BUMO {THE NEXT GENERATION BLOCKCHAIN TECHNOLOGY}

The advent of the internet has made asset and information transfer much simplified which makes it arguably the most widely used network all around the globe. However, internet doesn’t provide it users with an efficient trust network that ensures the user’s safety and value addition whilst performing transactions but with [BUMO](https://www.bumo.io/), things are just different.

What is BUMO?

Before the advent of smart contracts, trustless and compromised transactions are on the high side especially when dealing with assets of value. Hence, BUMO is a project birthed out of a persisting need for a trust network that utilizes the power of blockchain technology to enable ubiquitous value transfer and also, enhance transaction speed via connection of digital assets, smart devices and user’s data generated.

It provides users with a global network that enables tokenization of various forms of asset; loyalty points, insurance, game points, fixed assets etc. whose value can be freely circulated via various transaction chains with core technologies like BU Firework, BU Orbits, BU Canal and BU CodeMach etc. as quick as the rate at which information are transferred.

Features of BUMO

For both large and small enterprises having scalability, security and performance concerns about existing implementing blockchain, BUMO is a next generational blockchain solution;

Simplicity and ease of integration

To establish a base for seamless transactions, it is important that features that enables ease of implementation and interactions are fully incorporated in the blockchain network.

With BUMO, users are equipped with an already established framework – “a templates library and developer friendly design tools” which can be assessed and used in meeting users’ needs and expectations. In the light of this, no development knowledge is needed by the users to launch decentralized applications (dApps) on the blockchain. This further helps the users to achieve Internet of values.

Efficient transaction network

Transaction speed is a common limiting factor to several existing blockchain technology and platforms. Bitcoin and Ethereum transaction speed is very low and can only perform 7 and 13 transactions per seconds respectively WHILE platforms such as PayPal accommodates over 200+ transactions per second. But with a more efficient network “ready-to-use enterprise-grade infrastructure” unrivaled by the existing solutions put in place, BUMO can support up to 10,000 transactions per second.

Transparency and fairness

Decentralization is the key to establishing an autonomous transparent network for the purpose of maximizing user experience. One of the challenges faced by blockchain users is centralization of mining digital currencies like Bitcoin, Ethereum etc. i.e there is a central authority with large amount of mining power used to regulate the extent of users’ mining. This however goes contrary to the concept of decentralization and hence, it should be regarded as a non transparent transaction. BUMO offers it users a fair mechanism “a lottery election for validator nodes” by which the blockchain can be updated in a decentralized way across the many Internet of Things (IoT) devices it hopes to connect. There are three participative roles within the BUMO blockchain;

• Node: This refers to any intelligence devices connected to the network which is transparent and autonomous.
• Candidate nodes: These are selected qualified nodes put through an election/lottery to determine which ones will eventually become validator nodes.
• Validator nodes: These are selections from the elected candidate node. They are responsible for networking accounting, resource management and collection of network transaction fees.

Consensus with a large number of nodes involved means BUMO would provide a transparent and autonomous value blockchain.

Energy consumption

Mining works is extremely energy consuming and can lead to wasteful and inefficient operations which may drive up cost of transacting and operating. In a bid to avoid this, many blockchains and platforms result to adopting centralization for mining process using the mining pools. But BUMO is able to reduce energy consumed to the minimum in a decentralized manner by adopting Internet of Things (IoT). Thereby reducing costs and increasing productivity.

Incentive Mechanism

The validator nodes help in maintaining the BUMO network. It is only fair that users be incentivized when they transact on the blockchain because when a user initiates a transaction on the BUMO network, cost of transaction is incurred on usage of network resources. Payment for transacting on the blockchain will be made in the form of GAS which is measured in BU-Token. Holders of the BU-Token have voting rights that influences the interoperability of the BUMO blockchain system which is a confirmation of the democratic decision making feature of a decentralized network.

Furthermore, the BU token is the main driving force behind the BUMO network, its’ influence is based on the quantity of BU needed to fuel the platform and the BU in holding earned by participating in the governance and transacting on the BUMO network.

Analysis of the GAS cost

1. Storage and network fee – based on type of transaction and its size
2. Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements

Peer to Peer (P2P) network

The nodes functionality enables users of the network to send and receive value simultaneously in a very secure and transparent manner.

Benefit of BUMO over other existing solutions

Consensus (PoW, PoS, etc) is always a bottleneck for the transaction speed of a blockchain, how does BUMO solve it?

The existing blockchain system uses the “Proof of Work” analogy in which several blocks are created at initiation of every transaction which however decreases the speed of transaction a great deal. For example; bitcoin allows it users to collect tokens only after blocks are created and validated but however the transaction speed only allows for 7 transactions per second. This inadequacy in existing blockchain system instigated the dire need for a next generation blockchain of utmost efficiency and accountability.

