Meet "BUMO": A platform that create a solid trust basis for "value" creation and circulation

The technology of blockchain has been considered by many to be the next generation changing core technology after power, steam engine and the interconnection of smart devices which are used to collect data and give out decisions intelligently. Solutions have been effectively provided by the internet to the challenges facing information transfer. The transfer of informations can be done in low cost without any stress. In spite of that, the realization of point-to-point value delivery is still not possible and as a result of this, there is need for the accounting functions to be taken upon by central authority.

This is exactly what a team of intelligent and determined individuals recognised as an opportunity and they took better advantage of it with the aim of allowing value to flow freely like information. Thus, they came up with a next-generation commercial public blockchain knowm as "BUMO".

What is BUMO - The ubiquitous trust network

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BUMO is a project with the unique objective of biulding a network of trust where we can make good use of existing devices that are around us to implement the flow of value as freely as informations.

BUMO is so determined to cause an improvement in the comfort of transfer across various networks within fintech, the interconnection of smart devices which are used to collect data and give out decisions intelligently (i.e Internet of Things) and the social network industry at large. BUMO will bring about improvements in the lives of people through the benefits gotten from digital economy by putting up a unique link between smart devices, digital assets and the data of users.

"The vision of BUMO is to create a next generation blockchain for ubiquitous value transfer, which is ready for enterprises to use in high performance."

The challenges facing current blockchain network

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Performance problem

The number and the speed of transactions that the blockchain platforms such as etherium and bitcoin can handle is very low. Only a few or dozens transaction can be processed per seconds. This issue of low transaction processing rate of the blockchain platforms has been an obstruction for the commercialization of blockchain technology.

Energy consumption problem

For the blockchain platform such as bitcoin, there is extremely high consumption of energy for Proof of Work mining, which then lead to a situation where by the computational power is concentrated in a few large entity (i.e centralization of mining) by way of mining pool.

Application threshold

The requirement for high professionals is technical and the amount for engineering development is also large. Due to this, meeting the needs required for rapid development of business application to come into place becomes very difficult.

Value isolation Island

This is another problem that affect the application of blockchain on various platforms ans it is due to the lack of liquid market for digital assets. The lack of liquidity then restrict the flow channel and also causes the digital assets and service present in the application to be locked up in a business environment that is closed.

BUMO's Ubiquitous trust network strategies towards overcoming the challenges

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1. Network composition

The network of BUMO is totally opened and autonomous, and it create a connection between the physical world and the digital world of blockchain without any forms of interruptions whatsoever. Any device can be used to create a connection on the BUMO network as a node. The node can be applied in the realization of application development, network maintenance and the circulation of value, therby, creating a large-scale networking that is ubiquitous.

The physical composition of BUMO mainly includes the following content:

• Node: One of the components of BUMO network composition is the presence of any intelligent device or terminal jointed the network, which possess the unique features of opening and autonomy.

• Candidate node: The application to be canditate node can be done by all nodes. Looking at it generally, the first N nodes that are qualified are selected as the canditate node, the canditate that becomes the validator node are those who passed the election/lottery, and the determination of N depends on the network scale and performance requirements.

• Validator node: The selection of this node is done through election/lottery of candidate nodes. The consensus block is reached by this node through algorithm. It is in charge of the whole network accounting and resource dispatching plus the rewards of network transaction costs is also obtained by it.

2. Consensus mechanism - BU Firework consensus protocol

A new consensus algorithm known as BU fireworks consensus protocol was put forth by BUMO. This is quite different from other traditional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance) algorithm and it is called "DPoS+PBFT", which can be used to successfully carry out higher transaction processing rate alongside security and scalability.

3. Incentive mechanism

Digital economy activities on BUMO can be measured using a built-in native encrypted digital token known as BU-token (which is referred to as "BU"). The gas costs of the BUMO network is completely controlled by BU-token. The costs of th gas are divided into two parts which are stated below:

• Storage and network fee: This stand in relation with the type of transaction and size of storage

• Calculation fee: This is a fee which is allocated freely based on a certain amount of calculation according to the weight of BU held.
  The time granted or allocated by BU network to execute smart contracts depends solely on the number of BU. The higher the amount of BU held, the longer the time of execution.

