ENTERING BLOCKCHAIN BUMO
BUMO is a next generation commercial public blockchain and its objective is to create an ecosystem of decentralized applications, a network of trust, in which value can flow with as much freedom as information. A value of free flow and applications to share in public using intelligent devices that exist in the whole world.
The main objective of the BUMO team is to first create a decentralized application ecosystem to streamline the transaction procedure, ie the use of a DPoS + BFT consensus algorithm for multiple two-layer chains, as well as to plan to link different main chains to through an inter-chain. The system can connect homogeneous and heterogeneous block chains
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It is noteworthy that BUMO provides thousands of transactions per second at the business level, as well as facilitates the transfer of internet networks and social networking industries, using easy-to-use templates and tools and easy designs for easy deployment of electronic applications..
BUMO's vision is that companies can use a next-generation block chain for ubiquitous value transfer and thus have high performance. Ubiquitous value transfer is a global network that allows you to tokenize all assets in an easy way regardless of whether they are Loyalty Points, Gaming Points, Insurance, Financial Assets, or even some Fixed Assets or Assets of Reality.
BUMO allows for easy integration avoiding costly processes and the use of traditional methods by companies, thanks to the access of an easy-to-use template library and thus enabling the user to obtain what they need. "The technological advantage of BUMO is a new generation of public chain for companies, it builds an Internet infrastructure that can move value through central technologies such as BU Firework, BU Orbits, BU Canal and BU CodeMach".
Introducing Bumo Blockchain
The main characteristics that are added to your USP are:
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Joint creation of accounts through the incorporation of "individual account weighting
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Use of Merkle-Patricia Trie to help store data in an efficient manner.
A "Trailer" system that differentiates data into chain and off-chain data.
Orbit architecture that helps create the 2-layer multiform architecture of BUMO.
A 2-layer multi-chain consensus system that will scale up to 10,000 transactions per second.
The "Canal" system that helps with interoperability.
Friendly developer tools to create intelligent contract.
Allowing developers to create applications without creating a smart contract".
The problems with the cryptographic ecosystem
It should be noted that currently the cryptographic system presents two major problems that are: scalability and interoperability.
Problem # 1: Scalability:
"To be very simple, cryptocurrencies such as the architecture of Bitcoin and Ethereum simply were not designed to handle high levels of popularity and adoption. There are two factors that hinder the overall performance of the transaction.
First, transactions are only made when the miners themselves verify the verification and place the details of the transaction in the blocks they have extracted. As you can imagine, this creates a bottleneck, since there are only so many transactions that a miner can handle at the same time.
Secondly, the blocks in the bitcoin block chain have a predetermined block limit of 1 MB. Therefore, there is only so much data that can fit within a block. Ethereum, on the other hand, may not have a size limit, however, they do have a gas limit of 6.7 million per block.
So, let's see what we have here:
Your transaction will have to wait in a queue before you can enter.
It is likely that the blockage will be filled even before the miner recognizes his transaction.
If that happens, then your transaction will have to wait until the next block is removed, which is 10 minutes in Bitcoin and 15 seconds in Ethereum.
It will not be an exaggeration to say that for cryptocurrencies to obtain greater generalized adoption, the problem of scalability must be solved".
Problem # 2: Interoperability:
"Let's see the current ecosystem. In the cryptosphere, we have different cryptographic currencies like Bitcoin, Ethereum, Litecoin, etc. The problem lies in the fact that it is extremely difficult for these individual entities to communicate with each other. It is difficult for Bitcoin to know what is happening in Ethereum and vice versa. That is why cryptographic exchanges, which provide a portal between different cryptographies, become so powerful and important. However, there lies a problem. Exchanges are not a decentralized entity and are extremely vulnerable. They can be hacked.
They can be turned off for long periods to update the system. This is basically what happened to Binance on February 8, 2018, which completely paralyzed his services.
However, another reason why interoperability becomes desirable is that it is necessary for the widespread adoption of the blockchain. For the blockchains to succeed, they must be able to interact with legacy systems such as financial institutions, etc. From now on, it is extremely difficult for the encrypted world and the inherited world to interact with each other.
It is not for nothing that interoperability has been called "The Holy Grail of Blockchain".
In a decentralized future where there are multiple entities that run in blockchains, having an interoperable ecosystem is critical. Imagine a hospital that has its medical records in its chain of blocks interacting with the social security chain to automatically validate a patient's identity.
In addition, there is another area in which this lack of communication between the legacy world and the cryptographic world can lead to a disastrous result: the ICO.
In ICOs, an entity gets millions of dollars in exchange for their tokens, however, saving that money in their bank accounts can be difficult. Obviously, banks would want to know where all that money came from and who were the ones who provided that money, which is something that is almost impossible to provide.
This is the reason why interoperability is another area in which you must work.
Problem # 3: Complications of the application.
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There is another problem that needs to be solved as soon as possible.
Most of the blockchain projects out there tend to be too complicated for their own good. The fact is that the complexity of the data operations in the general ledger is directly proportional to the amount that large industries adopt.
In other words, simpler operations within a ledger, plus adoption and use by large industries.
So, now that we have become familiar with the 3 main problems that Bumo is trying to solve, let's understand what is really".
Ecological application scenario
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With the role of value representation and transfer of value of blockchain, we take tokens to promote and govern, mobilizing all users and partners to build a shared industrial ecosystem, of mutual benefit and autonomous".
Composition of the network
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Any device can become a participant in the BUMO environment. All these nodes can contribute to the maintenance of the network, to the development of applications and to the creation of value.
The roles that the participants in BUMO can assume are:
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Node: any intelligent device connected to the network; all nodes are transparent and autonomous
· Candidate nodes: all the BUMO nodes can request to be a candidate node; a certain number of enabled nodes are selected as candidate nodes, these nodes are put through a choice / lottery to become validation nodes
· nodos Validador-
Selected among the chosen / winning candidate nodes, and is responsible for resource management and network accounting; these nodes charge network transaction fees
The more devices are connected to the BUMO network, the more ubiquitous and transparent the network becomes".
BUMO Equipment:
More information and resources:
BUMOWebsite
BUMOWhitePaper
BUMO TechnicalPaper
Telegrama BUMO
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
https://twitter.com/marielamarin65/status/1052212177690607616
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