The first thing we need to know is what a public or private chain consists of. Public or open chains, allow anyone to join the network and thus favor with its update. While, private or closed are those that belong to an individual or company, so their income is restricted, so you can not enter blocks to the chain, in addition to this type of chains is necessary the invitation of the developers .
Other problems, which bring the era of the chain of blocks, is that much of the mining is done in a centralized way, that is, a small conglomerate owns a high percentage of it, this is opposed to the central objective of the chain of blocks to monopolize important part, since in a chain of block decentralization must prevail. Other limits that the chain of blocks faces is: Performance, energy expenditure, scarce professional experience, since being a tool of recent date there is little that can be applied, and the lack of liquid markets for cryptocurrencies**, but how can we help improve or make blockchain technology the tool of the future? Through the creation of platforms that truly maintain the fundamental objective of the network: decentralization.
Therefore, Bumo is presented as a platform that can well solve much of the problems raised above. Being a public network Bumo allows you to tokenize without any problem your financial assets and that of other chains, in addition, your transactions are faster 10,000 per seconds and can be done through the Internet through Things, fintech and the social networking industry, are completely safe. Keep reading and discover what other benefits Bumo offers you as an individual or business user.
What is Bumo?
Bumo is a platform that projects to create a network of ubiquitous trust. They will ask what is a ubiquitous network of trust, this type of networks give us a new vision of society, since it allows improvements in the quality of life of citizens. The ubiquity of technologies is given by the availability of services, processes and information linked to them anywhere and at any time.
Bumo when using this type of technology aims to simplify the lives of users with the use of tools. These are smart and portable devices (which act as network nodes) that allow the user to interact at any time from any location.
So by creating a trust network, Bumo, through these intelligent devices, the user will be able to stay informed and perform all types of transactions without any type of inconvenience, since the speed and dynamics of the transfers will be guaranteed.
Bumo aims to build a network in the block chain that allows companies the highest performance, how will it do it? Through the transfer of oblique values and what this consists of.
The infrastructure of Bumo will allow tokenizar all those assets so that it can be transferred easily, and even being of other chains these values will be distributed freely throughout the world.
How does Bumo get the above?
Through an integration of blockchain technology with other chains Bumo offers an excellent service at a lower cost, as well as managing a simple and practical system unlike expensive and complex transfer processes.
What other benefits does this platform offer:
It allows users to issue dApps without the user having an in-depth knowledge, as it offers the user a series of easy-to-use templates.
Bumo offers the digital community to evolve in an equitable way, so that everyone can create block chains and update the platform.
Being a public and decentralized network, Bumo has created a random system for its validation nodes, this mechanism allows block chains to be updated in a decentralized manner in many IoT devices.
How the Bumo Network is made up
Any device that complies with the conditions may belong to the Bumo environment, as these nodes can help maintain, develop and create value for this environment. The participants can submerge the roles of:
• 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
• Validator Nodes: 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.
Toketize in Bumo
The token in Bumo is BU ("BU") and is so called the "gas" costs of this network and the expenses are broken down as follows:
(i) Storage and network rate - depending on the type of transaction and its size
(ii) calculation of fees - based on the weight of computing resources, measured in the time it takes to> execute the contract requirements.
In the BuVM intelligent contracts are executed, there are a variety of templates that users can use without any development fund and create high level applications.
BuContract coordinates the data and the environment through the methods of:
(i) the data provider generates and maintains a "real" data contract through a deposit; the deposit may be lost if the validators consider that the data provider is acting unlawfully
(ii) The contract notifies the Oracle (BuOracle, BUMO Oracle) of which the data must be obtained by means of an activation event programmed in its intelligent contract, after the oracle processes the event and returns a value, that value is returned to BuVM
The BuChain Architecture
What benefits does Bumo offer to the digital community?
Bumo offers a number of benefits:
Free flow of digital assets:
• Static assets are practically useless
• Circulation between domains creates new magnitudes of value for all users that interact with> through the ITO intelligent value chain of BUMO
• 45 billion IoT devices expected by 2020
• Smart devices can generate data and, therefore, create value
• BUMO wants to act as a universal digital book, allowing this data to be exchanged without> problems.
It will eliminate fragmented communication protocols between different devices.
Eliminate the high maintenance costs of the network.
It will eliminate the fears born of the lack of trust through illicit nodes in the network.