The problems with the cryptographic ecosystem

It goes without saying that the two biggest problems facing the cryptographic ecosystem at this time are scalability and interoperability.

• Scalability

To keep it simple, cryptocurrencies like the architecture of Bitcoin and Ethereum simply were not designed to handle high levels of popularity and adoption. There are two factors that hinder the overall performance of the transaction.

First, transactions are only made when the miners themselves verify the verification and place the details of the transaction in the blocks they have extracted. As you can imagine, this creates a bottleneck, since there are only so many transactions that a miner can handle at a time.

Secondly, the blocks in the bitcoin block chain have a predetermined block limit of 1 MB. Therefore, there is only so much data that can fit within a block. Ethereum, on the other hand, may not have a size limit, however, they do have a gas limit of 6.7 million per block.

So, let's see what we have here:

• Your transaction will have to wait in a queue before you can enter

• It is likely that the blockage will be filled even before the miner recognizes your transaction.

If that happens, then your transaction will have to wait until the next block is removed, which is 10 minutes in Bitcoin and 15 seconds in Ethereum.

It will not be an exaggeration to say that for cryptocurrencies to obtain greater generalized adoption, the problem of scalability must be solved.

• Interoperability

In the cryptosphere, we have different cryptographic currencies like Bitcoin, Ethereum, Litecoin, etc. The problem lies in the fact that it is extremely difficult for these individual entities to communicate with each other. It is difficult for Bitcoin to know what is happening in Ethereum and vice versa

That is why cryptographic exchanges, which provide a portal between different cryptographies, become so powerful and important. However, there lies a problem. Exchanges are not a decentralized entity and are extremely vulnerable.

They can be hacked.

They can be turned off for long periods to update the system. This is basically what happened to Binance on February 8, 2018, which completely paralyzed his services.

However, another reason why interoperability becomes desirable is that it is necessary for the widespread adoption of the blockchain. For the blockchains to succeed, they must be able to interact with legacy systems such as financial institutions, etc. From now on, it is extremely difficult for the encrypted world and the inherited world to interact with each other.

It is not for nothing that interoperability has been called "The Holy Grail of Blockchain".

In a decentralized future where there are multiple entities that run in blockchains, having an interoperable ecosystem is critical. Imagine a hospital that has its medical records in its chain of blocks interacting with the social security chain to automatically validate a patient's identity.

In addition, there is another area in which this lack of communication between the inherited world and the cryptographic world can lead to a disastrous result: the ICOs.

In ICOs, an entity gets millions of dollars in exchange for their tokens; however, saving that money in their bank accounts can be difficult. Obviously, banks would want to know where all that money came from and were the ones who provided that money, which is something that is almost impossible to provide.

Introducing Bumo Blockchain

BUMO is a commercial category public block chain for the ubiquitous and reliable value transfer, whose objective is to create a decentralized application ecosystem with a wide digital confidence, a free flow value and applications to share in public.

The objective of the BUMO team is to create a decentralized application ecosystem that uses the consensus algorithm DPoS + BFT for multiple two-layer chains, which is supposed to speed up transaction processing. BUMO also plans to link different main chains through an inter-chain. The system can connect homogeneous and heterogeneous block chains.

Scalability characteristics

• Multisig account

The multisig account can be opened and controlled by multiple parties at the same time.

Suppose Joe, Chris and Julie own a company and have opened an account in the BUMO block chain. If Joe is the CEO, then it makes sense that his approval counts more than Chris's and Julie's individually. In other words, Joe should have more weight than the other two.

Let's suppose that Joe, Chris and Julie have created their account. Its combined weighting must be above an operation threshold value. If it is less than that, then the operation is rejected.

These systematically planned account creation tactics will help the BUMO system obtain a more widespread adoption of large companies.

• Merkle Patricia Trie

The Merkle Patricia Trie combines the capabilities of the Merkle Tree and the Patricia Tree to store data effectively.

In a Merkle tree, each non-leaf node is the hash of the values of its secondary nodes.

Each block contains thousands and thousands of transactions. But by using a Merkle tree, the time required to find out if a particular transaction belongs to that block or not will be greatly reduced.

On the other hand, Patricia means "Practical algorithm to recover information encoded in alphanumeric". A Patricia tree is a binary radius tree with a binary option on each node when traversing the tree. In simpler words, it helps reduce the depth of the ledger tree and increases tree balance.