Gas is assigned to the validator node since the validator node is a determining factor of the blockchain network operation. The generation of new gas parameters are then inplemented through voting by the community by means of a different mechanism referred to as the GAS adjustment algorithm. The algorithm can be used to carry out the following operations:

4. Smart contract

Smart contract is a Turing complete script that can be executed on the blockchain and it is in possession of its own storage resources. BuVM (BUMO Virtual Machine) is the environment that support the execution of BUMO's smart contracts, thereby providing the application layer with an intelligent control logic, providing support to the main application of the virtual machine in a flexible manner and so on.

BuContract (BUMO Contract) a special means of enabling the deployment of BUMO smart contract with common programming development languages such as Javascript which is one of the most widely used developmeng languages across the universe. There are some important advantages of this: the first advantage is the low cost of learning new programming languages for users or developers; and the second advantage is the high execution efficiency of the readily tested inherent programming languages.

By means of a basic assistance provided by the WebAssembly technology, BuVM will be able to provide quick support for C/C++, Python and other development languages. Developers will be able to write and debug contract in an efficient manner using readily available online editing and debugging tools provided by BuContract.

The coordination of data in the real world outside the chain through BuContract will be supported in two ways, and they are:

• There is an establishment of a real data, which is created and maintained by the provider of data through a deposit. The deposit can be deducted if the provider is found violating some standards of behavior via a voting conducted by the validator and other community participants.

• A notification of the data to be obtained by means of event trigger is sent to the oracle machine by the contract through an assistance provided by the oracle machine (BuOracle, BUMO Oracle). The data is then returned to the virtual machine immediately after it is processed by the oracle machine. There is need for a total trust between the contract and the oracle machine.

5. Cross-chain interoperability

There are two different cross-chain transaction architecture launched into proposal by BUMO which has brought about the actualization of connection between blockchains that are not dependent. It has also given us a 100% guarantee on the validity of cross chain transactions and a user privacy data that is completely secured.

The two croos-chain transaction architecture include the following:

• Isomorphic InterChains (BU Orbits), and
• Isomeric InterChains (BU Canal),

BU Orbits architecture

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This is a polymorphic architecture that comes in two layers and it is made up of two layers of Mainchain and Child Chain, which performs a major function of dispersing transaction dowload, state storage, transaction processing and broadcast for cross-Child Chain and cross-node. The aim of BU Orbit is to provide solutions to the problems affecting current single chain system such as limited efficiency, storage efficiency reduction and being unable to meet the demands for business diversity. The advantages of BU orbits are stated below:

BU Canal architecture

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This is also made up of two layers of Mainchain and Child Chain. Unlike BU Orbits, it does not always support the isomorphism between Child Chain of BU Canal. The aim of BU Canal is to bring about a realization of the significant forward move of various blockchains from value island to connectivity.

Trustable value circulation system of BUMO

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1. Trustable service architecture

What the future of digital economy holds for us is that: there will be very high demands for transactions between machines, and massive network of business will be created globally by automatic transactions between systems.

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Since this massive transaction network is a basic requirement that determines the speed of transaction; cost of transaction; and the transaction throughput, the implementation of automatic transactions in the whole network of business will not be achieved if the If the speed of transaction is slow, transaction cost is high or the transaction throughput is low. This is why BUMO designed a trustable architecture service as shown in the diagram below, which will always enable high transaction speed, low transaction cost and high transaction throughput. The service architecture of BUMO consist of the following elements.

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2. Free flow of digital asset

BUMO are looking forward to creating a world where digital assets flow freely without anything obstructing it so that new business value can be gained.

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This will ensure that only the user holding the corresponding key of a registered digital asset on the blockchain becomes the owner of the asset and can do whatever he wants with it without facing any challenges. BUMO makes available a unique open platfrom for value circulation, on which all forms of digital assets and their free flow is fully supported

3. Intelligent Internet of Things(IoT) value chain

The Intelligent IoT value chain of BUMO will activate blockchain to act as a global digital book to help make easier the transactions of various kinds between IoT devices. The transformation of value delivery between IoT devices will be implemented by BUMO. BUMO will also decentralize the mode of transfer of value at a low cost, so that the intelligent IoT value network can be successfully built.

4. Common application ecology

Just as APP is to the mobile internet, Decentralized Application (Dapp) is to the blockchain. BUMO is working really hard to make sure there is expansion of the application boundary of the blockchain, provision of standard protocol specifications, bringing in more Dapp applications into the network and so on which will enable the expansion of value flow base. There is also an agreement in the tokenization of asset.

