from the website and give my brief explanation after.
What is BUMO?
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.
Source: BUMO Website
BUMO aims to build a decentralized application ecosystem where any person without prior knowledge of Blockchain development can come up with something!
There has always been a hindrance of more people joining the blockchain development world.
There is just a general fear of coding among many folks in the world,BUMO has come to remove this fear by making coding or blockchian development easy!
This is made easy by the easy integration of BUMO whereby its library templates are easily available for anyone to use to deploy their dapps.
How BUMO will Solve The Current Blockchain Bottlenecks.
We all know of the challenges being faced by the current blockchains and you can read this post here to find out more.
I will highlight some points below as put in the article and then give a way how BUMO will solve the challenges.
- Underperformed functionality
In that article it states that the bitcoin blockchian can mange only a paltry 7 transactions per second!
I do remember at the end of last year when almost cryptos were over the moon,i had to wait for over 4 days for my BTC transaction to be confirmed! Yes 4 days
There is great news as the BUMO blockchain can handle up-to 10000 transactions per second!
2.High Energy consumption
The current methods of mining like the proof of work really take so much energy ! If you have been in the crypto space for the last 6 months you must have read stories of how the energy used in mining is almost 1 % of that used in the world!.
There i also this story of how the total energy used in mining bitcoin(which uses proof of work) is bigger than the consumption of Ireland's yearly consumption!
You can read more about here about proof of work
The BUMA Blockchain will be using the more efficient Delegated Proof-of-Stake (DPoS). This will improve transaction processing times.
It has to be noted that in Proof of Stake(Pos),there is no need for computer devices used in mining as in Proof Of Work(Pow).
Here its is voting that will be done and this does not take much energy as opposed to the Pow method.
You can understand more about Delegated Proof-of-Stake (DPoS) by reading this post giving the differences among Pos,Pow and DPos consensus.
You can read more about the BUMA Technology here where all the architecture and technology is explained.
You can also see this below as copied from the Whitepaper Pg 8
BUMO proposes a new consensus algorithm BU Firework, which is a new algorithm called "DPoS+PBFT" and can achieve higher transaction throughput, scalability and security. BU Firework algorithm is a new algorithm for dynamic validator election, which is different from the traditional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance).
You can read more about BUMA from the following White Papers
Token Economy WP
General WP
This post is submitted as part of the @originalworks contest ,you can check this link below to participate too.
https://steemit.com/crypto/@originalworks/1250-steem-sponsored-writing-contest-bumo
You can read more about BUMA By reading this below.
BUMO Website
BUMO WhitePaper
BUMO TechnicalPaper
BUMO Telegram
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
BUMO Wallet
bumo2018
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