Blockchain Shortcomings

Blockchain has come into existence to stay with it being designed to greatly influenced the world of cryptocurrency. From this side, some setbacks can be noted.

Image Source - Pixabay

Take for instance, when an individuals in place of his personality or a company may encounter difficulty and rigid processes while making an effort to conduct a domestic value transfer.

Not only that, users do experience delay when carrying out any transaction on Bitcoin or Etheruem platform as the process seems to be too slow in speed.

In relation to modern day blockchains, centralization and monopolization of mining is another shortcoming that needs attention.

Considering the corpulent totality of mining power, there should be no reason for centralization or monopolization. The circumstance is discouraging and uncalled for.

Moreover, application threshold is also discouraging as tasks of related to blockchain infrastructure products in terms of its building, promotion and integration into businesses are usually not easy. This difficulty is as a result of scarcity of professional technical expertise which is highly recommended.

Blockchain is also being confronted by value isolation in sense that necessary liquid markets needed for cryptocurrencies is not being catered for.

Thanks to BUMO for Solutions

Bumo aims and working towards developing a unique network where value can be transferred just like information, while still making effective use of already existing smart devices regardless of location in the world.

BUMO pretty works well on providing ease of transfer of value over various networks within the Internet of Things, fintech, and the social network industry.

What is required of you is to get your digital assets, smart devices and user data connected, BUMO is going to take it from there by enabling the merits of the digital economy in order to give users amazing experience.

With Bumo, the issue of slow performance in value transfers has been put under total control and monopolization of mining power gets terminated.

Bumo has globally changed status of assets to much positive as it has enabled tokenization of any assets.

Regarding the problem associated with integration of blockchain technology, Bumo has put in place opportunity for users to get dApp launched on their devices so as to cater for effortless integration.

Let us consider Bumo Incentive System in quote;

The BU-Token (“BU”) denominates the “gas” costs of the BUMO Network.
These costs are comprised of:
(i) Storage and network fee – based on type of transaction and its size
(ii) Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
Gas rewards are delivered to validator nodes as explained above. These rewards are continuously adjusted through voting by the participants on the network via a separate mechanism called the GAS adjustment algorithm.
Source

A lot is being attributed to BUMO existence as benefits among which are;

• There is Free Flow of Digital Assets as include static assets becoming truly useless and cross-domain circulation making ways for fresh tremendous value for each and user interoperating through BUMO

• Intelligent IoT Value Chain as there is expectation for 45 Billion IoT devices by 2020 while Intelligent devices can also generate data as well as creating value all with Bumo.

You may wish to get more information about BUMO and its sponsored writing contest, CLICK HERE

Facebook Social Share

• https://m.facebook.com/story.php?story_fbid=1893065860780216&id=100002304608698&refid=17&ref=opera_speed_dial&tn=%2AW-R#footer_action_list

Credit to @originalworks

BUMO2018