BUMO- PRESENTING A UBIQUITOUS VALUE NETWORK

in #crypto5 years ago (edited)

Introduction

Blockchain, though novel and reasonably at it's nascent stage especially in terms of adoption, shows good promise, even till the extent that it's almost certain that the technology would have a huge part to play in the shaping of things and events in the coming years.

Prior to the advent of blockchain, ours was a world governed absolutely by centralization (i.e third-parties), for virtually everything one can think of. From information transfers (internet), value transfers (traditional financial institutions), exchange trades, even to gaming, such that it would then appear that users could not function without intermediaries.

For decades, many users (including traders too) lived in ignorance of how the existence of middlemen was bringing them more harm than good. Traders face the greatest risk of being exploited and even worse, many never get the slightest inkling till its too late.

The "distributed ledger technology" popularly known as blockchain is an alternative and a very good one at that. Nevertheless, the technology has some inexcusable shortcomings.

Inefficiency & Poor Performance

In all fairness, blockchain provides a better alternative to traditional banking systems, otherwise one could spend hours waiting on queue just to make a deposit or withdrawal, especially as its the case in my country- Nigeria.
But the likes of Bitcoin and Ethereum are not much different in the area of efficiency and performance. Bitcoin has a maximum capacity of 10 transactions per second, while ethereum can handle 14 transactions per second. Initially, the statistics were excusable as it was yet a frontier technology for value transfers, but in recent times, it appears not to be able to suffice anymore, especially as the number of crypto-users is ever-increasing. Imagine the volume of transactions that are queued every second, and how that existing technologies frustrates small-volume traders particularly, by taking almost forever to reach the recipient of the value. The problem of inefficiency is a major one as it makes user experience very frustrating.

Partial Decentralization

One of the remarkable highlights of a blockchain-driven ecosystem is the decentralized governance model (i.e elimination of middlemen). However, many existing blockchains are devoid of this feature, world's leading bitcoin and ethereum machine included. What appears to be the model adopted on the bespoke blockchain is a sort of partial decentralization, and this goes against the very reason that the technology was created; availing a peer-to-peer ecosystem .

The truth of the matter is that there are indeed several problems associated with the current blockchain technology, even so that, it must quickly be arrested, if global economies would ever harness its full potentials.

The rest of this article centres on bumo; a promising player on the blockchain network.

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What Is BUMO ?

BUMO is focused on availing a new generation trust network for swift value transactions of which anyone can participate. In fact, it is constructed in such a way that cuts across diverse classes of people even as they proceed in their daily dealings.The goal is to establish a solid link between our physical world and the digital world of blockchain thereby creating a large-scale network that is common and trustable.

BUMO's CONSENSUS PROTOCOL

The consensus algorithm is a revolutionary one which hosts a wide range of possibilities for blockchain technology. Here, all nodes are able to partake in the voting process for the interest of the candidate nodes, such that once a validator node is elected and consensus is reached, it can compute the whole validation process, thereby improving efficiency.

There are many advantages of the consensus protocol adopted by BUMO.

Higher Transaction Volumes

Compared to bitcoin and ethereum's proof-of-stake protocol, BUMO's consensus firework algorithm enables the same to perform many transactions in the shortest possible time imaginable. By redistributing work in such a manner that requires "only a handful" of validator nodes for task A, the remaining nodes can be reassigned to other tasks should in case the need arise. As such, the capacity of work that can be performed is much higher than the likes of bitcoin. It therefore affords users ample room to go with their daily business while the ubiquitous trust network takes care of the rest.

Safety and Security

Again, the protocol reinforces safety and security of the blockchain. The consensus validation architecture is such that once a hack useless. As the main goal of a hack is to steal information, the freeze halts everything, and this makes it next to impossible to access information at that.

Conclusion

Inevitably, bumo's advent would have a massive impact on the conduct of things in the cryptocurrency sphere especially as regards existing blockchain technologies. Hopefully, the value transfer network complemented by the likes of bitcoin and ethereum would help restore balance and unique ownership to the rightful heirs.

Here's my video entry:

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