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The blockchain is at its early stage of development, but according to experts, it has gone past point of no return, it has come to stay because all efforts are centered towards mainstreaming it. The core component of any decentralized blockchain is consensus algorithm, it has multiplier effects on speed, security and adoption. Every year in the blockchain ecosystem, there is creation of new protocols and algorithm to improve on functionalities of incumbent ones. The evolution of consensus algorithm started from PoW (Proof of Work) which is synonymous with huge energy consumption and tendency to centralize a decentralized system. In the midst of this problem, there came PoS (Proof of Stake), Ethereum paved way for smart contract creation on the blockchain using archaic consensus, sacrificing decentralization for speed. Amidst all these challenges, blockchain has great impact on financial service and transaction cost reduction.
Currently, there is Bumo which will provide decentralization, without letting go of high speed and security.
Bumo is a versatile global value network that enables complex logic under various commercial and noncommercial environment, such as digital currency, trade finance, crowd funding, supply chain, tracking and traceability, etc.
What Made Bumo Outstanding In League of Other Public Blockchains
There is a huge focus on future value circulation network, Bumo blockchain through the mainchain and child chains will provide open, efficient and scalable underlying technical supports, and meet the needs of asset digitization and value circulation in industries such as finance, IoT and Social networking. Technically, platforms like steemit.com can be built on Bumo blockchain as a dApp (decentralized Application).
Also, digital assets, intelligent equipment, and users data will be connected, it will make people become real beneficiaries of asset digitization and blockchain new economy through digital transactions and intelligent protocols.
Unlike other blockchain that require services of expert to make use of Virtual Machine, Bumo is creating low entry barrier for all through provision of online editing and debugging tools that will help developer write and debug contracts effectively.
Smart Contract Development
In order to reduce threshold of smart contract development, BuContract brings the blockchain smart contract technology to ordinary developers, and support the use of JavaScript as the smart contract development language. Bumo Virtual Machine, codenamed as BuVM will equally and quickly support C, C++, Python and other popular development languages.
This is a blockchain that will be agnostic to development languages.
Secure Transfer of Value
Smart transfer of value is important for mass adoption of the blockchain, without it, no real world problem would be solved. Bumo will transform value delivery between devices of the IoT (Internet of Things), and build the intelligent IoT value network by decentralizing the value transfer at low cost.
Bumo realized inherent value of value transfer, it will enable devices to achieve self-management and self-maintenance, it will reduce maintenance cost of IoT devices by generating private keys for devices. This will ensure that user data will not be stolen by others, and the security of IoT is greatly improved.
Realistically, the IoT helps us to establish correspondence between real physical world and blockchain world.
How Bumo Will Solve Scalability, Security and Performance Problem
The second layer is child chain layer which contains multiple Isomorphic/Isomeric child chain, which is responsible for dealing with transactions, contracts and other data directly. Child chain has its own independent account system and tokens.
Bumo has created child chain with can work almost exactly like the mainchain, these children will ensure that high load is removed from the blockchain, and only tasks that cannot be handled like permanent record of transactions are seamlessly sent to the mainchain in real- time.
How Bumo Solved the Problem of Old Consensus
DPoS (Delegated Proof of Stakes) is known in the industry for speed and PBFT (Practical Byzantine Fault Tolerance) is known for performance and security. Both consensus algorithms will be combined to ensure that Bumo do not attain high performance at the expense of speed and security.
Importance of Security and Speed of Data
The internet has attained speed at which recipient can receive data almost as soon as it is been sent, but blockchain which is regarded as the future of the internet is yet to achieve similar speed. In the last few years, some cryptocurrencies like Verge and Bitcoin Gold have suffered severe attack by group of miners who have more than 50% hash power. The only solution to this problem is change of consensus algorithm, the use of DPoS ensure that nodes are run by witness or block producers as we have it on EOS, where no one is unnecessarily powerful than the other except they are voted for by the users as a result of their contribution to the entire Bumo blockchain ecosystem. DPoS encourages decentralization of power through a system that is similar to parliamentary system of governance. Currently, the fastest blockchain are the ones who make use of DPoS, examples are Bitshares, EOS and Steemit. Data is received as soon as they are sent out.
Bumo do not have single point of failure due to hierarchy of nodes, so the security of data is guaranteed.
My Opinion About Bumo
For More Information
Bumo is listed on the following exchanges;
- Gate.io
- Hitbtc
- Bitforex
- Bibox
- Hotbit
- Kucoin
- Coinbene
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