The BUMO blockchain is built on a new set of algorithm BU Firework “DPoS+PBFT” which helps achieve utmost efficiency in terms of transaction capacity, scalability and security. These are made possible by proper coordination of the dynamic validator election which differs from the PBFT “Practical Byzantine Fault Tolerance” and conventional POS “Proof-of-Stake”. These set of algorithms is used to maintain the whole BUMO network accounting, initiate resource dispatch and also, get rewards on transaction expenses incurred on the network. There is a mechanism “restriction of payment” put in place to curb malicious acts of users so as to maintain and ensure data integrity.

BU Firework characteristics

1. When selecting candidate nodes, all nodes can apply to be candidate nodes. Generally
   speaking, the qualified first N nodes are selected as the candidate nodes.
2. All nodes in the network can vote for the rights and interests of the candidate nodes, each candidate will get an equity sum C, and the first M candidate nodes will be elected
   as the validator node; the voting process may be cyclical or continuous changing mode.
3. Validator node reaches consensus and completes the blocking validation through
   asynchronous BFT algorithm, the function F(S) indicates the weights of validator nodes in
   the BFT algorithm, the higher the weights, the greater the chance of getting the block.
4. To prevent Nothing-at-Stake attacks, when the validator node is proved to be malicious
   behavior (signing different blocks of the same height), the deposit managed by the
   validator node is forfeited and removed from the set of validator nodes, and corresponding
   candidate nodes are selected to enter the new validator node collection.
5. To prevent the Long-Range-Attack, all validator nodes will enter a deposit freezing
   stage when redeeming the deposit, so as to prevent the malicious validator nodes of
   redemption deposit from jointly committing the malicious attack system.

Why is secure transfer of value is so important? In a digital world, how important is the security and speed of data?

Transparency and security is a major concern when it comes to assets of value and data stored or transacted on blockchain systems. A lot of people become victims of funds/assets hacking, server failure which at most times cause a huge loss to funds etc during transfer on the blockchain system. Hence, setbacks persists in the mass adoption of existing and new blockchain systems. BUMO was developed to eliminate inadequacies of existing blockchain by providing it users with an autonomous and ubiquitous trust based blockchain to provide a transparent and secured network for transfer of assets of value.

In this 21st century where information is transferred at a tremendous pace, there is a dire need for a solution capable of transferring values in like manner or better. A lot of people are well connected around the world especially on social media platforms like WhatsApp; WhatsApp allows it users’ real time chat with peoples around the globe at an impressive speed depending on the network coverage which also influences users’ decision making on the right service providers to adopt. Hence, not just information but even value transfers needs to be done at a pacing to meet and surpass the users’ expectations.

However, the BU Firework algorithm adopted by the BUMO blockchain allows for an impressive speed on transactions. The validator nodes prevents the blockchain system from malicious attacks while keeping the suspected transactions on hold till the act is proven and then, deposits are withdrawn and affected nodes removed.

Since BUMO is not restricted to powerhouse computers to run nodes, how can this help mass adoption?

Through the development of developer friendly design tools and templates for easy establishment and deployment of dApps with smart devices to act as network nodes, it will help attain a massive influx of users because of the already available user friendly facilities put in place by BUMO.

The BU Token allocation

Use case1

Ned scott has a lovable brother who has always looked out for him. Greg – his elder brother knew about Ned’s undying love for playing online games. Ned is an excellent player and has gathered a considerably huge amount of gaming crypto rewards/assets which he would love to trade for a real world value but Greg feared that if care is not taken, his brother might end up falling prey to malicious act while initiating the transaction with an unknown user.

Greg researched available solutions and narrowed his options to either Ethereum or BUMO; he found out that though Ethereum offers a secure transaction, BUMO offers more “a more secure network and the fastest transaction speed”, he told Ned about his findings. Ned always trust his brother’s sense of judgment and therefore went for the BUMO blockchain on which he was able to have the best transaction experience of his life with utmost assurance for transparency and fairness. He did every other value transactions on BUMO even afterwards informed his fellow gamers of the new found solution.

Use case 2

Mark Denmark is the CEO of a Crypto Marketing Group that offers Bitcoin crypto rewards to their online marketers for a job well done. The transaction he initiated in the past were a bit insecure and often processed at slow pacing which has brought him a lot of complaints by his co-marketers who perceived it as an attempt at deceits.

He knew it is only a matter of time before they grow tired of waiting and search for a more reliable marketing network, he wouldn’t let that happen. So, he researched on other existing and new blockchain solutions and eventually found out about BUMO. He discovered that all the inadequacies with past transactions were perfected with BUMO; it provided him with a secure, efficient and faster value transfer.

Meet the Team!

Partnership and Region

Conclusion

BUMO is birthed out a need for a more efficient and reliable blockchain where users expectations are met. Hence, BUMO was developed to eliminate inadequacies and stress experienced by users in the course of transacting on the blockchain. The features embedded in the BUMO blockchain qualifies it to be referred to as the "next generation blockchain".

Here are my thoughts expressed in this video