One can say BUMO is the next thing, and can define as a next-generation commercial-grade public Blockchain for ubiquitous and trusted value transfer, which is poised to build a decentralized application ecosystem featured with extensive digital trust, free-flowing value and public-sharing apps.
For those of us familiar with the crypto Ecosystem, I believe we are aware of the major challenges faced by the blockchain which are scalability and interoperability
The first problem, faced by the crypto ecosystem is
Scalability
The architecture of Crypto mammoths like Bitcoin and Ethereum was not designed to handle high mass adoption, and this is because of the number of transactions it can handle every given second. Which is the reason it takes a couple of minutes for bitcoin and Ethereum transaction to go through
Interoperability
The second challenge faced by the crypto ecosystem is Interoperability
There are about 2090 cryptocurrencies in the market, and there are several of them; bitcoin, litecoin, tether, Xrp and a host of others. The problem here is that all these tokens operate as independent entities, Bitcoin doesn’t know what’s going on in Cardano, and Steem doesn’t know what is happening with Xrp.
Crypto exchanges have cashed in majorly on this problem, mainly because they are the only available portals that connect all these 2090 crypto tokens that are currently traded in the market
And the power crypto exchanges have is a problem, because they are not decentralized, and are vulnerable to hacks, and blackout during systems upgrade, like what happened to Binance in February this year.
So, in order for blockchain to be widely adopted by the mainstream, there has to be interoperability
BUMO is a next-gen commercial public blockchain. The BUMO team is aiming to create a decentralized application ecosystem which will employ DPoS+BFT consensus algorithm for two-layer multiple chains, which is supposed to streamline transaction processing. BUMO is also planning to bridge different main chains through an inter-chain. The system will be able to connect both homogeneous and heterogeneous blockchains.
Use Case
A hospital which has its medical records on its blockchain interacting with the social security blockchain to validate the identity of a patient automatically. And other blockchain networks can have access to this data, hence interoperability.
