The blockchain created a whole new realm of possibilities, and has birthed a revolution, which basically ensures that newer processes can be initiated, to bring about a reduction in costs, faster transaction speeds, and better solutions that a wider audience can benefit from. Some of the major problems blockchain technology solve are time-ordered and tamper-proof cryptographic books, distributed dynamic networking and consensus mechanism under unified rules.
BUMO: NEW GENERATION OF VALUE CIRCULATION
The Blockchain is not a perfect solution, and there are still problems that need to be fixed. Issues such as performance(transaction speeds on Ethereum and Bitcoin for example), energy needs, application threshold (meeting development needs of a wider audience). Also, application of blockchain technology on many platforms remains isolated.
BUMO’s goal is to ensure that “value” can flow freely like information does in an ubiquitous trust network. It hopes to build such a network through the input and participation of everyone. It also hopes to create tools that ensure that the deployment of applications on the blockchain is very easy.
BUMO’s network ensures that the physical world and the digital world are linked seamlessly. Its network is open and autonomous. This ensures that anyone can join the network and realise network maintenance, application development, and also share in moving value around easily. By initiating this, they become part of an ubiquitous network on a large scale. This is how BUMO separates itself from other public chains, and solves concerns are taken care of.
The Physical Composition of BUMO includes:
Node: This is any smart device that connects to the network. It is able to open, and is also capable of autonomous actions.
Candidate Node: All nodes are eligible to become candidate nodes. However, qualified N nodes are generally selected as candidate nodes.
Validator Node: After becoming a candidate node, any node that scales through the election/lottery becomes the validator node.
BUMO ensures that fairness is upheld on the blockchain by having a lottery/election, to select validator nodes.
Verification of consensus process or data integrity is open to any node. Smart devices can also become a part of the network to make use of resources that are not in use. Also, more devices can become part of the network, to ensure that it becomes more open and ubiquitous.
As the demand for value delivery keeps on growing everyday, this network created by BUMO will ensure that these needs are met.
BU-Token is the token native to the ecosystem, and it is used to gauge activities that occur within this ecosystem. Seeing transactions initiated will use up resources on the blockchain, measuring how much is used, and ensuring payment is made in GAS, is necessary.
For GAS allocation,
Average cost of incentive= total cost/number of validators.
Remaining cost incentive=total cost-average cost*number of validators.
Random Index=block height % number of validators.
BUMO’s Smart Contracts are executed in BuVM( BUMO Virtual Machine). By creating assorted templates and grouping them according to industries, users are able to create diverse applications that suit their needs.
The coordination of data and the physical world is done via BuContract, and there are two ways this can be achieved.
Real data contract is created and maintained by the data provider, while a deposit is paid for its data.
By making use of the oracle machine (BuOracle, BUMO Oracle), it is notified by the contract about the data that is needed via event trigger. This will go back to the virtual machine, after being processed by the oracle machine.
IMPORTANCE OF SECURE VALUE TRANSFER
- Sensitive information is protected from everyone, but the intended party.
- Ensures the growth of the blockchain, seeing it will bring in more users.
- It prevents losses and break of trust.
- Ensures that organisations can focus on their core services and products, knowing they are covered.
- Having this in place ensures a boost in revenue for all stakeholders.
BENEFITS OF BUMO
TRUSTABLE SERVICE INFRASTRUCTURE
As time goes on, there will be a higher number of transactions initiated. These will need to be processed quickly, to meet the needs of users. From its service layer, to its technical layer, technical extension layer, along with the underlying blockchain technology, BUMO ensures that the needs of users will be adequately met.
Slow transaction speeds ensures that transaction throughput is low and cost of transactions are not feasible.
INTELLIGENT IOT VALUE CHAIN
The IoT industry is on the rise and will only continue to grow-at a rapid pace. It is estimated that there will be 45 billion IoT devices by 2020.
Intelligent devices can create value, whereas, non-intelligent cannot. Devices that can compete and trade in real-time ensure that flowing markets are created from the real world.
In the intelligent IoT value chain as pertaining to BUMO, the blockchain acts as a universal digital book that helps in facilitating transactions. BUMO will ensure that the intelligent IoT value chain is made even better by ensuring the value transfer mode is decentralised, and the cost implications are drastically reduced.
- FREE FLOW OF DIGITAL ASSET
BUMO ensures that digital assets flow, and more people can derive value, rather than remaining stagnant. Once digital assets are registered on the network, the owner of the private keys can easily transfer such assets. Cross-chain circulation will ensure that additional value is brought to digital assets.
ProStat is a company that deals with data, which they put together and sell to organisations and individuals alike, for purposes such as research and references.
As the need of their service grows, they are looking for ways to see how they can meet the needs of their customers more efficiently, and also send requested data securely and freely, without any encumbrances.
By researching and stumbling on BUMO, they are able to achieve what they seek, without being hindered by slow speeds and latency.
They can also focus on their core purpose, which is providing data to their numerous clients seeing BUMO ensures that they do not have any reason to worry.
They are also able to make huge savings by migrating their services to BUMO.
BUMO ensures that transactions could be effected on the network, via its BU-Token. It can also be used for intelligent contract fulfillment and settlement.
GENERAL USE CASES AND APPLICATION
GAS: For enabling transactions on the network.
BOOKEEPING AWARD: Validator nodes on the network are able to acquire BU from transactions as rewards.
COMMUNITY INCENTIVE: Used as a reward tool for those that help in building up the community-developers and users alike.
HOW CAN BU BE GOTTEN?
- Ecological construction of BUMO.
- Be a part of early donation support projects by swapping with ETH.
- Transfer between user accounts within BUMO.
- By acquiring GAS, when functioning as a validator node.
BUMO foundation, an NGO is tasked with governance of the network. Several groups within the network might be created to manage different aspects that might arise.
IMPORTANCE OF SECURITY AND DATA SPEED
Data breaches in the regular world makes the protection of data even more important. Traditional organisations have proven time and time again that they cannot be trusted with users data. Guaranteeing this ensures that more businesses and users will be open to coming on the blockchain and use related solutions. If the blockchain should be known for one thing, it’s its security.
Having top-notch security in place ensures that organisations/individuals can focus on other things while being at ease, knowing that they do not have to worry about hacks. Traceability on the blockchain also ensures that incidents can be isolated and extinguished, if it should occur.
It’s critical that transfer of data can be carried out swiftly and efficiently. Slow network speeds ensure organisations cannot function optimally, and this will ensure that they will be put off by the services on chain, and will prefer traditional solutions.
To be sustainable and grow, security features as well as data speed need to be at their best. The blockchain is basically dependent on these.
Non-restriction to powerhouse computers to act as nodes ensures that more devices can be added to the network, which effectively means that the network can become an ubiquitous trust network more quickly, ensuring that value transfer can be carried out even more efficiently. This is also critical for the building of BUMO’s network.
It also reduces the entry point, and ensures that not only big organisations can benefit from this, but just about anyone with an intelligent smart device.
To learn more about their team, click here
For easier understanding, watch this video
My entry to the originalworks/BUMO contest written about here
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