BUMO was built on a decentralized model that employs DPoS+BFT accord algorithm for multi-layered chains and effectively streamlines value exchange processing. With this platform, blockchain users will be able to bridge the gap between major chains via accessible inter-chains regardless of the homogeneity or heterogeneity of the blockhains of interest.
Many users of blockchain refer to it as the next-generation of e-banking and all forms of value-transfer.
Even though the blockchain system has successfully broken the monopoly of information and governmental money control, the realization of point-on-point value delivery remains almost impossible therefore, emphasizing the need for a better model that will allow blockchain users to transfer information at a very low-cost without involving the interference of a central body. Such central bodies, when present, tend to ensure that the uniqueness of ownership, unlike the plagiarism of data, is well guaranteed.
The interference of such middle bodies in our day-to-day value transfer processing is quite annoying because it;
There are sometimes, when the transaction statement is needed for a particular purpose but it is unavailable to the users because they are firstly required to consult the central body before getting such statements.
There are times when we want to exchange value and we have to wait for a very long time before getting such transactions done. This is because these central bodies have programmed their systems in such a way that requires long-procedure verification process. These unnecessary delays can be avoided with BUMO.
Unlike the old system which requires a delayed procedure in order to get transaction data, BUMO makes the acquisition of this data very accessible to both parties. This extends the scope o value to both parties, thereby making the trade/deal a fair trade.
The vision the designers had was to invent a revolutionary value-circulated Ubiquitous Trust Network which fosters an unrestricted flow of data and value.
BUMO network composes of vast autonomous links that ensures that the physical world is not detached from the blockchain digital world. With the connection of many physical devices that act as nodes, BUMO is able to maintain value circulation jointly without losing the ubiquitous sense of the whole network. Below are the included contents of BUMO;
● Node: this is any modern device that is in connection with the network. Such devices are seen as part of the network and are referred to as node. One feature of nodes is the ability to open with autonomy.
● Candidate node: whenever a node applies to the system and is verified, it becomes a candidate node.
● Validator node: on confirmation, all candidate nodes become a validator node. They are chosen by a random selection process.
NOTE: Any device node can participate in the verification and confirmation of BUMO consensus process depending on the efficiency of devices; they can make full use of idle resources or decrease the threshold of users. The creation of BUMO network is the key structure to meet every demand of blockchain users.
BUMO operates on two mechanisms namely; consensus mechanism and incentive mechanism.
● Consensus mechanism: BUMO is built on a new set of algorithm called DPoS+PBFT. This new algorithm works better in terms of transaction capacity, scalability and security. It functions by coordinating dynamic validator election that differs from the conventional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance).
Consensus confirmation is reiterated, the number of rounds and the closing consensus circumstances can be set up flexibly depending on the algorithm used. For some specific rationale, penalty mechanism is made for potential malicious users. For Instance, users have to "attach" a specific amount of assets to a margin account, and peradventure they are discovered to be malicious, this payment will be restricted.
● Incentive mechanism: BUMO users use BU-Token (referred to as "BU") as an in-built digital token used to distinguish and gauge digital monetary activities on BUMO. Its users are expected to initiate smart contract initiated, in order to occupy the resources of the blockchain network.
The sole relevance of setting up a smart contract is to make sure that a certain amount of GAS is paid as a fee that is quantified in BU. The BUMO system allocates execution time for smart contracts depending on the amount of BU held. The higher BU held, the longer the execution duration. However, if the contract is relatively multifaceted and the current occupation of resources cannot be decreased, the user will have to send a specific number of BU to the contract so as to extend the executable time of the contract.
A smart contract is known as an executable Turing complete script on the blockchain that possesses its own storage resources. After the transaction is completed, the contract engine has been programmed to allocate CPU and memory resources that will help the BUMO network run the contract smoothly. Unlike conventional contracts, BUMO smart contracts are automated, able to end in a limited time and certain.
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● Circulated active networking: there are quite a lot of active nodes in the blockchain system, each changing at every exit. Therefore, maintaining the dynamic flow in connection is very paramount, in order to ensure an effective system. BUMO introduces a well refined blockchain, which utilizes matured P2P tech. this much-awaited improvement can be widely applied to all areas of value distribution such as file upload, data download and video distribution.
● Timely release of cryptographic books: the constant release of timely reports is quite invaluable to the life of every businessman or commercial entity. BUMO works on a structure that avoids altering of data from both parties involved in the transfer, thereby creating a reliable system where the covering of facts is practically impossible. Also, this platform makes sure that the accurate comparison of books is given using the chain Hash structure. The chain consists of data blocks and every following data block has a hash value of the preceding block, in addition with the transaction set. Hash value can also be referred to as data fingerprint, which means any slight alteration in value will be very obvious and identifiable. Cryptographic books are also stored in a way that the identity of the asset owner is identifiable, in order to keep private key o the users safe and undisclosed when keeping record of transactions.
● Consensus method under standard rules: this represents the main value of blockchain technology. Consensus method helps verify and confirm all transactions faster. This method ensures there is no such thing as double payment, thereby making all transactions unique. In addition to that, the consensus mechanism also ensures that the unification of the total network node book is maintained. Currently, the proof procedure called mining is utilized in bitcoin, in order to actualize the consensus mechanism. Even though, all consensus node are required to go through a similar process but various application events possess vast strategies of choosing the consensus nodes.
● Intrinsic inducement mechanism: so as to achieve the level of security needed to maintain a decentralized system, blockchain adopts an inherent inducement mechanism to make sure that every node taking part in network accounting are positively impacted. This positive impact is known as self excitation. This self excitation process requires a low-cost maintenance and is up to the standard of game theory. BUMO supports all forms of information exchange and value internet, which makes it similar but better than HTTP and other protocols supporting data internet.
BU-Token is a built-in native encrypted digital token of BUMO network for transaction, settlement and intelligent contract fulfillment on the chain and whose value is dependent on
two points:
Firstly, a certain quantity of BU is consumed as the fuel in the application of
BUMO; secondly, be able to participate in the BUMO community governance by holding
BU. Application scenarios of BU include but are not limited to:
(1) GAS: As a fuel for executing trades or intelligent contracts on the BUMO network;
(2) Bookkeeping award: BUMO's validator node can acquire BU from each transaction as
a reward;
(3) Community incentive; BUMO uses BU to motivate community developers and
contributing users. The way to acquire BU:
(1) Acquire GAS in transaction or contract execution as a validator node;
(2) BU transfer between BUMO's user accounts;
(3) Participate in early donation support projects by exchanging with ETH;
(4) Participate in ecological construction of BUMO and acquire incentives;
(5) Other ways.
Adams owns an insurance company which covers damages associated with homes and properties. Over time, the company grows and an increased amounts of data are being dealt with. However, they collect sensors to determine their charges.
Meanwhile, there is a need to securely verify the authenticity of the data collected from the censors which brings about which blockchain to incorporate; either Ethereum or BUMO.
After a proper consideration, BUMO becomes a better option compared to Ethereum due to its numerous advantages regarding what is needed to be done; no added costs, processing of 10,000 transactions per second, existence of templates in BuVM, information update in real time.
BUMO designers have successfully achieved their aim, which is to create an automated blockchain system that works on time, accurate, secured and responsive to users, when they need their transaction records at any time. Our system is currently the fastest blockchain and our token is easy to get. Dont just take our words for it; visit www.bumo.io for an outstanding experience with blockchain technology.
BUMO Website
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