The Blockchain Today and Why It Needs Improvement
The blockchain therefore possesses the inherent ability to foster digital trust through the trustless and transparent transfer of value between two parties using the instrumentality of a distributed ledger which is both transparent and unalterable. However, the blockchain as we have it today, as brilliant as it may seem falls drastically short of the ideal idea of a blockchain that can be seamlessly applied to large scale applications capable of revolutionizing the way we operate digitally thus making life relatively easier and better.
Perfection is nothing but an illusion, it needs to be pursued, to be sought after. However, when something is thought to have reached the prized perfection, a possible improvement shows up itself, yet another perfection to be pursued. The blockchain's story is no different. It might seem the perfection we sought, however, the blockchain is currently plagued by the following imperfections to be perfected:
Fast is always best. Unfortunately the blockchain as we have it today is not one of the fastest things one can think of. Atleast not fast enough to handle thousands of transactions per second effortlessly which it must do in order to gain widespread application in various processes which have commercial impact. Closely related to this lack of adequate transaction speeds is the inability to handle a high number of transactions thus the lack of scalability. In December 2017, the whole Ethereum blockchain was rendered useless by the Cryptokitties, a blockchain game which had garnered "too many" users.
The blockchain as exemplified by Bitcoin requires a huge amount of energy to operate as a result of mining. Apart from the availability of such amount of power for mining, the high levels of energy consumption allows for the centralization of control in a few entities (in our case then Chinese).
The application of the blockchain at a commercial scale requires a huge amount of technical know how and a lot of engineering because of the complexities of the application of the blockchain. This low application threshold therefore keeps many away from leveraging the advantages of the blockchain technology, this obstacle very much needs to be removed in order to ensure the emergence of an ideal blockchain ready to be deployed at a commercial scale.
The hallmark of an ideal blockchain is the achievement of the free flow of value, however, the application of the blockchain accross different platforms is very much isolated closing off the value system and economic circulation. The value of assets are therefore ultimately limited by a lack of liquidity of digital assets hence they are also enclosed within a closed business environment where there is no free flow of value.
Problems exist to be solved. The problems and limitations of our blockchain as we have it today is efficiently solved by BUMO.
Understanding the Necessity for the Secure And Efficient Transfer of Value
Human civilization from time immemorial has been propelled forward through the transfer of value between entities and organizations which enables developmental and commercial activities to thrive. In today’s word, the blockchain provides a formidable platform for the efficient transfer of value between one point and the other. However, while the efficient and easy transfer of information has been achieved, the transfer of value between one point and the other without a central authority still remains a big challenge even the blockchain is yet to solve.
But not any longer, BUMO, a commercial grade public blockchain promises to open the doors of efficient value transfer and delivery unto mankind hence the importance of efficient value delivery is core and an essential ingredient for the commercialization of the blockchain and and the achievement of its real capabilities.
What is BUMO and Why It is the Blockchain of the Future
BUMO is very much a next-generation, commercial grade public blockchain that is built to enable ubiquitous and trusted value transfer which other blockchains always lacked. It features a decentralized application ecosystem which is built to foster digital trust through trustless transactions, enable the free flow of value and develop public sharing apps. BUMO provides for the efficient and credible circulation of value through its ubiquitous nature, by this it means that the BUMO network is comprised by inter connected devices the world over. This arrangement puts digital power with the users whereas the blockchain of today does not allow for this. The BUMO network is open, fair and autonomous. It allows for any device from absolutely anywhere to join its network as a node to form a network that is virtually omnipresent, everywhere or simply ubiquitous.
The devices which act as nodes in the BUMO network can act as one of the following which physically comprise the BUMO network:
Any intelligent device which joins the BUMO network does so as a node. Such a device once connected as a node to the BUMO network would have the characteristics of being both autonomous and open or transparent. All devices therefore first of all must join the network as nodes.
A device which is a node on the BUMO network can apply and be chosen to become a candidate node. Nodes are chosen to become candidate nodes based on their network scale and performance requirements. The first nodes who apply and are qualified are chosen as candidate nodes.
Validator nodes are those nodes which are responsible for network accounting as well as the reach of consensus. They are elected via lottery from the candidate nodes. Validator nodes share the proceeds of transaction costs on the BUMO network.
There has been an explosion of smart and intelligent devices in recent times. BUMO gives these devices the opportunity to join its network as nodes in order to create value. No doubt millions of devices will join the network. A quick perk is that as more devices join the BUMO network, the more ubiquitous it becomes, the more it makes interconnection of devices across the digital space possible and the more digital trust is built as the network also becomes more open and autonomous. In every regard therefore, BUMO is truly the blockchain for the future, the blockchain ready to change the world as blockchains should really do. A blockchain unmatched.
The BU Firework and How it Solves Scalability, Security and Performance Concerns In Implementing Blockchain Technology.
Blockchains today make use of Proof-of-Work, Proof-of-Stake or some other consensus models which ultimately lack the ability to scale to or handle high number of transactions. Such consensus models also do not guarantee security nor do they guarantee the performance needed for the implementation of blockchain technology in large scale operations by various institutions.
With BUMO however, the story changes. BUMO utilizes a consensus model known as the BU Firework. The BU Firework consensus model is radically different from Proof-of-Stake and other consensus models of currently existing blockchains. The BU Firework utilizes an algorithm which guarantees the ability to handle higher number of transactions thus scalability and also ensures security. In the BU Firework, nodes elect candidate nodes. Candidate nodes can become validator nodes which are responsible for coming to a consensus and validation of blocks through an asynchronous BFT algorithm. As concerns security, when a validator node is found to be malicious, the deposit managed by it is removed and forfeited from the set of validator nodes in order to prevent a nothing-at-stake attack. Long-Range-Attacks are also prevented by the validator nodes entering a deposit freeze stage when redeeming deposit in order to prevent a malicious validator node from initiating a malicious attack.
