INTRODUCTION

The very popular blockchain technology was introduced in 2008 and it was fully implemented in 2009, the implementation was basically due to the Bitcoin cryptocurrency. The blockchain technology was really a successful one and it has moved the technology to a wide range encompassing several areas of life and ultimately improving the standard of life of its users.

The highly specialized blockchain industry began witnessing influx of investors and users. Everyone wanted to pitch their tent on the biggest thing in the technological world. While others had funny feelings about its emergence, many believed in it and have reaped huge reward from its numerous blessings.

Research suggests that blockchain technology is the next-generation changing core technology after steam engine, power and internet of things. In clear terms, if the information transfer mode running across the network is completely altered by the internet, then the blockchain can be able to build a decentralized trust right from the technical level upon which can become the new value of internet which would revolutionize and add real time gain.

FEATURES AND ADVANTAGES OF THE BLOCKCHAIN TECHNOLOGY

• High Integrity

The blockchain saw the very corrupt traditional means of payment and built a program that is immutable with so much integrity, every transaction that is done on the chain cannot be edited and this ultimately provides security for funds.

• Traceability

With the way blockchain was developed, every bug or problem can easily be detected and corrected. There is always a bug and debug set up. It kind of creates an irreversible audit trail.

• Highly Secured

The blockchain when compared with the tradititonal means of payment is highly secured; this is because every one who enters the blockchain network has an identity specially and specifically linked to his account. The essense of this is to ensure that only the user is afforded access to his account and operates transactions by himself. There is a block encryption that makes it very difficult to disturb the setup.

• Fast Transactions

Banking organizations take so much time processing and initiating transactions but after the invention of the blockchain technology, the speed with which transactions are processed is second to none. I had the opportunity of working with the banking sector, we take over three days to complete transactions like local dispense error, cheque issuance and debit card issuance. All these processes have been boycotted by the blockchain technology and transactions now occur in minutes and even seconds

• Highly Scalable

Scalability is the ability of processing many transactions at the same time without deterioration or degradation of performance. Transactions done per second time is a real measure of the Scalabilty.
One important feature of blockchain technologies is their scalability; most of them are not as scalable as they claim anyways.

• ENHANCED INTER-OPERABILITY

A careful study of the blockchain will expose you to this feature, funds can be easily transferred between blockchains. These funds can then be utilized for payment of goods and services.

STATEMENT OF PROBLEM

In terms of free flow of information, data and assets, the blockchain technology has enabled all these through a sophisticated encoding information system.

Having that in mind, you could say that the blockchain is a ledger that provides a way for information to be recoded and shared by a community.

All these information are collectively validated by members of the network. These information can only be validated, if they majority of the parts of the community agree to do it. One unnoticed big advantage of the blockchain technology is that when any node involved in the information transfer changes the register, it is automatically being synchronized with the rest of the parts. More so, whenever any network crashes, the information is not in danger, it remains intact as long as one part keeps working.

Information transfer is one thing the blockchain technology has done seamlessly without stress. Even though the internet has solved the problem of information transfer at very low cost, it is still impossible for it to realize the point-to-point value delivery where it still depend on the very central authority for undertaking of accounting functions.

Why this happens is because for value in transmission to occur, there must be a guarantee in the uniqueness of ownership which is quite different from the replicability of information. When information is transferred between a sender and receiver, only the receiver gets the value after value delivery rather than the transferor which is not meant to happen.

Consequently, ownership record of the transfer is realized through central authority. So if a network provides reliable accounting information, then delivery should not depend on central authority but rather on a point-to-point value transfer.

PROBLEMS SOLVED BY THE BLOCKCHAIN TECHNOLOGY

• Distributed dynamic network

There are several nodes participating in the activities of the blockchain and these nodes are constantly changing. So it is necessary for them to be put into maintenance and connected in order to form a network. The b,ockchain achieves this through P2P technology.

