Blockchain technology was invented with a purpose to dethrone the centralized financial system in which the trust is dependent upon the trust of a third party and with a Blockchain technology the third party is completely eliminated and the transaction happens in a distributed as the centralized system is always vulnerable to risk. The core fundamental of Blockchain technology is really something which values the ownership of a person and the point to point transaction without the requirement of the third party is now a reality with Blockchain technology.
Have you ever asked yourself, that in spite of having such a wonderful technology why it has not become mainstream or in other words even after 10 years since the invention of blockchain technology why the industries, the retail sectors & the financial institutions have not adopted yet? Do you know why?
There are certain challenges pertaining to the implementation of Blockchain technology. Some of the major challenges are:-
Unless the Blockchain technology is at par with the scalability of a centralized system like Visa, it can not be proposed for mass adoption. The reason being it may be pioneered in decentralization, but for a specific industry, the priority might be the speed of a particular transaction.
Security of a transaction is highly important in order to have confidence in the system. Till date, from practical consideration, we have not yet seen any major security breach, but if you read the white paper and analyze the different protocols, then it can be understood that theoretically, it has the potential of a security breach, like in proof of mining, it is vulnerable to 51% attack. Similarly, in proof of stake, the large stakeholder may manipulate when they have more than 50% of the stake.
Although it is a theoretical scenario by large(and may not be a practical scenario), when we are addressing mass adoption it is highly essential to keep the security aspect of a high standard so that a broad-based perception of the society can be built in favour of mass adoption.
Apart from that, proof of work system of mining is energy consuming and can not be considered as sustainable in the long run. Hence an alternative is inevitable.
When it comes to application, then it becomes the requirement to be a geek, a developer, one has to know a certain language in order to gain access to the token and a smart contract. It becomes complex that is why the society and industry need a simplified basis before making up to adopting the technology. So it is on the part of the technology to simplify itself so that the general enterprises can implement without having to know any programming skill or language.
So in order to become a concept of a larger domain the issues like scalability, security and applications have to be sorted out to become at par with a centralized system and at that point only we can claim our prospect of being pioneered system which can bring the revolution in day to day life of a society.
So with all these major issues in place in the forefront of Blockchain technology, this article introduces herewith BUMO Blockchain and in this article, we will discuss how BUMO can help to bring that revolution in industries, societies and retail sector etc in terms implementation of Blockchain technology easily.
An approach to BUMO Blockchain
Have you ever imagined that the digital assets you are having are underutilized or undervalued? Do you know why? Simply because we have not yet optimized our technology. Once the technology is optimized it paves the way for optimization of resources also.
And BUMO offers that optimization as in BUMO any smart device can become a node in the blockchain. The nodes have the eligibility to become validation nodes through election or lottery and those validation nodes take care of the blockchain and also validates the transaction.
In BUMO any class of asset can be tokenized. This is where BUMO becomes diverse and vast as this philosophy will enable the circulation of assets through different peers. So just imagine how BUMO enables the circulation of the different assets from one place to another through different chains. This not only enhances the resources but also optimize the whole Ecosystem.
Have you ever imagined how the flow of information like emails, digital photos, sending of text to a friend over the internet happens? It just happens momentarily. But is it trustless? Probably No. Because there is a third party who is controlling all those things before what you send to another person is getting delivered to that person in reality. So whatever happening is not direct peer to peer transfer. Now, what if the same can happen without having to have a third party for that. BUMO is the answer to that and yes with BUMO chain now it is possible to transfer not just monetary assets, rather any kind of data, information can be transferred through peer to peer network with BUMO chain and that to with a higher speed of transaction and also in a secure way, which we will also discuss in this article.
Just imagine with BUMO, it is possible for different entities across the globe to interact with each other not just for monetary assets but for any other kind of data or information through blockchain technology and this feature of BUMO will prove to be revolutionary going forward, as it will make the entire Ecosystem more valuable and dynamic.
