The invention of block-chain technology has created different ways in which digital assets can be created, saved and shared carrying out various transactions online, despite the acceptance of digital assets the issue of trust has still been there despite the success of digital currencies and various ways to manage digital money and transactions, value transfer has been made possible with BUMO as a way to strengthen TRUST in this digital age.
BUMO is a trust network designed to provide digital ways to enhance business transactions by adding value to users and reducing cost, time and efforts needed to close transactions, on this platform the real word is linked to the digital economy to enable friendly smart business contract and strong trust relationship between business transactions.
BUMO is focused on enhancing ease of transfer over various networks within the Internet of Things, fintech, and the social network industry. By connecting digital assets, smart devices and user data, BUMO will enable the true benefits of the digital economy to enhance people’s lives.
Any device can become a participant in the BUMO environment. These nodes can all contribute to network maintenance, application development, and value creation.
The roles the participants within BUMO can assume are:
· Node – Any intelligent device connected to the network; all nodes are transparent and autonomous
· Candidate nodes – All BUMO nodes can apply to be a candidate node; some number of qualified nodes are selected as candidate nodes, these nodes that are put through an election/lottery to become validator nodes
· Validator nodes – Selected from elected/winning candidate nodes, and are responsible for networking accounting and resource management; these nodes collect network transaction fees
The more devices connected to the BUMO network, the more ubiquitous and transparent the network becomes.
The BU-Token (“BU”) denominates the “gas” costs of the BUMO Network.
These costs are comprised of:
(i) Storage and network fee – based on type of transaction and its size
(ii) Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
Gas rewards are delivered to validator nodes as explained above. These rewards are continuously adjusted through voting by the participants on the network via a separate mechanism called the GAS adjustment algorithm.
BuVM (BUMO Virtual Machine) is the environment in which BUMO's smart contracts are executed. BuVM has numerous templates that allow users without any development background to create high level applications.
Source: BUMO TechnicalPaper, Page 53
Data and the real world are coordinated via two methods through BuContract:
(i) A “real” data contract is generated and maintained by the data provider through a deposit; the deposit can be lost if validators deem the provider of the data is acting illicitly
(ii) The contract notifies the oracle (BuOracle, BUMO Oracle) of which data needs to be obtained by some triggering event programmed into its smart contract, after the oracle processes the event and returns a value that value is returned to BuVM.
Key differences of BUMO
- Provides functional means for data transfer
- Two layer architecture design for protocol agreement
- Multi ways of business operations
- User friendly smart contract
- Increased routing value on blockchain
- Large capacity for data storage
- Highly secured platform for business transactions
- Continuous product improvement
How BUMO can help large organizations in the following terms:
Scalability: BUMO is technically developed to manage growing amount of work for organizations by continously adding value and trust needed across devices through existing combined digital storage technologies with open sharing ecosystem.
Security: BUMO mantra is Ubiquitous trust network for new generation of value creation that links the real world to the digital word, trust is enough security any large organization has to never worry about as this is the core of BUMO building security through trust.
Performance: Transaction information of very large organizations becomes updated very fast without passing several lines of managers or waiting for approval, Bumo increases the speed at which companies do business and they can view the history of their clients transactions to enable them do business or not.