INTRODUCTION
A blockchain is a decentralized distributed and public digital ledger that is used to record transactions across many computers in a verifiable and permanent way so that records cannot be altered retroactively without the alteration of all subsequent blocks and the consensus network. Satoshi Nakamoto in 2008 invented blockchain to serve as a public transaction ledger of the bitcoins cryptocurrency. The bitcoins design has inspired other blockchains as it has been copied, altered, updated to make better altcoins such as Dash, Ether etc.
Despite the success of blockchain technology, it's widespread and mass adoption has been plagued by underlining factors such as large energy consumption, slow performance speed, low level of integration of large blockchain users, lack of liquid market for cryptocurrencies etc. Bumo seeks to address these aforementioned challenges by designing a dynamic and innovative blockchain network of wide ubiquitous digital trust with enhanced ease of transfer over various networks within the Internet of Things and the social network industry.
WHAT IS BUMO?
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Bumo is an innovative and awesome next generation commercial-grade public chain which aims to build a ubiquitous trust network of value and decentralized application ecosystem with extensive digital trust, free circulation of value and public sharing applications.
BUMO'S VISION
"To create a new generation of value-circulated ubiquitous trust network that allows 'value' to flow freely like 'information'".
Bumo is based on trust network of ubiquitous machines where value circulation is really efficient and credible. It is a blockchain of the people, by the people and for the people. Rights of data belongs to the users themselves and the nodes are involved running and maintenance of the blockchain. Bumo will establish a wider machine trust through the interconnection of these nodes according to the internet of Things, creates a solid trust basis for the circulation of value, connects digital assets, intelligent equipment, user data in an organic fashion so that people can benefit from digitalization of assets and blockchain economy through digital transactions and intelligent protocol systems.
BUMO COMPOSITION
A device or node can become a participant in the Bumo ecosystem and they all work in hand in the creation of value, running and maintenance of the network. The following are the different types nodes and their respective roles:
SMART CONTRACT
Smart contract is an executable Turing script on the blockchain that possesses storage resources. A contract is triggered through transactions and the contract engine allocates CPU and memory resources to run the contract.
Bu Contract (BUMO contract) can be customised by developers to support higher applications, access data on the blockchain, operate data storage areas and initiate contract transactions.
BuVM (BUMO Virtual Machine) is the environment where smart contract can be executed.
BUMO UNIQUENESS
Bumo has unique characteristics that makes it standout from other public chains. It has an innovative and improved two-layer consensus protocol process with a dynamic validators selection that can support 10,000 transactions per second. Bumo will connect users, applications, devices and data by means of trust. It has a developer friendly smart contract that supports programming languages such as JavaScript, C/C++, Python etc. With easy to use templates library which can be accessed on the application, users with no dev knowledge will be able to launch dApps.
HOW BUMO TACKLES SCALABILITY, PERFORMANCE AND SECURITY ISSUES
Most blockchains runs on the traditional PoS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance) algorithm that is characterized with poor performance and security challenges. Bumo proposes to run on a new BU Firework consensus algorithm called the "DPoS + PDFT" that has the tendency to achieve higher transaction throughput, very scalable and guarantees maximum security.
All nodes on the Bumo network can apply to become a candidate node. The qualified first N nodes are selected as the candidate node. The candidate nodes undergo an election/lottery process through election algorithm that runs automatically and randomly and the qualified first M candidate nodes are elected by validator nodes. Validator reaches consensus and completes the blocking validation through asynchronous BFT algorithm. Validator nodes carry an F(S) function that indicate the weight of the validator node in the BFT algorithm. The higher the weight of the validator node the higher the chances of getting the blocks. To prevent a Nothing-at-Stake attack, when a validator node is proved to have malicious behaviour, the deposits managed by the validator node is abandoned and removed entirely from the set of validator nodes and the corresponding candidate nodes are selected to enter the new validator node collection. To prevent the Long-Range-Attack, all validator nodes will enter a deposit freezing mode when redeeming the deposit.
MAXIMUM SECURITY AND SPEED OF DATA
Ensuring greater speed of data and maximum security is very pertinent to Bumo that's why it proposes a privacy protection method for cross chain transactions based on zkSNARK algorithm. This algorithm is known for better user protection and anonymity and will ensure that users can execute anonymous transactions by interacting on the network with anonymous currency thereby effectively protecting users privacy.
SECURED TRANSFER OF VALUE
In the traditional setting, the flow of digital assets is confined to the users of the assets system. But in Bumo network, it is entirely different. Bumo seeks to create a world where digital assets can be allowed to flow freely and gain business value. A user can register a digital asset on the network and is issued a private key as the custodian of the account through which he/she can transfer digital assets all over the blockchain network. Through transaction account and help of smart contracts, digital assets can be transferred on the blockchain from one user to another.
BUMO INCENTIVE SYSTEM
BU token is the digital token that will fuel the Bumo network for transactions, settlement and intelligent contract fulfillment on the blockchain.
MASS ADOPTION
With the help of Bumo, powerhouse computers will be able to achieve self management and maintenance, coordinate and handle data transfer and transaction information between devices, thus saving high operating cost of cloud control centers as well as reduced the maintenance cost of IoT devices. Bumo access to large scale intelligent devices will usher in massive influx of individuals to the network, generate commercial profit from traffic and will help Bumo grow rapidly.
CONCLUSION
Bumo will establish trust through the interconnection of devices according to the internet of Things, connects digital assets, intelligent equipment, user data so that people can benefit from digitalization of assets and blockchain economy through digital transactions and intelligent protocol systems.
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