INTRODUCTION
When we think about the blockchain today, we think about everything that wasn’t formerly possible, but have been improved upon and made accessible to all, thanks to decentralization.
For the blockchain industry to take the next logical step, gaps that need filling have to be attended to.
BUMO seeks to address a number of these concerns, and ensure that users can gain even more value, and more progress can be gained in the market.
BUMO: UBIQUITOUS TRUST NETWORK
BUMO is a next generation public chain of commercial grade standard, which is solely vested in ubiquitous trusted value transfer that can be used to create decentralized solutions.
In order to assist users in creating such solutions, BUMO has ensured that users have access to ready to use templates, to create solutions that meet the needs of their customers/clients.
PHYSICAL COMPONENTS OF BUMO
NODE
Applying to become a node is open to almost anyone. They are smart devices that are connected to the network, and can function autonomously.
CANDIDATE NODE
Any node can apply to become a candidate node. Usually, the first N node is selected as the Candidate node.
VALIDATOR NODE
To become a validator node, candidate nodes have to win a lottery or election. This ensures that everyone has a chance, and the system is fair.
SMART CONTRACT
Smart contracts on BUMO are executed in BuVM (BUMO Virtul Machine). BuContract creates the possibility of smart contracts being deployed using everyday programming languages, such as Javascript, Python, C and C++. Other languages are supported, thanks to the WebAssembly components.
Cordinating data and communication with the physical world is possible, thanks to BuContract. This is possible via:
Creating a real data contract, and then this data is maintained by the data provider, nad a deposit is made, against violations.
Using oracle machine, (BuOracle, BUMO oracle) the contract ensures that it is informed of data needs, by using event trigger.
THE BUMO ADVANTAGE
INTELLIGENT IOT VALUE CHAIN**
Available estimates claim that there will be 45 billion smart (IoT) devices by the year, 2020. Creating value is only possible, when the device in question is a smart device.
The blockchain will function as a universal digital asset book, to ensure that all sorts of transactions are possible between IoT devices. BUMO hopes to build up the intelligent IoT value network, by ensuring the mode of transferring value is decentralized. In so doing, the cost involved will be lower.
FREE FLOW OF DIGITAL ASSET
Assets that are idle do not offer any value. But assets that flow freely are crucial. A world where digital assets can flow freely is the world BUMO envisions.
BUMO ensures that this world is a possibility by making sure that once a user has been identified as the owner of the private key of any digital asset, that user is free to share it across the blockchain.
USE CASE
Suopo is a research facility that works with organizations in the artificial intelligence industry.
The need to have a more robust environment to meet the needs of their clients has come up, and they have to decide on the public chain on which they need to host their services. Ethereum blockchain is not feasible to them, because transaction processing is too slow to meet their needs adequately.
A number of solutions are proposed, but they decide on BUMO, because of its ubiquitous trust network, and the ability to ensure that assets can be transferred across the blockchain, without being limited.
Suopo can meet the needs of their corporate clients, without the fear of slow transactions, and also fear of lapses in security.
BU TOKEN
Carrying out transactions on the network is made possible with the BU token. The Bu Token has multiple uses, and it is also used to effect intelligent contract fulfillment and also carry out settlements.
HOW TO GET BU
- By being a part of the early donation initiative, and sending in some ETH.
- Via ecological construction.
- By transferring BU from one account to another within the ecosystem.
- When functioning as a validator node, users will be able to gain BU.
BUMO's foundation will be tasked with managing the ecosystem, and may set up groups to oversee specific task in the future.
SUMMARY
Secure value transfer ensures that privacy of users is upheld, and data of their customers isn’t breached. Having better or the best services on offer will ensure that the ecosystem will grow, since the trust level of customer is high.
Security cannot be overemphasized, and this is a critical factor that people consider, when opting to use a solution such as this. Many solutions in traditional markets have proven to not be secure enough by users. When security is at its best, users can rest easy and go about their activities.
Data transfer speed is another critical reason, why many users do not have their businesses or a facet of their business on the blockchain. Data speed is important, and BUMO ensures that digital assets do not have to wait for hours or days, before they are moved from one location to another. This is a critical advantage BUMO has over other public chains.
Whether one is seeking options for an SME or a full fledged Fortune 500 company, BUMO has needs that caters to all, which ensures that users are never stuck in a service that is useless and pointless.
Not being restricted to only powerhouse computers to run nodes ensures that the network can grow very fast, to meet the needs of users, seeing more resources will be available to go round, as opposed to if the entry point was much higher.
Bumo WhitePaper
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