Imagine we live in a world where there is no link or means for the largest producer of cocoa to access a large base of coffee consumers, Now imagine the poor distribution of real-time value this represents for the two independent economy pictured in this scenario.
It is quite clear that all we will be left with is a bunch of independent/weak economies with no reference to measure their real-time value against each other. This captures the present status of the blockchain technology when being put on the pedestal of value transfer between different and independent entities as opposed to its established identity as a great store-of-value.
The internet best represents a network of information transfer , such that there is continuous flow and exchange of information between users of the platform. However this trend as observed in the use of the internet creates a considerable deflection when it comes to the use of the blockchain as a transfer of value since the bulk of independent economies constituting the technology are not incorporated into a chain of networks to drive real-time value transfer. For instance the blockchain doesn't recognise the device am using to access my account , it's only able to identify accounts based on who possess the private keys. This means that the system doesnt transfer value to my phone (representing me in this cycle) as a major entity of the closed network, Value is only transferred to the receiver when I complete a transaction. A network of value has many benefits as we will come to know in this article.
But as we move into the new era of IoTs (Internet of things) there is need for the underlying technology to possess a framework that identifies, have the ability to communicate and connect all the different and independent economies via the help of smart devices inorder to create a network of real-time value exchange for these economies.
Step in : BUMO to provide the missing link for independent economies on the blockchain and create a network of real-time value exchange!
But before we delve deeper into what BUMO represents, lets do a quick overview of the challenges that have held us so far from achieving a new internet of value system with the present blockchain technology at our disposal :
Blockchain technology challenges
The blockchain pales in comparison when compared to conventional e-commerce payment technology like Paypal and Visa which have the capability to averagely processing 200+ and 2000+ transactions per seconds (tps) respectively.
For example due to the block production limitation, bitcoin can only process a measely 6 to 7 tps while ethereum can manage only 20 tps; forging an easy choice for commercial enterprise to favour these conventional technologies over the blockchain.
- Energy Consumption
A new internet of value may not be feasible in an environment where shared resources such as energy, network fee cannot be quantified. For instance the Proof of Work mining has proved to be too power intensive making the process becomes more difficult due to increased number of miners.
Mining pools was created inorder to address this challenge and create an incentive system for members of the pool; although effective, it creates a form of centralization to the way data is processed on the blockchain; leaving room for the system to be rigged!
- Sparse Knowledge
The blockchain technology is still relatively new! Therefore, there is reduced knowledge on how to best deploy this technology for application in different industry because creating an immutable business environment is difficult on the blockchain due to the high technical knowledge required in building, deploying and integrating many business tools into the blockchain architecture to form a closed-knit network that ensures control and administration of this different elements as one single entity. This takes us to the last point
- Value Isolated Island
The gulf in knowledge as observed in the above context translates to a proportional gulf in the value transmissible accross this independent economies which leads to lack of liquidity in the whole network. Because value in the real sense constitute not what you have, synonymous to knowledge or stored value but what you put to practice or use.
Creating a trust economy around this independent value islands is the challenge for the blockchain industry!
Now let's talk about what Bumo entails and the solution they offer to the blockchain industry.
Bumo is an ubiquituous trust network for new generation of value accross independent entities that constitutes a closed business environment.
Bumo tries to allow the integration of smart devices and features to ensure there is swift communication and value exchange between different and independent entities to be stored,processed and executed in a single chain of records as the blockchain does.
This means that every elements constituting the network bears a unique identity within the blockchain framework and is free to interact with other unique elements trustlessly just like accessing a resource on the web behaves. For instance if I want to know the present value of bitcoin on the internet, someone at the other end just needs to update this information and it updates accross all interface that are connected to it; albeit this is achieved in a centralised manner which leaves room for error and manipulation of the system.
Bumo seeks to utilize the decentralised nature of the blockchain and the benefits of using IoT (Internet of things) to collect, mine and process intelligent datas that can serve as resources to exchange value between independent economies on the blockchain.
This requires that each components of a network serves as a node!
While smart contracts are use to pass intelligent decisions to how this data are mined, collected and executed within the blockchain allowing networks to breach the virtual world into the physical world; albeit in a "machine-to-machine" manner with little or no human effort.
"Bumo's aim is to create an inexpensive asset free circulation economy built around common share application to drive an ubiquituous digital trust network of value"
Source : Whitepaper page 6
How does Bumo Aims to Achieve an autonomous Internet of Value
The basis for "Value" is trust which simply means that you can rely on the information of the other party to carry out your own responsibility and the process goes on like that until an expected output is achieved. This ideology, if able to be implemented within the blockchain will allow the seemless interaction of the blockchain with external device via the use of reliable IoTs.
This means that any device joining the network has the ability to serve as a node but can only get selected as a candidate node via the lottery system before governance of the whole network is achieved by selecting a validator node from the list of qualified candidate node via the same process. The Validator node is responsible for the whole network accounting and resource dispatching.
Therefore by allowing any devices to participate in the consensus process, Bumo will maintain an open and autonomous network of value exchange for this independent entities. However, allowing more devices to join the network has other big benefits for the whole network as it
- Helps to achieve the full use of idle resources, For instance computing capacity
- Reduces the threshold for users
DApps will enable users to manage and gain control over the accounts they hold in each independent entities.
