WHAT IS BUMO - The Ubiquitous Trust Network
The discovery of internet has brought about positive changes in different aspect the world, especially when it comes to transferring of information. Blockchain technology is the present rave in the world and it solves a whole of key problems in the society - Centralization of Assets. Blockchain technology consists of numerous participating nodes and it is necessary to maintain a dynamic connection relationship. Also, blockchain employs tamper- proof cryptographic books which allows owner's public key to be an account identification and so only users will private keys can authorize transfer of assets.
The future of blockchain technology is glaring as it is already in use and promises a greater impact positively in financial sector at a lower costs.
By 2021, at least 20% of the China's top 1,000 companies will use blockchain service as the basis of digital trust; By 2020, 20% of banks, 30% of supply chains and 10% of healthcare institutions will use blockchain network in production.
[Source](Bumo Whitepaper)
BUMO is a project that focuses on creating a trust network as freely as information, utilizing smart devices. Bumo aims to create a new generation of value-circulated ubiquitous trust network that will facilitate the free movement of information. One of the feature of Bumo is to establish a wider trust in machine by connecting things based on IoT to create a solid trust basis for circulation of value with the main aim of making humans beneficiaries of asset digitization using intelligent protocol.
- Construction of Bumo:
Bumo was constructed based on two system: Ubiquitous Trust Network and Trustable Value Circulation System.
In ubiquitous trust network, when trust in blockchain network is based on ubiquitous "machine", the circulation of value is truly credible and efficient. Also, all users participate in the construction of the whole blockchain network.
The second system involves a trustable circulation system and it occurs after an ubiquitous trust network has been established, then the network's antenna and applications on the network will be ubiquitous.
Meaning of Ubiquitous Trust Network:
It is as straight forward as it sounds. Ubiquitous large scale network is formed from any device can join the network as a node, realizes network maintenance and application development. BUMO is an open network and its physical composition includes;
NODE: any smart device connected to the network with the characteristics of opening and autonomy.
CANDIDATE NODES: Qualified first N nodes are selected as candidate nodes but generally, every node can be used as a candidate nodes.
VALIDATOR NODES: The candidate nodes that pasess the becomes the validator node.
Ubiquitous trust value transfer is a global network enabling the tokenization of any assets.
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