• Tamper-proof cryptographic books

The blockchain book structure includes two aspects. The first one prevents tampering and therefore improves efficiency between books through (cHs). The second identifies asset owner through public keys as a means of owner identification.

• Consensus Mechanism

Through the consensus mechanism, transactions are verified and also are confirmed. This feature solves the problem of double payment and ensures that transactions are unique.

Bitcoin uses the workload proof method to realize the consensus mechanism, commonly known as ‘mining’

• Inherent incentive mechanism

The inherent incentive mechanism ensures the decentralization of the blockchain, the inherent incentive mechanism enables the various nodes to earn benefits and the benefit comes from the self-excitation of the system.

BOTTLENECKS PREVENTING THE ATTAINMENT OF INTERNET OF VALUES AND POINT-TO-POINT TRANSFER VALUE

• Performance:

There is a dip in the performance of blockchain technologies, an example is seen in the Bitcoin and Ethereum platforms, where they can only process few transactions per seconds. Also, there have been cases where there was paralysis due to large volume of transactions.

Some other platforms could process hundreds of transactions without a paralysis or deterioration in performance. This challenge has prevented the commercialization and globalization of the blockchain.

• Energy Consumption:

The energy consumption of many blockchain technologies have reportedly been on the increase. In the bitcoin platform, miners are required to solve an encrypted collision a competition. All these processes consume lots of energy, even when compared to high profile platforms like google, it still shows that it consumes 1OX of the energy of google. This obviously halt the globalization of the blockchain technology

• Complexity of infrastructure

There is a great technological know-how required and used in the development of the applications of the blockchain technology and it is difficult to meet up with rapid development needs of business applications.

This is a big challenge as most people are not technologically sound.

• Value Isolated Island

There is a comprehensive lack of liquidity in the digital assets of the blockchain technology, this could be as a result of the isolated and rare application of the blockchain technology. This lack of liquidity prevents ease in flow, increasing cost of customers obtaining it. This issue is a challenge to the success of the blockchain technology.

There is a platform that addresses all these issues and offers real time value to blockchain technology, I introduce BUMO

BUMO is a blockchain technology that provides a platform where value can be moved around seamlessly without hindrance. It is characteristically a ubiquitous trust network that facilitates the generation and transfer of values between independent entities.

BUMO has a vision of ensuring that value is moved around easily just like information. Value for share is a feature lacking by numerous platforms, BUMO focuses on value and not just a secluded imminent value, but a future value that would circulate all over and provide a very open, efficient and scalable tech-support to virtually every area of human endeavor which includes: Finance, internet of things and social networking

It also would meet the needs of asset digitization by connecting digital assets and ultimately create a strong trust basis for the eventual value circulation. BUMO has the masses at heart, that is why it would eventually make people become the real beneficiaries of asset digitization and blockchain new economy.

UBIQUITOUS TRUST NETWORK: AS A MECHANISM FOR CREDIBLE AND EFFICIENT VALUE CIRCULATION

The platform is built on ubiquitous trust network and usually, anything based on the ubiquitous machine has an unprecedented credibility and efficiency.

This feature works together with decentralization, where digital power is evenly distributed among users such that users participate in the construction and development of the blockchain network.

More so, the ubiquitous machine bridges the gap between virtual and real world and through this means, value will be credibly and efficiently distributed

• Network Composition

The BUMO network works on the principle of interconnection. It is however an open and autonomous network where it connects the physical world and the blockchain digital world. It is more like bridging of gaps between the two worlds. The power of collectiveness works in handy as any device can join the network as a node and achieves value circulation together and resultantly forming a large ubiquitous large-scale network

• Physical composition of BUMO includes

  • Node: Intelligent devices can join the network and become a resultant component, these nodes usually mediate the smart contract services
  • Candidate Node: Each node that has become a component can apply to be a candidate node, but qualified N nodes are firstly selected as the nodes and this is determined through a performance network scale.
  • Validator Node: This is selected through election or lottery means and this node is tasked with the accounts of the network as well obtaining rewards of transaction costs
    As value becomes a necessity, many devices by way of development of the internet of things become intelligent and have garnered calculating and processing capacity. They can join as nodes in order to achieve the desired result.
    The smart devices also would help reduce the threshold of users and can make use of idle resources