• The large-scale data towing system

The need to store heavier and more complex data is increasingly important. This is the reason why a "differential storage mechanism" called "Trailer" is introduced. According to the characteristics of the data, the Trailer system will differentiate the data in:

 Out-of-chain data: data that is stored outside the block chain

 Data in chain: data that is stored in the chain of blocks

• Fireworks BUMO: The 2-layer multiple-chain consensus system

Having a consensus algorithm without trust, which is tolerant to Byzantine failures, is the backbone of a cryptocurrency project. Bitcoin, at this time, is using the Work Test consensus mechanism (POW), while Ethereum eventually wishes to pass the Stake Test (POS) through the Casper protocol.

The problem with POW and POS is that since the consensus requires a majority approval of all the nodes that are in the system, which does not help scalability at all.

BUMO has chosen this route by creating a two-layer multiple-chain consensus algorithm, which generates a set of validation nodes for the main chain by voting according to the DPoS, and then generates blocks by the validation nodes selected through the improved BFT algorithm. Achieving greater transaction performance, scalability and security they are calling this the "BU firework".

So, we have said that it is a two layer system where:

 The first layer is the consensus of the main chain: users select a set of validation nodes for the main chain by voting according to the DPoS protocol, and then the blocks are generated by the improved BFT algorithm. Validation nodes in the main chain are complete nodes and can participate in any sub-chain consensus validation.

 The second layer is the consensus of the sub-chain: the blocks in the sub-chain are periodically generated by the Proponents, and the block header is sent to the main chain for the validation consensus. The validation nodes in the substring are a subset of the validation nodes in the main chain. Based on the VRF algorithm (verifiable random function), the validation nodes are generated randomly and dynamically changed, and are highly resistant to attacks.

• Architecture of the orbit

The current concept of single chain is extremely outdated for several reasons.

 Dapps are increasingly complicated

First, with greater adoption, storage efficiency has become a legitimate concern. The dapps are increasingly complicated. Because of this, the blockchain structure that we have now has simply not evolved enough to deal with these high-level Dapps.

 Data diversity

More and more interesting cases of blockchain use have been coming in recent years. While that is quite exciting, the truth is that the blockchain, as we know it, is simply not ready to capture such diverse data.

Possible scalability techniques

The two most popular scalability techniques that Bitcoin and Ethereum are analyzing are:

 Layer 2 solutions such as Lightning Network and Raiden Network.

 Fragmentation

Layer 2 solutions certainly increase the performance of the transaction; however, they do not address the scalability problems of the state. This is why BUMO uses a "Two-layer polymorphic architecture for a multi-child block chain" structure to address all future scalability needs.

The multi-child blockchain system is presented with a two-layer multiform structure, in which "two layers" means the main chain and the secondary chains; and "multiforme" means the different technical characteristics between the main chains and children's chains.

This design is called "Orbit Architecture" and is divided into:

 Main chain

 Child chain

First we have the Main Chain. There will only be one main chain in the BUMO system that will be in charge of the general maintenance of the ecosystem. It will be responsible for selecting the valuators of the sub-chain, sub-proposers of the chain block, storing the final state of the sub-chain. It includes two types of nodes, the normal nodes and the validation nodes.

The validation nodes themselves are divided between super validation nodes and ordinary validation nodes. The super validation nodes need to download the information and participate in each of the sub-chains. Ordinary valuators, on the other hand, can choose the secondary chains they wish to download and govern.

The next part is the Child Chain. It could be a single sub-chain or a collection of sub-chains. The secondary chain can be designed according to the needs of a company that is developing at the top of the BUMO chain. You can follow the architecture of the main chain of BUMO OR you can have your own set of rules and block limits to meet your needs.

Think of the main chain as the roots and stem of a tree that these child chains are the branches that sprout from the stem.

Due to the expanding nature of the substrings, BUMO can theoretically scale much more efficiently than the other projects.

Interoperability characteristics

BUMO provides interoperability through the implementation of the Canal system.

The channel consists of two layers:

 Main chains

 Cross chains

Mainchain consists of collection nodes and validation nodes. The validation nodes are responsible for providing a high level consensus for the cross chain. After validating a block of the cross chain, the data of its block head is stored in the main chain.