Understanding the Network Composition of BUMO
So far we understood that BUMO is primarily focused in value circulation and mass adoption and for that, it emphasizes on Ubiquitous Trust Network. So any smart device, for example, your smartphone or any sensor and any similar kind of smart device can participate in BUMO network.
(1)Node - The smart devices participating in the network are known as nodes.
(2)Candidate Node - When a node is verified by the system then it is known as a candidate node.
(3)Validator Node - A candidate node becomes a validator node by election/lottery. (This is an important feature of BUMO to uplift the decentralization spirit of the network)
The validator node does the resource management of the chain.
So it is apparent that more participants means more number of nodes and more nodes means the nature of the network will become more ubiquitous and hence the network will become more transparent.
Understanding how scalable BUMO blockchain is
This is one of the major and most important & powerful features of BUMO blockchain. BUMO does not adopt PoW or PoS system of mining as both are inefficient in terms of scalability. DPoS can help to improve the scalability and hence BUMO adopts the DPoS system of voting when it comes to reaching a consensus and after reaching a consensus the blocks are generated through BFT algorithm. It is a well know fact that BFT algorithm is most secured and more resistant. DPoS+BFT is a combination in BUMO which is known as BU Firework. This mechanism solves the scalability issues and also becomes more secure.
BUMO blockchain has the capability to scale up to 10000 transactions per second and this is the position where BUMO blockchain becomes at par with other centralized systems when it comes to the question of scalability.
Understanding BUMO Smart Contract
It is a protocol which enforces the interaction/performance of a contract when given sufficient resources. The various components of BUMO Smart Contract are:-
(1)Bambook - The ledger
(2) BuOracle - Provides Oracle mechanism to trigger callback
(3) BuDAPP - Focuses on BuDapp deployment and BUMO smart contracts.
(4) BuVM - BUMO virtual machine
Understanding the Canal system of BUMO
This is yet another interesting feature of BUMO Blockchain with which the chain to chain interaction becomes possible. A canal has two layers. One is the Main chain and the other is Cross chain. Communication/interaction happens between chains through different layers. The participants in the communication protocol are:-
(2) Cross chain validator
(3) Main chain validator
(4) Collector node
The communication protocol executes in the following way:-
STEP 1 - The sender initiates cross chain transaction contract in the sending chain.
STEP 2 - The sending chain sends the transaction to the collector node of the main chain.
STEP 3 - The collector splits the transaction into two parts. In the first part, the transaction is from sender to the main chain and in the second part, the transaction is from the main chain to destination chain.
STEP 4 - The destination chain validates the transaction and the blockchain is updated after validation.
BU Token is a native token of the BUMO. It can be used for transaction, settlement, smart contract integration etc. For BU mining there are 500 million of BU tokens. Initially, 8 BU tokens will be rewarded for the discovery of a block and thereafter it will be reduced by 1/4th every 5 years.
At different rotary intersections, enoscope and traffic count equipment are already installed. Here, in this case, the real-time interaction with traffic data at various intersections and authenticity are the decisive factors to choose a Blockchain technology.
After making a thorough analysis, the Director of Traficia was made to understand that the traffic count equipment and devices can be used as nodes for participation in the BUMO Blockchain and further they found that BUMO Blockchain has the capability to scale 10000 transactions per second and most importantly their network is more secure and offer good resistance to any kind of attack. Last but not the least the value and information can be traded with enhanced authenticity and in real time. These evaluations of BUMO Blockchain were sufficient for the Director of Traficia to finally go with BUMO and integrate with BUMO Blockchain.
The gap between the existing Blockchain technology and the required Blockchain technology (which can help in mass adoption of blockchain & can make it mainstream) can be filled by BUMO blockchain, because of its important features like scalability- capacity up to 10000 transactions per second, interchain and intrachain interaction capability, security, capability to tokenize all asset class and capability to optimize the use of smart devices to create value in the chain, easy implementation of Dapps thereby making it user friendly for individuals and organizations, ubiquitous nature of trust, fair evaluation of blockchain and making it transparent etc.
With such vast and diverse features, it has the potential to become a mainstream New Generation Public Blockchain technology.