• Consensus mechanism

The consensus algorithm used by BUMO is called ‘DPoS+PBFT, this algorithm achieves a higher transaction level, scalability and of course security. It is quite different from the old POS (Proof-of-stake) and PBFT(Practical Byzantine Fault Tolerance)

The security of the network provided by the consensus mechanism is highly significant as the efforts of the team will be in vain if it is not secured. Also, the scalability ensures that large volumes of transactions are validated without paralysis of the system.

• The features of the BU firework consensus algorithm

  • Nodes can always vote for the rights and interests of candidate nodes
  • There is opportunity to apply as a candidate node
  • For preventing Nothing-at-stakes attacks, every malicious validator node is forfeited and removed from set of
    validator nodes
  • For preventing Long-Range-Attack, all validator nodes are audited through a deposit freezing mechanism during the
    redeeming of deposits.

• Incentive Mechanism

Since the smart contract initiated by the user will occupy resources of the blockchain network, it is expedient that they are incentivized through the paying of a certain amout of GAS which is measured in BU (token of the BUMO) used in characterizing and measuring digital economic activities on BUMO.
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 Source

• Smart Contract

The smart contract feature is an auto complete script utilized for efficient productivity on the blockchain and it has its own storage reosurces. Immedicately any contract has been initiated, through a smart contract mechanism, a CPU and memory resources is allocated to run the contract.

• The smart contract upholds two features

  • Its stop does not affect the completion of the contract, just that the program ends in limited time
  • The same input must generate corresponding output, just like the concept of garbage in and garbage out concept,
    this requires removal of uncertainties
    Smart contracts are executed in BuVM(B UMO Virtual Environment)

BUMO ensures that solutions by users come by easily through the creation of assorted templates that would fit different areas and industries alike

• BUMO Contract

These are smart contracts that are BUMO confined, the BUMO contract ensures that real world and blockchain values are exchanged in two instantaneous ways:

• Some tokens are paid for data in a data contract generated and maintained by the data provider, if by any
  shortcomings, the validator and other users vote for deposit deduction
• The help oracle machine (BuOracle) is used and it notifies the oracle machine of underlying build ups

• BUMO Oracle

This enables the oracle machine to know the data needed to be obtained through the triggering event initiated in the BU contract.

• Cross-chain interoperability

The BUMO platform uses two cross-chain transaction architectures which includes :

• Isomorphic Interchains (BU Orbits)
• Isomeric Interchains (BU Canal)

The two transaction architectures works in synergy to ensure that the validity of cross-chain networks and security of user is upheld.

However BU orbits have the following underlying features

• Free flow of value between child chains
• Creation and consistency of child chains
• Support of differentiated child chain technical features

On the other hand, BU canals ultimately aims:

• To resolve the pitfalls of several blockchain from ‘value island’
• To establish scalable and interoperable cross-chain systems
• Bridge Value routing of blockchain
• Free flow of value
• Assume role of Blockchain router.

• TRUSTABLE VALUE CIRCULATION SYSTEM AS A STEP TO EFFECTIVE VALUE CIRCULATION

The world has already become digital and there has been an increase in transactions within the digital sphere, people grow uneasy if these transactions do not occur in real time. automatic transactions actually is what the system needs to attain a global business level. Increase in transaction speed will increase transaction volume and vice versa. The BUMO network tries to create a network that can achieve effortless transactions through easy protocols.

• Free Flow Digital Asset

BUMO does not have any underlying interest in static assests, it desires free flowing assets that can be able to move about freely and also attain some level of value

Traditional mode of assets ownership is confined to users of the asset system since the whole process depends on asset ownership. BUMO tries to ensure the free transfer of owned assets over all other blockchain technologies.