The real reasons BUMO is perfectly positioned for mass adoption

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In the last couple of years, the massive media exposure, huge increase in price and governmental policies have granted digital currencies the opportunity to be brought into mainstream. We may already be aware that cryptocurrencies is based on the new blockchain technology. Blockchain has quite a number of use cases in various industry which include but not limited to finance, data storage, health and energy. While putting in mind the time factor, there are still some challenges that needs to be adressed for the adoption of blockchain at the mainstream level to be brought into reality.

The challenges hindering the mass adoption of blockchain includes: lack of universal use case, ease of use, energy consumption debates, regulation, scalability and most importantly security as well as privacy.

However, BUMO have been able to successfully address this issues. The features which BUMO offers such as higher transaction throughput, highly effecient security, low transaction fees, high volume in circulation, high transaction speed, complete privacy, free flow of digital assets and decentralization of value transfer mode via consensus mechanism, network composition, incentive mechanism, smart contract, cross-chain interoperability and intelligent IoT value chain are the basic reasons BUMO is perfectly positioned for mass adoption.

Full features and benefits of BUMO

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• Ubiquitous value transfer

Ubiquitous value transfer is a worldwide network that triggers and activate the tokenization any assets. It is quite easy for all assets to be tokenized based on the underlying base of BUMO public chain. Irrespective of their insurance, loyalty points, financial assets, game points or even any reality assets or fixed asset, the scope of assets can be extended in circulation. It also make the transfer of assets very easy and the circulation of value freely across the universe and various chains is very possible.

• Easy integration

Easy implementation is a basic factor that determines the achievement of blockchain infrastructure. BUMO has adressed the issue of costly and complex processes for individuals and companies. The users of BUMO will be able to launch dapps without having any knowledge of dev. A template library that is easily accessible has been made available by BUMO for use, so that users can easily achieve their needs without any stress.

• The evolution in fairness

BUMO has also adressed the one of the major challenges of blockchain which is mining centralization, by the creation of a fair mechanism via a lottery election for validator node, which allows for the update of blockchain across a lot of IoT devices it will be connecting in a way that is decentralized.

Other features and benefits includes:

Use-case

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Joe is a developer and fan of good games and digital assets. He is very much into the gaming industry and the blockchain industry, and his passion is to bring in wealth for himself by doing what he loves doing best. In no time, he decided to build a blockchain based gaming that will probably be based on Etherium. After sometime, he bumped through a blog while browsing on the internet. What he saw was a blog about how an etherium based gaming known as cryptokitties has led to the paralysis of Etherium, as a result of the sudden increase in the volume of transaction which is in no way enough to meet the demand for volume of transaction in the real commercial economy. This really weigh him down because he knew it will be a major disadvantage if he proceed with his plans, so decided to lay low for sometime.

Few weeks from that time, a friend introduced BUMO to Joe. BUMO is an ubiquitous trust network with a unique and efficient ready-to-use enterprise infrastructure that have the capability of supporting upto 10,000 transactions per seconds. BUMO also has a developer friendly design templates and tools that will be readily available to Joe for easy deployment of his blockchain gaming dApp. With BUMO, Joe can now fulfil his goals withouth having to fear any kinds of barrier such as the issue of performance which has been a major issue of the blockchain technology.

Economic model of BUMO

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BUMO's Token (BU-Token) is a built-in native encrypted digital token of the network of BUMO which is used in transactions, settlement and fulfilment of intelligent contract on the chain. The application of BU includes the following:

Gas – fuel for executing smart contract interactions
Bookkeeping award – incentive for validators nodes
Community incentive – motivate developers to create infrastructure contributions
_{Whitepaper, page 26}

BU-Token can be acquired by the following means below:

• Acting as a validator node and collecting a transaction fee through gas
• Transfers between accounts on BUMO (buy/sell)
  Participation via donations in Ethereum to the BUMO project developers
• Participation in the development of the construction of BUMO's ecosystem and other ways.
  _{Whitepaper, page 26}

BU-Token Allocation

BU total offering is 1.5 billion. The creation generation of BU will be distributed as follows:

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Conclusion

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BUMO aims to bring forth the ecology of blockchain network with the basic solution features of wide ubiquitous digital trust, common share application and asset free circulation. BUMO will be able to form a credible value system of circulation through the flow of value freely in this ubiquitous trust network. Thus, with BUMO, both individuals amd companies will be able to carry out transactions with the full confidence of having high transaction speed, high transaction throughput and low transaction time efficiently and effectively without any obstructions whatsoever.