The internet has over the years, made the transfer of information to be almost instantaneously at a very low cost for the senders as well as the receivers. However, transmitting data still depends on a central (and not always secure) party such as ISPs and data/VoIP lines that may be subject to interception and manipulation.
With the emergence of the blockchain, we can now secure not only information but also value on an immutable ledger. The blockchain enables trustless value exchange and even at a cheaper rate. Blockchain enables trustless non-intermediary value transfers through smart contracts without the need of an escrow (third party). The blockchain also has a public timestamp of every activity to avoid fraud and enhance transparency. Despite all these wonderful qualities, blockchain technology still have it's lapses and inadequacies. Which includes:
It becomes necessary an integral platform, that is robust and safe, but at the same time that facilitates the things for the users. Where the aforementioned problems are a thing of the past.
In simple terms, BUMO is a public blockchain developed for business. It is designed to facilitate the transfer of value using all and any connected smart devices aka the Internet of Things. This means we can assign value to what we want and agree on, and have the capacity to transfer this value using unique integral BUMO technologies such as BU Firework, BU Orbits, BU Canal and BU CodeMach. BUMO also aims to attract and create a trusted global network of developers.
Internet of Things solutions lack real value creation, and the value of most connected device is just because they are connected to the network. Unfortunately, this does not make a device more intelligent or better. BUMO will transform value delivery between devices of the Internet of Things, and build the intelligent IoT value network by decentralizing the value transfer mode at a low cost. On BUMO, benefits like full use of idle resources, such as instance computing ability and reduction of threshold for users is offered.
Moreover, with this large number of nodes involved in consensus, BUMO would ensure a transparent and autonomous Internet of Values. All nodes have the right to apply to become candidate nodes, only the first N qualified nodes are selected as candidate nodes. Candidate nodes then have the right to become validator nodes, if they pass the election process used to select validator nodes. The validator nodes are the ones responsible for network accounting, resource dispatching, and obtaining of rewards gotten from transaction costs.
BUMO’s Smart Contracts are executed in BuVM( BUMO Virtual Machine). By creating assorted templates and grouping them according to industries, users are able to create diverse applications that suit their needs. BUMO smart contracts can be deployed in programming languages, such as JavaScript, Python and C/C++. Some advantages of this is that users do not need to expend energy and waste resources, trying to learn such languages. BuVM will also be able to support numerous languages via WebAssembly technology.
The coordination of data and the physical world is done via BuContract, and there are two ways this can be achieved.
Real data contract is created and maintained by the data provider, while a deposit is paid for its data.
BUMO is built on a new set of algorithm called DPoS+PBFT, A new algorithm for dynamic validator election.This new algorithm works better in terms of transaction capacity, scalability and security and differs from the conventional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance). In order words, malwares are prevented in the system.
The penalty mechanism is designed for potential malicious users. For example, users have to attach a certain number of assets to a margin account, and peradventure they are proved to be malicious, these deposits will be restricted.
BU Tokeconomics works on the principle of incentives
The blockchain resources are divided into two parts:
First, storage and network fee, related to the type of transaction and size of storage; Second, calculation fee, free allocation of a certain amount of calculation according to the BU weight held.
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. BUMO network allocates time to lexecute smart contracts based on the number of BU. The more BU held, the longer the execution time.
The validator node contributes to the operation of the blockchain network, so GAS is awarded to the validator node. As for allocation, average allocation comes first, and the balance is modulo allocated according to the number of validator nodes and block height.
Nobody especially large enterprises would want to accept slower and smaller dApps simply because it’s on the blockchain. There is a need for fast, safe and a scalable block chain. BUMOeliminates this through it’s scalable, safe and higher transaction throughput algorithm called DPoS+PBFT.Also imagine going to a store to buy groceries and for each customer to be served, the store staff must hold a meeting to decide who attends to that particular customer at the pay desk. Maybe you’ll get attended to eventually but this won’t be fast as you’d wish. Well, this is a good similitude of what happens in the blockchain consensus models(PoW, PoS, etc). Transactions are grouped in blocks before being ‘written' on the chain. It takes about one minute to mine blocks, that is, validate transactions in a block and this primarily causes the slow speed of the blockchain.
BUMO eliminates this through the dynamic validator nodes election consensus enabled by DPoS+PBFT algorithm.
Bu-token is an encrypted digital token of Bumo mainly used for transaction among participants in the chain and it's value is based on:
There are several ways of acquiring BU-token and they are as follows :
the purpose of this foundation is to meet international positioning and standard governance. The governing bodies of this foundation are board of directors and work group and are responsible for the administrative, technical, operational management and other functions. All this will help facilitate the construction and progress of Bumo network through formulating a good governance structure and manage matters related to open source community.
This involves: technical working group, operational working group, management working group, project team and asset working group.
The BU-token holder is a chain owner of the Bumo network and is necessary to pay a certain amount of Gas as the fee which are stored in the blockchain and a set of gas adjustment algorithm is used to generate new gas parameters by the community through voting based on the current network development.
The foundation of bumo is responsible for organizing the team to promote and develop the project as an independent legal entity. Donations are accepted but are followed in accordance of the local laws. This donated funds are handed over to the BU token. Funds acquired from donations can be used to community construction, market promotion, business corporations etc. There are no restrictions from competent authority on Bumo public chain around the world.
Every white paper In any token launch is subject to change and there is every possibility that there will be adjustment from time to time as the project progress. But before any adjustments is done, a notice will be related to participants of Bumo on the website.
Dave has an small scale firm that specializes in accounting.
This firm has grown beyond what he expected, having to deal with more data, Dave has decided to use the blockchain technology platform to analyze the data and balance their accounts, but He 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, Dave 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. Dave is relief, relax, and happy that she can integrate BUMO quickly and easily with almost no cost, while bringing scalability and performance enhancements to his firm.
BUMO Website
BUMO Whitepaper
BUMO Technical Paper
BUMO Telegram
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
BUMO Wallet
Twitter link
https://mobile.twitter.com/SbamsonTammy/status/1052729554094174208
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