• Intelligent IOT value chain

Statistics and estimation shows that there will be 45 billion IoT devices in 2020. These intelligent devices have the very capacity to create value and ensure the vision of BUMO is met.

BUMO hopes to ensure value creation and circulation by creating an intelligent IoT network through a decentralized value mode at a reduced cost. In the proposed internet of things of BUMO, blockchain will act as a universal book that will facilitate different transactions between IoT devicesSource

BENEFITS AND ADVANTAGES OF BUMO PLATFORM

• BUMO allows for digitization and protection of owned assets
• It allows users to launch dApps without any further or technical application development
• There is a provisioned free flow of assets over static assets
• Developers are provided with editing and debugging tools to write and debug contracts effectively and efficiently
• Easy and friendly way of smart contracts development
• No much skill needed for writing BUcontract
• Fast transaction totaling and getting through in seconds
• Open sourced for development and improvement by developers
• Efficient IoT value chain
• Highly secured
• Increased Scalability
• Cheap for users desiring to develop contracts and easy to use programming languages
• There is room for tokenization of assets
• Elimination of fears from lack of trust through malicious nodes in the network.

SUMMARY OF THE TECHNICAL ASPECTS OF BUMO PLATFORM

The infrastructure buildup of the BUMO platform is essentially on the premise of providing value transfer means that would solve the underlying challenges witnessed in value transfer protocols. It has core technologies like BU Firework, BU orbits, BU Canal and BU CodeMach. These infrastructures provide tools for developers to improve on the development efficiency and bring about ease in applications access.

Cross Chain system of mainchain-mainchain for value routing

BUMO creates a canal for value routing which enables the interconnection of different blockchain systems. The canal bridges the chain with the same or different architectures, thereby moving values freely between different blockchains.
The canal assumes the ‘router’ role of the blockchain. It connects homogenous blockchains as heterogenous.

Two layer Polymorphic Mainchain-Subchain Multi-Chain System

There is a transparent relationship between the main chain and the secondary chains, this is facilitated by the Blockchain Multi-Child System. In the Two layer polymorphic system, the following are seen as a direct result of the blockchain multi-child

• Separated Ledger Storage for child Chains
• An easy to create Subchain
• Free value transfer among the blockchains
• Ledger with indexex and hashtags

Smart Contracts Deployment And Development

Any intelligent device could connect as a node and intelligent contracts are available on the BUMO platform.
The smart contract is built on very accessible technologies like: JavaScript, Python, C/C+

BU TOKEN

The BU token is the token system of the BUMO platform and its value is dependent on quantity of BU needed to run and keep the platform in check and also amount consumed as fuel in the network.
There are several uses of the BU Token which includes:

• Book keeping purposes: Essentially as an incentive for validating nodes
• As GAS: It is used as a fuel to execute intelligent contract interactions
• Transfers between accounts for sale or purchases
• It can be used for validations for validating nodes
• As a source of motivation to developers.

USE CASE

Mr Larry always desired an automated system that would handle the finances of his workers, he intends using a system that could initiate the payment of workers on a standing instruction basis. He used the traditional means of payment system and had delays in funds getting to the workers.

On different occasions, he experienced problems several annoying transaction fees by these banking systems. He paid more than he budgeted for salaries. He wasn’t getting any real time value for services being rendered.

There was a chance to use the internet system, but the internet system had flaws from security and trust. He was now at a cross road, needing real time value as quickly as possible.

Someone introduced him to BUMO, he had an interesting work on the blockchain of events of the amazing platform.

He immediately channeled his time on the network and there was an ultimate real time value as he could meet up with transactions and also was able to make up for lost time.

The huge volume of activities he engaged in on the blockchain gave him so much digital assets, he was surprised to see that he could convert these digital assets to wealth. He immediately tokenized his company on the blockchain and spread the goodness of BUMO platform

MY VIDEO ON BUMO