BUMO - a way to achieve the Internet of Values
INTRODUCTION:
The advent of the internet brought about a network used for the transfer of information. With the internet, there is a network of electronic devices, which ensures the continuous flow of information between these electronic devices.
However, when it comes to using the Blockchain to perform the transfer of value, a problem is noticed, there is no network of values (Internet of values). If you’re connected to the Internet via an electronic device, the blockchain does not recognize your device, not unless you have your private key. This shows that values are not transferred to your electronic device, even though, your electronic device is a member of the closed network. Values would only be transferred to the receiver, when you perform and complete a transaction.
Once a network of values can be established, independent economies can be connected on the blockchain, and it means that values can be transferred as quickly as information are transferred. This is what BUMO plans to achieve. Before we go more into BUMO, it is worthy to note the bottlenecks that has prevented us from attaining the Internet of Values.
Performance:
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:
The Ethereum blockchain uses 3x more the electric power consumed by Google, while the Bitcoin blockchain uses 10x more the electric power consumed by Google. This is on a very high side, if we are to achieve the Internet of values.
Lots of Technicalities:
To build, deploy and integrate applications on the blockchain, a whole lot of technicalities is involved. Most people don’t know this technicalities, as this blockchain technology is relatively new. This is a snag to achieving the Internet of Values.
Value Isolated 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.
However, with BUMO, these bottlenecks are quashed and the Internet of Values is achieved.
BUMO:
BUMO can be referred to a ubiquituous trust network that allows for the generation and transfer of values between independent entities. These independent entities come together to make up a closed network of values. With BUMO, a large number of smart devices are integrated.
With the decentralized nature of the blockchain and the perks attached to using the Internet, BUMO gets, and process different data required to aid the exchange of values between different independent economies on the blockchain.
Smart contracts are required to ensure that smart decisions are made, when it comes to deciding how these data are gotten and processed on the blockchain. This means that, independent economies get to interact with each other, with almost no human effort.
With BUMO, when values are to be exchanged between independent bodies, it is processed, stored and executed in a chain of records, just like what is obtainable with the blockchain.
Recall that I made mention that with BUMO, a large number of smart devices are integrated. These smart devices are known as nodes. All nodes have the right to apply to become candidate nodes, only the first N qualified nodes are selected as candidate nodes. Candidate nodes then have the right to become validator nodes, if they pass the election process used to select validator nodes. The validator nodes are the ones responsible for network accounting, resource dispatching, and obtaining of rewards gotten from transaction costs.
With a large number of nodes involved in consensus, BUMO would achieve a transparent and autonomous Internet of Values. This is not the only advantage for the independent economies on the BUMO Network. Other advantages includes:
- Full use of idle resources, such as instance computing ability
- Reduction of threshold for users
Some basic features of BUMO includes:
- Peer-to-Peer networking:
With this component, nodes participating in the network have the ability, to send and receive value in a peer-to-peer manner.
** Consensus Mechanism:**
BUMO uses a 2-layer new consensus mechanism, known as BU firework algorithm. The BU firework is also responsible for the effective, efficient and dynamic election of validator nodes. The BU firework also ensures higher transaction throughput, scalability and bolsters security.
Incentive Mechanism:
Validator nodes are in charge of maintaining the BUMO network, hence, it is fair enough that they should be incentivized. When a user initiates a transaction/smart contract on the BUMO network, he/she uses the resources of the network, thus, the user has to pay a fee, in the form of GAS which is measured in BU-Token.
The amount of GAS to be paid is divided into:Storage and network fee – based on type of transaction and its size
Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
To ensure that resources last for a long period of time, BUMO gives duration for the execution of smart contracts that have access to that particular resources. The more the BU-token in residing in the contract, the longer the duration for execution would span. This prevents the overload of resources while encouraging the use of other resources residing in the network, and this ultimately creates a buoyant platform of resource allocated in a trustless manner.
In the case where the smart contract turns out to be complex, and the resource been used by the smart contract cannot be released, the user can transfer a certain amount of BU-token to the smart contract, to extend the duration which the smart contract would span for. However, BUMO advises that creators of smart contracts should consider all system resources during creation.
BuContract (BUMO Contract):
The BuContract refers to smart contracts that are based on the BUMO Network. The BuContract ensures that real world and blockchain values are exchanged in two instantaneous ways. First way is that the provider of the data would pay some BU-tokens as deposit to maintain his contract. Via this, once wrongdoing is noticed, the validator and other participators would vote for deduct of the deposit. Second way is through the help of the oracle machine. This way needs that the contract fully trusts the oracle machine.
The BuContract possess some unique characteristics. Check out the BUMO Whitepaper for more details.
BUMO Virtual Machine (BuVM):
This is the environment that ensures the execution of the BuContract which was built on the BUMO framework.
BUMO Oracle:
This is a framework that enables the oracle machine to know the data needed to be obtained. This is achieved via the BuContract triggering an event, this event should be returned to the virtual machine after it has been processed by the oracle machine. As I earlier mentioned, the contract needs to fully trust the oracle machine.
Cross-Chain Interoperability:
BUMO is using two blockchain cross-chain architectures to perform it’s transactions. This is to prevent the issues such as: limited number of consensus nodes, storage efficiency etc, rocking single chain system. BUMO proposes the Isomorphic Interchain (BUORbits) and the Isomeric Interchains (BUCanal) for use. These two frameworks would achieve the following feats:- Connectivity between independent blockchain
- Validity of cross-chain transactions
- Security and privacy of users’ data
The BU-Token:
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.
Benefits of BUMO:
Some benefits of BUMO includes:- Digitization of any type of assets
- Friendly way to develop smart contracts
- Intelligent, effective and efficient IoT value chain
- Free flow of digital asset (real-time value is derivable)
- Online editing and debugging tools are available to enable developers to write and debug contracts effectively and efficiently
- Little or no skill needed to write a BuContract
- Contract tempaltes available for different industries’ classification
- Low learning costs for users that want to develop BuContracts (JavaScript, which a one of the popular programming languages can be used to develop BuContracts)
- High transaction speed per seconds (up to 10,000)
- Increased scalability
- Open sourced
Use-Case:
Oki owns a company that deals in the planting and sales of cassava products. However, Oki notices that there are manipulations in the records of the sales of cassava products. He hears about BUMO, and then decides to give it a trial. With BUMO, he hosts a number of intelligent devices on the reporting templates of workers that harvest the cassavas. With this, oki can monitor and track all data which the blockchain collects via smart contracts, these data can then be recorded. Thus, manipulations ceases to happen in Oki’s company.
Conclusion:
The idea of the blockchain to be used as a store of value is rightly deserved. And with BUMO linking all independent entities, we are sure to establish and get a perfect internet of values, which would ensure that values are transferred as effective and efficient as we transfer information.
Infact, BUMO is the next big thing.
For more information, check out:- BUMO Website
- BUMO WhitePaper
- BUMO TechnicalPaper
- BUMO Telegram
- BUMO Weibo
- BUMO Reddit
- BUMO Facebook
- BUMO Twitter
- BUMO Github
- BUMO Wallet
BUMO’s Team:
BUMO’s partners:
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