Think of the crossed chains as routers in the traditional network system. Route the data from different blockchains to the target blockchain. They translate the protocol and also make sure that loading and attack between chains is avoided.

The main chain carries several cross chains. So, how does the main chain communicate with the crossed chains and how do these crossed chains communicate with each other?

For that, we need to analyze the Interchain Channel Communication Protocol or CIC. The CIC layers are the following:

 Layer # 1 is Contract Services that is divided into inter-chain contract and intra-chain contract. These define the communication between chains and intra-chain communication service contracts.

 Layer # 2 is a light check. This is a light check that demonstrates the fact that there really is a transaction between chains.

 Layer # 3 is the transaction itself.

 Layer # 4 is the real time record of the transaction.

The main CIC participants are the following:

 The client

 Cross chain validator

 Validator of the main chain

 Collector node that will offer routing services.

So, how will the CIC really work?

First, the sender will create a transaction contract between chains in the shipping chain that stipulates several conditions for the execution and cancellation of contracts. They must also show proof of successful execution of the target chain.

The sending chain sends the transaction to the collector node of the main chain. The collector also gets a light transaction validation that they can verify to see the validity of the transaction.

The collector initiates the routing process by dividing the transaction into two parts; the transaction from the sender to the main chain and then the transaction from the main chain to the destination chain.

The destination chain validates the transaction and sends a confirmation message to the main chain. The collector checks the message and enters it in the block chain.

BUMO Smart Contract Development

Being an intelligent contract development platform, BUMO aims to offer its developers the best possible tools to help them get started. For an intelligent contract platform, the ideal way to get quick recognition is to create as user-friendly tools as possible.

Smart contracts in BUMO have the following properties:

 Turing complete, which means that, with sufficient resources, the contract can solve any problem.

 Fast deployment

 Flexible calls

 Reliable execution of contracts.

Smart contracts in BUMO run on a virtual machine called BuVM. The BuVM offers the following properties that establish the frame of its "Intelligent contracts respectful with the environment".

 Allows better performance of intelligent contract

 Increase the security of smart contracts.

 Enables multi-language support for smart contracts

 Create a friendly environment for developers

Thus, the components of the framework are the following:

 Bambook: The accounting system in BUMO.

 BuOracle: provides an Oracle mechanism to activate the contract callback

 BuDAPP: Dapps in the BUMO system achieves a rich business logic by combining the implementation of DApp and intelligent contracts BUMO

 BuVM: The virtual machine BUMO.

One of the most attractive features of BUMO is how friendly it is for developers of traditional applications. This is mainly due to the following characteristics:

 The richness of its native APIs

 Features similar to those of Websocket that check the status of the transaction

 Train users to manage tokens without the need for a smart contract

In short, BUMO allows developers to create an application without the need to create a smart contract. Usually, in other smart contract platforms, one of the biggest problems is the barrier to entry. Developers need to learn a new language (such as solidity) and create intelligent contracts that are airtight and that are not susceptible to any failure or error. By using this "no-contract application" feature, BUMO will instantly get many developers developing your platform.

Summary

BUMO is bringing many interesting features into the cryptographic space, such as:

• Joint creation of accounts through the incorporation of "individual account weighting"

• Use of Merkle-Patricia Trie to help store data in an efficient manner

• A "Trailer" system that differentiates data in chain and off-chain data.

• Orbit architecture that helps to create the 2-layer multiform BUUMO architecture

• A 2-layer multi-chain consensus system that will scale up to 10,000 transactions per second

• The "Canal" system that helps with interoperability.

• Friendly developer tools to create smart contract

• Allowing developers to create applications without creating a smart contract

The team is committed to blockchain innovation to present real solutions to some of the biggest problems in the cryptography space.

More Information & Resources:

Web – Whitepaper – Twitter – Facebook

This is my entry for the @originalworks writing contest: 

bumo2018

My twitter link:

https://twitter.com/hasbydiaz/status/1051879204021817344

bumotwitter

Sources Consulted

• https://blockgeeks.com/guides/introducing-bumo-blockchain/
• https://www.newsbtc.com/2018/05/14/bumo-announces-vision-future-blockchain-tech/
• https://bitcoinexchangeguide.com/bumo-blockchain/
• https://www.newsbtc.com/press-releases/how-applicable-is-bumo-a-commercial-grade-public-blockchain-aiming-to-build-a-value-ecosystem/