BUMO's ability to solve the scalability, security and performance concerns of implementing blockchain technology through its BU Firework Consensus Model means so much hence large enterprises can finally, through BUMO implement the blockchain in large scale applications and so bring forth the true power of the blockchain and its inherent ability to transform digital interaction in all forms.
The BUMO (BU) Contract And Its Role In Lowering Blockchain Application Threshold.
Development within the current blockchain space is highly complex and requires a lot of technical knowledge and experience. The BU contract will lower this high application threshold by simplifying the development of Smart Contracts, such that even with little knowledge of blockchain development, developers can still bring their ideas to fruition. The BU Contract customizes the reading and writing of smart contracts which are to be used by blockchain applications. The BUMO contract also consists of the BUMO Virtual Machine (BuVM) which provides the environment for the execution of smart contracts and combines as an intelligent control logic for the application layer.
The BU Contract specifically lowers the application threshold of the blockchain by bringing smart contract development to the ordinary developer through the support of Java Script as a smart contract development language. Java Script is quite cheaper to learn and is one of the most popular languages of the web, developing smart contracts in JS would mean smart contract development being open to a vast majority of developers. In addition the BU Contract features templates for different smart contract use cases such that developers would only need to change the parameters and have for themselves a functioning smart contract. Blockchain made is easy!
The BUMO (BU) Canal And BUMO (BU) Orbits: Cross-Chain Inter Operability for Connectivity Between Blockchains.
Blockchains as they exist today are closed off from each other and thus limits or makes impossible the exchange of value between different chains. This lack of interoperability between different chains results in them being value islands and the limiting of such blockchains to the scales of their consensus nodes, a situation which is ultimately not in the best interest of the demands of business diversity.
The BU Canal's aim is to realize a scalable solution that would ensure interoperability among different blockchains and thus enable the free flow of value between the chains. The BUMO Canal has the advantages of connecting different blockchains of different architecture and enabling the free flow of value between different blockchains. The BU Orbits on the other hand enables cross-chain contract service and eliminates the lack of efficiency of single chain networks and enable cross chain interoperability to meet the demands of business diversity. The connection of different blockchains by the BU Canal and BU orbits would also enable the free flow of value and so bring to an end the era of value island blockchains.
BUMO And How It Creates Real Value Through Connection For the Internet of Things
Our world of the 21st century is being taken over by intelligent devices which has led to the creation of what is referred to as the Internet of Things (IoT), their explosion is only predicted to continue in an upward trend. However, today the value of devices of the IoT is simply because they are connected to a network and therefore, there is no traditional ability for these IoT devices to create value. BUMO through its integration and connectivity of millions of devices would enable the transformation of value delivery in the IoT and would also build an IoT value network through decentralization of value delivery and transfer.
BUMO also through the instrumentality of its blockchain would ensure the scaling of the potentials of the IoT even to produce commercial value as never experienced before. BUMO's integration of blockchain tech with the IoT of ecosystem enables the cost effective and efficient formation of an IoT value network. All thanks to BUMO!
The BU Token, The Provision of an Incentive System and Its Place in the BUMO Network.
The BU Token (or simply the BU) is the native token of the BUMO network. It is central and instrumental to the functioning of the entire BUMO ecosystem. The BU is responsible for all transactions as well the characterization and measurement of all economic activities on the BUMO network. The value of the BU is based on the quantity of the BU token consumed as fuel in the application of the BUMO network and the amount of BU being held by the ecosystem participants.
The BU Token also serves as an incentive as it is offered as reward to validator nodes for each transaction they process. It is also the fuel for the execution of intelligent smart contracts on the BUMO network and also serves as a community incentive. The BU can be acquired through transfer between user accounts, as reward, exchanging the BU with ETH and a plethora of other ways.
Applications And Use Cases
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| Scalability, Security and High Performance Blockchain For Large Enterprises | All Savers Bank is one of the largest banks in the republic of Wakanda with millions of transactions being carried out by customers everyday and thousands per minute. All Savers Bank Ltd had always wanted to implement the blockchain technology in their banking business. However, existing blockchains though were supposed to revolutionize activities like banking could not just handle transactions of a large enterprise like All Savers, moreover, security was not very guanranteed. However, with BUMO, All Savers Bank has finally being able to implement the blockchain without the least of worries for scalability, security and performance because they are all guaranteed. |
| Lowering the Application Threshold of Blockchain Technology | All Stars Inc are a small scale Finance Advice Company. They wanted to leverage the advantages that can be afforded them by the blockchain, however the large amount of engineering that was needed to develop blockchain applications as regards their business and the fact that their development team lacked such rare expertise has kept them away from what they know would revamp their business. However, with BUMO's Bu Contract, All Stars Inc has been finally able to enter blockchain space through easy development and application of blockchain technology. |
Conclusion
The BUMO network as explained above is one that is ground breaking in terms of blockchain technology. It effectively and efficiently solves the problems of the blockchain which hinder large scale application as currently experienced in today's blockchains. It solves the performance problems of the blockchain and the lack of scalability through its own consensus model known as the BU Firework. It also removes the technicalities of blockchain development through the instrumentality of the Bu Contract. Coming to the lack of free flow of value as well as blockchains being value islands, BUMO surmounts this obstacle through ensuring interoperability across different chains and the formation of an Intelligent IoT Value Chain. The end result of BUMO is therefore a blockchain network that is ready for large scale implementation by large institutions and finally makes for the human race to finally feel the impact of blockchain technology. Welcome to BUMO, Welcome to Blockchain Alpha!!
The Team
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