The transfer of data, information and money are fast thanks to the internet. However, it is still not possible for it to be a totally direct procedure, since it must pass through an entity that validates or assures this transaction.
The blockchain allows us to solve those problems by giving us the possibility of having tools such as the decentralization of networks and the encryption of information. But... Not everything is perfect! There are some features that still limit the freedom of transactions. An example of this is the Bitcoin or Ethereum network, the most used in the world of cryptocurrencies: neither of the two networks can handle several transactions per second quickly.
The consumption of energy also becomes something worrisome, because the mining equipment demands a big consumption of energy to carry out its functions. The average traders or entrepreneurs do not have direct access to the world of blockchain technology because to develop a platform or app that has this technology, they need professional knowledge in programming or hire someone expert.
*Create a new generation of value-circulated ubiquitous trust network that allows “value” to flow freely like “information” >>BUMO White Paper<<
Bumo is the solution to all the aforementioned problems, which today, with all "the boom", the blockchain technology still faces. The idea is to focus on providing users with a simple and scalable way to enter this crypto-world. All types of businesses have the potential to be "tokenizable" and BUMO understands this, which is why it offers a platform that allows anyone to create solid digital assets, a database that grows organically and advanced technological tools that guarantee the successful development of any business.
The most important thing for BUMO is to consolidate a ubiquitous network that has the confidence of all those who use it. The power and value of the information circulating on the Internet are thanks to those who share it (you and me). For this reason, the construction of the BUMO network belongs to all of us. Scenarios will be provided in which the community can participate, reach consensus and interconnect to achieve objectives.
The interesting thing about this network is that, in addition to being completely open and autonomous, any device that joins the network will be considered a node. All connected devices will work to facilitate the maintenance of the network, the development of applications and the scalability of the platform, converting it into a network that is available to everyone, anywhere.
Physical components of the network:
NODE: Any intelligent device that joins the network can be a potential node.
CANDIDATE NODE: All nodes can apply to be candidates. They are chosen through elections/lottery but others can be chosen according to the specific requirements of the network.
VALIDATOR NODE: Is also selected through elections or lottery. This kind of node is responsible for network accounting and obtains rewards for the costs of such operations.
Almost everyone has an intelligent device and the smartphone has become our best friend. BUMO recognizes this and, therefore, decides to give it a value considering the processing capacity and calculation that this kind of devices has. Also, BUMO's developers thought about how they can contribute to giving value to the network.
BUMO has designed its own incentive system, the BU-token, a digital token used to give value to the economic activities that occur in the platform. The smart contracts and transactions will be executed through the blockchain of BUMO, for which, a fee collection system has been designed per activity that must be paid in BU.
In order to justify the amount of GAS that must be paid per transaction or activity on the network, the resources of the blockchain have been divided as follows:
Fees will be charged for storage and use of the network. Costs will be associated with the size of the operation. And there will also be a calculation fee, which will depend on the amount of BU weight held.
In the case of smart contracts, for example, computing resources will be consumed proportionally to the duration of the contract. It means that the contract should end as soon as possible. However, if the user wants the contract to last longer, can transfer a certain amount of BU to the contract to extend it. The BUMO network allocates more time to the contract based on the amount of BU it has.
The BuContract is available to anyone who wants to design their own smart contract. You can choose to write this contract, as well as allowing you to connect to upper applications and access important data that are in the chain.
The BuVM (BUMO Virtual Machine) is defined as the environment in which the smart contracts that are created in BUMO will be executed.
It is necessary that the entire network is reliable and for that, the architecture of the entire service and platform is a priority. This is the BUMO service scheme:
Here we see as from the base up, there is a whole system that offers a quality service with everything a user may need. In the base are the basic functions of the network. Aspects such as incentive make the network have value and others as the consensus guarantees the transparency of the same in order to maintain a healthy network. In the second level we see the automation of the network to be able to program activities. In the third level, we see how they seek to innovate in the blockchain technology by applying resources that make the most of this technology.
BUMO wants to make its platform serve as a scenario in which IoT devices can connect and perform transactions. This will eliminate costs to maintain the network, send and receive information and avoid the theft of user data.
Any user with a smartphone will be part of the great traffic of the BUMO network. The applications created in BUMO can be seen by millions of users in BUMO, being a fantastic business opportunity. The digital assets within BUMO will grow rapidly. BUMO allows users to, through their smartphone, participate in all scenarios that blockchain technology promotes.
Dapp applications: BUMO will make the creation of Dapps easier, constituting the perfect environment for the boom of diverse types of decentralized applications that will give rise to a complete ecosystem. It is expected that sectors such as finance, gaming and social, join BUMO and find here their space to enter the world of cryptocurrencies without problems. What you want to achieve is that all these Dapps have value with their own tokens and that there is a relationship between the projects, using BUMO as a platform to circulate.
BUMO Foundation LTD will practice democracy and ensure the proper functioning of the network. There will be a Board of Directors, who will have responsibilities approved by the community, such as modifying the structure of governance, firing the CEO, making important decisions and even more.
BUMO has a great future and potential to see in the devices as smart telephones the opportunity to integrate more people and not only depend on the power of computers to make their network run.
BUMO's ambitious project is intended to present itself as an opportunity to solve problems in various areas of daily life, becoming a multifaceted tool that I am sure will be of great benefit to all.
