BUMO: The True Global Network

Introduction:

The constant and accelerated technological development of recent years has surrounded us with an exorbitant amount of devices, currently this trend is maintained, and with it is expected an even more marked presence of technology in human life. The massive use of these technologies and devices gave way to the acquisition of information value, with this information has become a new type of digital asset with practical applications in real life, most of these solutions are focused on offering better products, or offering personalized advertising in the case of technological platforms.

Information has been a very useful asset for the evolution of technologies and products, but until now it had not been given the inherent value of a digital asset.

BUMO Network:

BUMO is a blockchain project aimed at creating a trusted network in which information and digital assets flow as assets of value, connecting the enormous amount of existing devices and creating a large flow of information and value through a common network.

BUMO faces the problem of adaptability associated with blockchain projects by focusing on providing mechanisms that facilitate the use of the network and its adaptation, with a library of application templates so that users can create what they need and develop dApps without having advanced knowledge. Easy adaptation is an added incentive for the use of technology platforms, because traditional or easy-to-use methods are more likely to be chosen than complex and late methods.

The BUMO network is based on the fact that any asset can represent a token, this is known as ubiquitous value. This tokenization would apply within BUMO to physical assets, point for reputation, financial assets, points earned in games or for loyalty, among others. Converting these assets into tokens enables the ability to market them, thereby creating an additional value in the economy that would represent profits obtained in the daily life of each person, which would have a positive impact on the quality of life of people.

Reinforcing decentralization

The mechanisms for validating blockchain transactions still retain centralized aspects. As for mining, those with more processing power will have control of the chain, this is a fact that results in the existence of monopolies that effectively exist and harm the criterion of decentralization associated with blockchain projects.

For its part, BUMO implements a method of random selection of the devices validating the transactions, this a fair and equitable method, which goes very well with the initiative of decentralization. The validating devices are updated in the same way as the network grows by adding more internet devices of the things.

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Elements of the network:

By connecting so many devices in a single chain it is necessary to establish well marked categories for each group of devices and participants, in addition to establishing relevant functions for each device in order to preserve incentives as the network develops.

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BUMO is composed of the following elements:

Nodes, Candidate Nodes, and Validating Nodes.

The Nodes represent any intelligent device connected to the BUMO network, the connection to the network only allows the transfer of information, and the devices retain their autonomy and independence of operation.

Candidate Nodes are any node that has applied to be a candidate for a Validator Node, but to become a Validator Node it is necessary to be selected at random through BUMO's lottery type selection system.

Validating Nodes are those devices randomly selected for resource management and network operations. Validating nodes receive rewards for each transaction.

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BUMO Token (BU)

In addition to functioning as a medium of exchange within the network, and as an engine of the economy, the BU token has features that will positively affect its value as the network grows.

The token will be used to pay transaction commissions, reward validating nodes, and reward the contributions of others in the development of BUMO. Its value will be determined by the proportion of the amount of tokens consumed, by people's ability to keep their tokens, and by people's interest in and participation in the use of the network, the greater the number of people proportionally the greater the value of both tokens and transactions.

Summary

BUMO has several networks that connect devices, digital goods and user data in a single chain with the capacity to process 10,000 transactions per second, this provides a great margin of scalability and will allow to appreciate real economic benefits in people's lives.

The benefits that BUMO provides start from the use of the platform itself, this blockchain will give value to previously unused goods, create new magnitudes of value for all people participating in the platform, also eliminate the high maintenance costs of networks, provide a single connection with a vast amount of intelligent devices and give a fair method of information validation to promote confidence and encourage people to participate in the network.