BUMO is a blockchain project aimed at achieving swift transfer of value with the use of existing smart devices, (phones laptops, desktop, etc)
BUMO is a boss project aimed at the stress free transfer of value on the net with trust, security, flexibility, no lag, ease, and simple. imagine being able to transfer value as fast as you send your *WhatsApp, Facebook or any of the social media that will mean you don't have to wait for a very long time worrying if your transaction went through or not because it would be received at a very quick speed, BUMO transact about 10,000 transactions per second. this type of transactions will change the way our every day life and business is run on the cryptocurrency market, it may even beat the traditional banking system leading to a more focus and acceptance of cryptocurrency for our daily transactions, like getting a coffee at the coffee shop or buying a car.
BUMO aims to create a next generation blockchain for a limitless value transfer, that will be use by businesses to aid high performance of the day to day transactions.
Based on the infrastructure of BUMO public chain, all assets can be tokenized, yes there is no limit to what can do, the is simply no restrictions, be it >Game Points, Insurance, Financial Assets, Fixed Assets or Reality Assets, which extend the scope of assets in circulation, make them easy for transferring, and enable these value to be circulated freely around the world and different chains.
One of the best part about this project is the ease in use and applying it to your business, as you won't need a special knowledge on app development or any special technical knowledge to use the BUMO platform. So be it a big, medium or small organization, you can always use it, even individuals as well can use it because its very flexible, fast, easy to use, and less costly compared to others and even the tradition way. with the easy to use templates library which is available for users, users can achieve all they want it few minutes.
And not leaving out the fact that BUMO is also developer friendly project, with designs, tools and templates for easy decentralise apps (dApp) deployment with smart devices acting as network nodes.
One of the major issue that blockchain today is centralization of mining, even if the blockchain is decentralised, the mining ⛏ is not in most cases, but BUMO is making this mining decentralized, This means that there are powerhouses that control an overwhelmingly large amount of mining power. This form of monopolization goes against the very spirit of decentralization and effectively grants them control over the entire chain.
I think the the only project I know befor without decentralized mining is dogecoin, or so, i am not really sure anyway. So BUMO plans on using a lottery election for validators to creates a fair way by which the blockchain can be updated in a decentralized way across the many IoT devices it hopes to connect. Hmm it just keeps getting better right?
Another issue is the Performance: transaction speed for platforms like Bitcoin and Ethereum, which carries out about 7-30+ or so per seconds, compared to the BUMO platform which carries out about 10,000 transactions per second, the BUMO is way over them.
Energy consumption: there is an article I read some time ago about the the energy use in one transaction on the platform of the bitcoin can power a whole house. >Proof of Work mining is extremely taxing on energy and leads to centralization of mining via mining pools
Application threshold: one of the issues I have with the two biggest crypto platform is the application, (building, integrating, and promoting) is very difficult and most times you will need professionals to help yiu out and no business wants to incure more cost for something they can easily do in a way they aready know and are use to for use.
Value isolation: Every time the value of cryptocurrency is never stable, on like the traditional market, imagine transferring a $1,000 value of bitcoin and minutes later befor it get to the receiver the value has changed and its now $920 annoying right? With BUMO the transaction is carried out it less time. Just to mention but a few.
Network Composition
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 smart contracts are carried out on the BuVM (BUMO Virtual Machine). The BuVM has numerous templates that allow users to create high level Dapps without having any technical knowledge, as explained earlier, the users has access to the templates library which is available to all users in the platform.
BuContract is a process of allowing BUMO smart contracts to be carried out in common programming languages life the C, Javascript, etc >There are inherent advantages to this, such as no cost of learning new programming languages for developers and the high execution efficiency of these popular and readily-tested languages. BuVM will also support C/C, Python and other languages via WebAssembly.
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
The main benefit of BUMO is the Free Flow of Digital Assets:- through BUMO digital assets are trsnscated with no delay just like sending a chat, saving time, resources, more flexibility, less costly, ease of use etc.
Chloe has an accounting firm ChloFinance and the accounting firm does accounting jobs for other businesses (small, medium and big)
ChloFinance has grown beyond what she expected, having to deal with more data ChloFinance has decided use the blockchain technology platform to analyze the data and balance their accounts, but she has a little problem to chose an older platform like the Ethereum or a newer one BUMO? between two blockchains to help securely analize the accounts for all the businesses they help balance the account data
After much considerations and comparison, ChloFinance decided to use the BUMO platform because there are more advantages for using BUMO than ethereum, including the number of transactions per seconds, and ease of use and setup, with no added cost. Chloe is relief, relax, and happy that she can integrate BUMO quickly and easily with almost no cost, while bringing scalability and performance enhancements to her company ChloFinance.
BU Token value is based on two factors: 1) the quantity of BU consumed as fuel in the BUMO network and 2) the ability to participate in BUMO community governance by holding onto BU.
Applications of BU include but are not limited to:
· Gas – fuel for executing smart contract interactions
· Bookkeeping award – incentive for validators nodes
· Community incentive – motivate developers to create infrastructure contributions
BU can be acquired by:
· Acting as a validator node and collecting a transaction fee through gas
· Transfers between accounts on BUMO (buy/sell)
· Participation via donations in Ethereum to the BUMO project developers
· Participation in the development of the construction of BUMO's ecosystem
More info: www.bumo.io
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