BUMO The Ubiquitous Trust Network,Is building a blockchain infrastructure with the aim of making the world more open and connected by creating the environment to enable the tokenization of assets to enable the flow of these assets freely just like the information flow across the globe through the internet presently
It is able to achieve this through its technology by providing the mechanism for every asset to be tokenized, be it Loyalty Points, Game Points, Insurance, Financial Assets, or even some Fixed Assets or Reality Assets, this helps to broaden the scope of these assets enabling there value to be circulated across the globe.
INTRODUCTION
Since the invention of the blockchain technology in 2008 by the unknown person or people Satoshi Nakamoto to serve as the public transaction ledger of the cryptocurrency bitcoin,
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It has evolved into something greater, it has created a new type of internet by allowing digital information to be distributed but not copied. It has grown to attract worldwide attention making people to have the believe that the blockchain technology will make life much better. however, there are still some bottlenecks that are needed to be broken through
The current blockchains and their bottlenecks
- Performance Problem:
blockchain platforms like Bitcoin and Ethereum can handle only a few transactions per seconds reulting to a low transaction speed - Energyc consumption problem:
For the current blockchain technologies such as the Bitcoin platform, winning mine blocks is energy consuming as miners are required to solve encrypted collision through competition. - Application threshold at present:
It is also difficult to meet up with the growing need in the business application,since the technical requirements are not easily achieved and the integration is not quite easy making only few developers to be available. - Value isolation island:
The blockchain technology at present is is relatively closed in terms of asset value circulation since the application to some platforms is still isolated
BUMO The new blockchain technology
As mentioned earlier BUMO aims to create a new generation of value circulated Ubiquitous trust network that allows value to flow freely like information.
To achieve this, the platform has been built with well defined components
- Network composition
The BUMO network is completely open and links the physical world to the blockchain digital world, and any device can join the network as a node making it to be able to realize the network maintenance, application development value circulation jointly
BUMO’s physical composition involves the following content:
- 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.
- Incentive System
-The BU-Token (“BU”) denominates the “gas” costs of the BUMO Network.
These costs are comprised of:
(i) Storage and network fee – based on type of transaction and its size
(ii) Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
Gas rewards are delivered to validator nodes as explained above. These rewards are continuously adjusted through voting by the participants on the network via a separate mechanism called the GAS adjustment algorithm.
- Smart Contract
BuVM (BUMO Virtual Machine) is the environment in which BUMO's smart contracts are executed. BuVM has numerous templates that allow users without any development background to create high level applications.
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BuContract is a means of allowing BUMO smart contracts to be deployed in common programming languages such as Javascript. 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
With these points the application threshold will be easier as ore developers will get involved as the technical requirements for the development and integration are made quite easy and straight forward.
BU Token
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 BUMOcommunity 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
- Other ways...
Use Cases
Application - Home security network systems:
The home security network systems are usually designed in such a way that there is a central system with distribute network of other devices cover various homes and the home security can be activated and monitored via smart devices such as smart phones, tablets and laptops and even wearables . BUMO can be applied in such scenarios to enable a well coordinated and fast flow of the network data across various homes and devices especially when the network starts growing.
David is the general manager of a well know Home security agency ABC, He realized that the home network has grown to a very large scale and it is gradually affecting the entire system performance and speed due to the number of homes and devices Added on a daily basis, most of the clients have also started complaining as the response time was getting a bit slower as the required time causing security Threats.
David has come to the conclusion that if this is nor taken care of they will start losing their clients, As a result he decided to look for an alternative, during this search he decided to try the blockchain technology, but he again taught of the bottlenecks of the current blockchain technology, However on doing more research he realized that the BUMO blockchain had a different approach which fits in to his organization exactly. Ii uses existing devices as nodes, with ease of development as there are existing templates in the BuVM!. and also with a response time of about 0,000 transactions per second. David realized that BUMO technology is the best option for his organization.
David decided to try the BUMO platform, and he could almost achieve the integration at no cost since the system is already built of existing devices which will serve as not and he was also able to achieve a faster response time leading to a high growth in the system performance and the organization as a whole and now both David,his organization ABC and the clients are even happier.
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Get to know more about BUMO
- BUMO Website
- BUMO WhitePaper
- BUMO TechnicalPaper
- BUMO Telegram
- BUMO Weibo
- BUMO Reddit
- BUMO Facebook
- BUMO Twitter
- BUMO Github
- BUMO Wallet
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