BUMO- PUBLIC BLOCKCHAIN FOR UBIQUITOUS VALUE TRANSFER
INTRODUCTION
Though Blockchain is a technology that removes intermediaries and transfers value between two transaction parties in a reliable way through computer networks; it is not without its bottlenecks some which include:
-Shortage of transaction processing capacity (such as experienced by Ethereum) which obstructs the commercialization of blockchain technology;
- High energy consumption associated with competition of encryption by minners;
- High profesional technical demands during development application of blockchain with associated high cost;
- Value isolated island which limits the value of assets and value-added space.
In a bid to solve the above identified problems of the blockchain technology, is the emergence of BUMO. BUMO is visioned to create a new generation of value-circulated Ubiquitous Trust Network that allows for the free flow of value.
AIMS OF BUMO
As outlined in the BUMO Whitepaper, page 6, BUMO was created to:
- establish a wide ubiquitous digital asset trust ecology on the blockchain;
- provide for an asset free circulation with a common share application;
- provide a future-oriented open, efficient and scalable technical support for value circulation;
- bridge the gaps in asset digitization and value circulation in sectors such as finance, social networking and Internet of Things;
- mastermine the interconnection of all things according to the Internet of Things leading to a wider "machine" trust;
- create a solidtrust basis for value circulation;
- connect in an organic way, digital assets, intelligent equipment and user data;
- redirecet asset digitization and blockchain new economy to people through digital transactions and intelligent protocol.
BUMOCHARACTERISTICS SUMMARIZED
The following are the unique characteristics of BUMO:
- BUMO has a Ubiquitous Trust Network. This delegates rights of data to users and allows all nodes to be involved in the maintenance of the blockchain.
BUMO has a Trusted Value Transfer System. This is a linkage between the virtual world and the real one. Ubiquitous trust system will be established and it also allows Online value flows to turn into ubiquitous operations.
BUMO has a Public-Sharing DApp Ecosytem. This allows for Digital Identity, Tokenization Protocol, Value Transfer, Decentralized Transactions, In-DApp exchange, etc.
These characteristics are summarized in the figure below:
THE BUMO CONSTRUCTION
(1) A Ubiquitous Trust Network
BUMO is built on a ubiquitous network which endorses a universal participation, interconnection of all things and a democratic consensus. With this, every user has power which enables them to master their digital ownership. This also allows all the users to participate in the construction of the entire blockchain network. This makes the system credible and efficient.
(2) Trustable Value Circulation System
BUMO is a system which bridges the gap between the virtual world and the real world through machine and machine interation. This allows value to flow freely throughout the network and hence, a credible value circulation is obtained.
THE UBIQUITOUS NETWORK OF BUMO
BUMO which is poised to link the physical world with the blockchain digital worls is a completely open and autonomous. This provides that any device can join as a node and forms a part of the ubiquitous network. This is made possbile by the physical composition of BUMO as shown below which contains nodes, candidate node, and validator node. This characteristic allows smart devices to join the network as nodes and also have the liberty to participate in the verification of data integrity.
The BUMO network is also very open in that there are no idle resources since all the smart devices can create value within the system and can also surgee the interconnection with other devices.
BUMO also encourages the BU FIrework consensus protocol which is a new algorithm called "DPoS+PBFT" which is characterized by higher transaction output, scalability and security. The BU Firework Algorithm enhances a dynamic validation which distinguishes the system from the traditional POS (Proof-of-Sake) and PBFT (Practical Byzantine Fault Tolerance). This protocaol allows for consensus in operations within the system. This is what allows for an easy integration of all devices as nodes. THis also prevents Nothing-as-stake and Long-Range attack on the system.
INCENTIVE MECHANISMS IN BUMO
BUMO has an in-built native encrypted digital token used to characterize and measure digital economic activities on BUMO. This token is known as BU-Token otherwise known as "BU". The BU-Token (“BU”) denominates the “gas” costs of the BUMO Network.The BU-Token (“BU”) denominates the “gas” costs of the BUMO Network. These costs consist of storae and network fee as well as calculation fee.
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. - @originalworks
BUMO SMART CONTRACTS
BUMO executes its smart contracts using the BuVM (BUMO Virtual Machine). BuVM has numerous templates that allow users without any development background to create high level applications.
BUMO TECHNOLOGICAL ADVANTAGE
BUMO has an edge over other blockchain technologies in the following ways:
(1) BUMO allows for improved Two-layer Consensus Protocol
The innovative DPoS+BFT consensus algorithm for two-layer multiple chains. A multi-child structure is supported and validators selection is dynamic. It will improve transaction processing and serve diversified scenarios.
(2) BUMO enhances a Two-layer Polymorphic Architecture for Multi-child Blockchain
The multi-child blockchain system is featured with a two-layer multiform structure, in which “two-layer” means the main chain and child chains，and “multiform” means the different technical features among the main chain and child chains.
(3) BUMO creates an inter-Chain for Routing Value across Blockchains
Bridging different main chains. Both homogeneous and heterogeneous Blockchains can be connected. Value can be routed among different main chains. The InterChain links main chains, just like the router in traditional Internet.
(4) BUMO encourages developer-friendly Smart Contract
To ease the development of smart contract, popular programing languages are extended, like JavaScript, C/C++, Python, etc. Trustworthy data feed is proposed for smart contract. The smart contract is turing-complete as well.
BUMO ECOLOGICAL APPLICATION SCENARIO
BUMO PARTNERS AND INVESTORS
BUMO GLOBAL COMMUNITY
BUMO TEAM
MORE INFORMATION AND RESOURCES ABOUT BUMO
- BUMO Website
- BUMO WhitePaper
- BUMO TechnicalPaper
- BUMO Telegram
- BUMO Weibo
- BUMO Reddit
- BUMO Facebook
- BUMO Twitter
- BUMO Github
- BUMO Wallet
This is my entry to the @Originalworks contest sponsored by BUMO . You can join the contest by reading the announcement post
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is it trusted?
and nice to meet you @uyobong.
work together and make steemit journey successful.
Nice meeting you too @mawahab. BUMO 's claims seems great.
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