The Bumo Blockchain Architecture Composition
In other to fully understand how Bumo achieves an ubiquituous trust network, we need to look at the role of each basic components of the underlying blockchain which includes
- P2P networking
This represents the means by which various nodes distribute messages via the P2P protocol
- Consensus Mechanism
Utilizes a new 2-layer consensus mechanism called BU firework Algorithm to ensure dynamic validator election and drive strong consistency of the underlying data while resisting attacks from malicious nodes.
Also utilize the DPos + PBFT consensus mechanism to verify transactions. This consensus unlike PoW helps to achieve a higher transaction throughput and ensure scalability of the network for new users while making room for the network to be able to manage high end activities synonymous with an active business environment : For instance having multiple users access a business portal to claim a limited discount
- Incentive Mechanism
The BU-token referred to as BU represents the standard index for characterising and measuring digital economic activities on Bumo. So it is impertinent for users to pay a certain amount of gas as the fee whenever such activity is activated via the smart contract to engage the numerous resources of the blockchain network.
This fee is divided into parts
- 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
Inorder to save this resources for as long as possible, Bumo allocates time to execute smart contracts which have access to this resources which means that the more the BU held in the smart contract, the longer the execution time. This means that no single resources is overloaded by the users preventing clogging of the network while it encourages the use of other resources within the economy creating a rich channel of resource allocation trustlessly.
This is why Bumo encourage contract designers to consider the system resources in all round way at the beginning. However if the contract is complex and the occupation of resources cannot be reduced, although not the ideal, but the user can transfer a certain amount of BU to the contract inorder to extend the executable time of the contract; similar to paying higher transaction fees in a conventional public blockchain.
- Technical Extension Layer
This basically allows the blockchain to support multiple asset types via the intelligent use of cross chain and side chain technology which has rich privacy features to facilitate the incorporation of realworld parameters into the blockchain. This process will be largely based on the principles of game theory
Other aspects of Bumo underlying blockchain architecture consist of
- book structure and book data
- Service Layer
Bumo Blockchain-specific Features
- BuContract (Bumo Contract)
BuContract facilitates the processes of real world and blockchain value exchange in two swift composition : that a data provider makes some BU-token deposit to maintain his contract after being generated and notification of the oracle machine . However,in a typical game theory fashion, the data provider can lose all his deposits if he is found to guilty of any illicit act by the Validator!
Beyond this, the BuContract model possess this unique features
- Developers can customise reading and writing of smart contracts to be used by upper application.
- Allow underlying account to provide the ability for smart contracts to access data on the chain
- Operate a unique data storage areas and initiate transactions to interact with other contracts
- BuVM (Bumo Virtual Machine)
The BuVM is the execution environment for smart contract developed on the Bumo framework and these are its unique qualities
- Provide intelligent control logic for application layer
- Support the basic application of virtual machine
- Realizes external interface of virtual machine through customised API operation
- Flexibly interact with book and external data
- BuOracle (Bumo Oracle)
A framework to allow contract notify the oracle machine of the data to be obtained by means of event trigger which should be returned to the virtual machine after being processed by the oracle machine.
The contract needs to fully trust the oracle machine before any task can be executed.
- Cross-Chain Interoperability
Having being too familiar with the issues the current single chain system presents such as
- Whole network consensus being limited by scale of consensus nodes
- Backup mechanism installed in this system reduces the storage efficiency of the whole network
Bumo proposes a new two blockchain cross-chain transaction architectures
- Isomorphic Interchain (BUOrbits)
- Isomeric Interchains (BUCanal)
This two framework will largely drive a process that seeks to realize the following task
- Ensure connectivity between independent blockchain
- Ensure the validity of cross-chain transactions
- Security of user privacy data
Full Features And Benefits of Bumo
- Any type of asset can be digitized
- A free flow of digital asset since real-time value is derivable
- Developer friendly smart contract
- Intelligent IoT value chain
- Online editing and debugging tools to help developer write and debug contract efficiently
- No or minimal skill required in writing a BuContract
- Provide contract template for different industry classification
- 2-layer consensus system that can scale up to 10,000 transactions per second
- Any device can join the network
- Value driven economy
- Highly scalable
- Open sourced
BU Token value is based on two factors
- The quantity of BU consumed as fuel in the BUMO network
- The ability to participate in BUMO community governance by holding onto BU
Applications of BU include but are not limited to
- Gas – fuel for executing smart contract interactions
- Bookkeeping award – incentive for validators nodes
BU can be acquired by
- 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
Other Technical Details of Bumo
The blockchain as a good store of value has unexploited potentials to serve as the internet of value where every thing is connected in a secure, trust based environment.
To achieve this dream, all hands must be on deck to fully expand on the IoT which is earmarked to reached 45 billion independent units by 2021. There is need to create a stable internet of value to link all this infrastructures.
Bumo is laying the groundworks.
M&C group is a chain of companies that has diversified into different consumer product but they want an authentic record of this scattered facilities.
They have done their research and find out that most of the manipulations comes from the top managers, so inorder to circumvent this. They could use a host of intelligent devices which are mounted on the reporting template of the lowest staff and easily track all the datas which the blockchain collects via smart contract and permanently record for future reference.
Bumo empowers M&C group of company to achieve this!