Bumo: Taking Blockchain To Smart Devices
What is Bumo
Bumois built on the concept of ubiquitous and easy transfer of value. Imagine a trust-less network, with the ability to make any smart device connected to it network a node, Bumois that network.
Bumo is the next-generation commercial grade public blockchain fpr ubiquitous and trested value transfer, which is aimed to build a decentralized application ecosystem feature with extensive digital trust, free-flow value amd public-sharing apps.
source: Bumo
Problems in the Blockchain
The Bumoteam has categorized the problems blockchain is currently facing in four parts.
- Performance problem: crypto enthusiasts are familiar with the snail speed at which Bitcoin and Ethereum handle transactions especially during peak period, this surmount to just a few dozens of transaction per second. This is a big problem for space that is advocating mass adoption, which begs the question. What will happen if the world decides to adopt BTC now, as the one true currency, is BTC ready? I will leave you with your answer.
- Energy consumption problem: it is no news that it cost quite a high amount of power to maintain a mining hub. This is to say that the more miners we have the more power consumption problem we will face, which is also expensive especially for Bitcoin miners. This leaves the mining game for individuals with big pockets and thereby introducing centralization into a ‘should be’ decentralized network. The energy cost of mining keeps going up as more and more miner starts mining. Developers are trying to create mining machines that requires less power for it operations but his machines are very expensive which takes us back to the same problem of big pockets.
- Application Threshold: application threshold refers to the difficulties involved in developing business application, Blockchain technical know-how and high cost of promotional processes. All of these stems from the fact that many Blockchain applications are not operated by an average everyday internet user.
- Value isolation Island: Blockchain is disrupting the internet space with blockchain tech and dapp such as decentralised social media, seamless and extremely cheap fund transfer protocols and transparent record keeping system. These values are sadly under-utilised as there are just a handful of individuals enjoying the remarkable feature that blockchain provide. This is to say that the blockchain potential is still just a potential.
Objectives of Bumo Network
The vision of Bumo is to create a platform of Value Circulated Ubiquitous Trust Network that allows ‘value’ to flow freely like information.
Bumo plans to achieve this through its blockchain network ecology of wide ubiquitous digital trust asset, free circulation and common shares application. The needs of asset digitization and value circulation in industries such as the internet of things (IoT), finance and social networking will be catered for by Bumo’s efficient and scalable underlying technical support, and it feature value circulation network. Bumo will establish wider trust of smart devices through the interconnection of IoT with a solid trust basis for the circulation of value. Bumo will make sure of it that individuals are the real beneficials of asset digitization and blockchain economy
The Core Values of the Bumo Ecosystem are:
- Ubiquitous Trust Network: this is the idea that all available smart devices that are connecte to the network can act as a node to better help facilitate information exchange.
- Trust Value Circulation System: since the connection between machines (smart devices) is also a bridge between the real world and virtual world. Value will flow freely and easily between available smart devices, making the trust network a credible value circulation system.
Bumo provides awesome benefits all packed in one spot, the Bumo network..
- Assets decentralization
- Ease in smart contracts development
- Practical use of IoT value chain
- Digital asset free-flow
- Open sourced
- High transaction speed per seconds (up to 10,000)
- Contract templates available for different industries’ classification
These are just few benefits the Bumo network provide. basically the idea is to provide seamless use cases for both developers and customers .
Composition of the Ubiquitous Trust Network
The ubiquitous dream Bumo provide is a network that is open and autonomous (I.e. intelligent and self-governing) with the ability to easily link blockchain space with the real world. This is achieved by allowing virtually any smart device that join the network to act as a node and participate in the network operation remotely.
Smart devices connected to the network can act as any of the below physical component.
- Node: any intelligent device in the Bumo network that has the characteristic of autonomy and easy access can act like a node.
- Candidate Node: candidate node are node that passes through electoral/lottery system to become validator node. Any node can apply to be a candidate node.
- Validator node: a validator node is a candidate node that have passed through the electoral/lottery process, validator node are responsible for the whole network accounting and resource allocation/distribution. Validators are rewarded with network transaction cost.
Consensus Mechanism of Bumo Network
Bumo uses a consensus algorithm called BU firework. BU firework is based on an algorithm called Delegated Proof of Stake and Practical Byzantine Fault Tolerance (BPoS+PBFT). This algorithm combo can achieve much higher transactional throughput, high scalability and strong security.
How does BU firework consensus works? Let’s find out….
- A set of first qualified nodes are selected as candidate nodes, let call this first set of nodes N.
- All devices on the network acting like nodes can vote for the right and interest of the candidate nodes, each candidate will get equity of sum C, and the first N candidate nodes will be selected as the validator node.
- Validator node will reach consensus and complete validation of blocks through asynchronous BFT algorithm. A function F(s) indicates the weights of validator nodes, where the higher the weight the greater the chance of getting the block.
- To prevent attacks, the deposit managed by a malicious validator node (a node that is signing different blocks of the same height), will be forfeited and removed from the rest of the set of validator nodes. New validator node will be selected.
- Validator nodes are put in a freeze state when redeeming deposit, to prevent Long-Range-Attack.
mathematical representation of the network consensus
Consensus Parameter Definition
Incentive Mechanism
The economic activities on Bumo network are carried out through the exchange of BU-token (BU). BU-token is the fundamental currency of Bumo ecosystem. Recourses are used up to make transaction possible, this resources cost a certain fee called GAS, which is measured in BU.
Bumo Blockchain recourse fee is divided into two main parts: Storage recourse and Network resource fee, the are the major recourse that are frequently used by Bumo network uses.
GAS Allocation Mechanism
Gas is awarded to validator node for their contribution to the operation of the network. Gas is averagely allocated first and then the balance are distributed according to the number of validator nodes and block height.
Allocation formula
Average cost incentive= total cost/number of validators
Remaining cost incentive = total cost – average cost× number of validators
Smart Contract in BumoBlockchain
Smart contract is a computer protocol intended to digitally facilitate verify, or enforce the negotiation or performance pf credible transactions without third parties. These transactions are traceable and irreversible.
source: wikipedia
In Bumo Blockchain, smart contract need to satisfy two major objectives which are; stop program in a limited time, which require measurement of of executable time and the contract. And the contract must be able to maintain high level of certainty i.e. input must guarantee output.
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Summary
Bumo is no doubt a complicated technological experiment on the blockchain with spirit lifting promises. The achievement of a ubiquitous network through IoT is one I will love to see come to pass and people engaging themselves seamlessly in the blockchain activities. The algorithm combo of DPoS + PBFT is also gonna be a field for further disruptive idea improvement if all goes well in practice. The project is highly techy but the idea fairly simple and it is my opinion, that this project is worth monitoring.
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