A good Internet speed is relative to the specific user in need of a reliable Internet connection. Before determining the best Internet speeds for you, ask yourself the following questions:

Why will you use the Internet – for recreational activities or business projects? What are the intended reasons of your hourly, daily or monthly Internet usage? Are you streaming high-definition videos or downloading high-resolution photos? Do you prefer to chat with friends, use social networking, or casually surf the Internet?

No matter what the activities of your household may be, it is recommended that you pursue an Internet plan or service that can successfully meet your unique needs. Certain household and handheld devices or mobile applications may require high-speed Internet to perform best. Perhaps you want consistently fast speeds, even during peak hours of Internet usage. Take all of these factors into consideration when selecting an Internet service plan. Everything we do everyday is to find a way to create value to ourselves.

2.1 PROBLEM DEFINITION

How fast and how well would you want to transfer value?

The internet has over the years, made the transfer of information to be almost instantaneously at a very low cost for the senders as well as the receivers. Yet, is it still impossible to realize the point-to-point value transfer and delivery because the system created depends on a central authority to undertake the accounting function, the reason being that the value transmission needs to guarantee the uniqueness of ownership and the central authority needs to ensure the transfer goes through which is different from the replicability of information.

But what if there could be a network that provides reliable accounting function then the transfer of value won’t have to depend on central authorities but conduct point-to-point value transfer directly…right?
Yes. The blockchain enables trustless value exchange and even at a cheaper rate. Blockchain enables trustless non-intermediary value transfers through smart contracts. Until now, trading or exchanging these assets has required an escrows or intermediaries such as a digital or physical marketplace, maybe a bank or third-party booking service like Airbnb. But now, the Blockchain technology allows assets to be transferred from one party directly to another, with no middleman whatsoever. The transfer is immediately made permanent, validated and completed. Lastly we could say that value will be able to move around the world as information does.

With the Internet of Value driven by the blockchain, a digital trust is created between transaction participants. Value transaction such as a foreign currency payment, can happen instantly without intermediaries and with no need for trusts, just as how people have been sharing words, images and videos online for years. And amazingly, it’s not just money.

The Internet of Value will enable the exchange of any asset that is of value to someone, including scientific research records, intellectual properties, votes, stocks, frequent flyer points, securities, graphics and the list goes on.
We’re already seeing significant applications of digital trusts created by the blockchain in the real world of Internet of Value as Peach Aviation, a Japanese airline has become the third commercial airline to accept cryptocurrency payments..

Yet despite all these glamorous prospects and features, some limitations hinders the blockchain from providing an value-circulated ever-present trust network.

Let's Take a look at these limitations.....

Bitcoin can only process about seven transactions per second while the notable birth of the crypto game Crypto Kittens paralyzed the Ethereum platform due to lack of processing capabilities as it ran out power caused by increase in usage. Thus, it can’t effectively and efficiently applied in a real world economy.

Yet, in the process of mining to unlock new coins and keep the blockchain safe, it is estimated that Bitcoin alone guzzles about as much electricity annually as all of Nigeria in as much as Ethereum gulps electrons too, as do most other cryptocurrencies. Now to cut energy cost, miners run to places like China where electricity is cheap for mining and this causes centralization of mining which in a scenario of Government interference, the Blockchain will lose it’s distinctive decentralized feature.

Hence the decentralized ledger that creates the foundation of the blockchain keeps getting bigger with every block added to the chain, scalability is an inevitable challenge the blockchain must confront. Then, mass adoption won’t happen if these blockchains can’t scale, because nobody will accept slower or smaller applications than they’re used to just for the sake of decentralization.

Then lastly, lack of liquidity causes digital assets on blockchain platforms to be isolated from each other, thereby reducing value circulation while adversely increasing cost of obtaining them. Therefore, this severely limits the value of assets.

The biggest features of distributed business model driven by the blockchain are:

1. The basic technology architecture is embodied in the distributed network structure, and the relevant participants are in the point-to-point peering relationship but not subordinate to each other.
2. The value creation mechanism is embodied in the zero marginal cost under the digital rule.
3. The value growth mechanism is embodied in "Moore's law", that is, once crossing the inflection point, exponential growth will be realized immediately.
4. The organizational mechanism is embodied in taking the community autonomy, platform organization and ecosystem as the operation architecture.
5. Cooperation mechanism is embodied in depending on consensus rather than instructions.
6. The incentive mechanism is embodied in the internet thinking of "Wool from the sheep";
7. The mechanism of benefit distribution is embodied in common sharing, separate sharing and shared by others.

2.3 OTHER AFFILIATED PROBLEMS IN THE BLOCKCHAIN

As the core technology of the value internet, blockchain is attracting worldwide attention.
People expect that the commercial ecology of blockchain will make life better. However, there are still many bottlenecks in the current blockchain network to be broken through:

(1) Performance problem. The blockchain platform represented by Bitcoin and
Ethereum can handle only a few or dozens of transactions per second. Not long ago, a cat raising game results in the paralysis of Ethereum due to the sudden increase in transaction volume, which is far from meeting the demand for transaction volume in the real commercial economy. The bottleneck of the serious shortage of transaction processing capability becomes a major obstacle for the commercialization of blockchain technology.

(2) Energy consumption problem. For the blockchain platform represented by Bitcoin, miners need to solve an encrypted collision through competition, and the winning miners can get the next block accounting rights and win block awards. However, this mechanism may lead to extremely high energy consumption and even the centralization of mining, i.e., the computational power is concentrated in a few large entities.

(3) Application threshold At present, it is difficult to meet the rapid development needs of business application due to the large development engineering amount and high professional technical requirement during development application of blockchain. In the follow-up promotion of the application, these platforms are difficult to integrate a large number of blockchain users and provide flow support for the application, and the promotion cost remains high.

(4) Value isolated island. Currently, the application of blockchain on different platforms is still in an isolated state, the value system and economic circulation are relatively closed, and the digital assets are lack of liquidity. The lack of liquidity not only restricts the flow channel, increases the cost of customer obtaining, but also enables the service and digital assets in the application to be in a closed business environment. All kinds of applications form a value isolated island with each other, which severely limits the value of assets and value-added space.

3 – BUMO

Defining BUMO

BUMO aims at establishing a blockchain network ecology of wide ubiquitous digital trust, asset free circulation and common share application. It Focuses on the future of value circulation network, hereby providing an open, efficient and scalable underlying technical support, and meet the needs of asset digitization and value circulation in various industries such as finance, Internet of Things and social networking. Establish wider "machine" trust through the interconnection of all things according to the Internet of Things, and create a solid trust basis for value circulation; connect digital assets, intelligent equipment and user data organically, and make people become the real beneficiaries of asset digitization and blockchain new economy through digital transactions and intelligent protocol.

3.3.1 – BUMO's goal / vision

To Create a new generation of value-circulated Ubiquitous Trust Network that allows "value" to flow freely like "information".

The Construction of BUMO

First, ubiquitous trust network. When trust in blockchain networks is based on ubiquitous "machine", the value circulation is truly credible and efficient. Digital power belongs to the users and let the users truly master their digital ownership, which means that all users participate in the construction of the whole blockchain network. To build the ubiquitous trust network through universal participation, interconnection of all things and democratic consensus.
Second, trustable value circulation system. The connection between "machine" and "machine" is also a bridge between the virtual world and the real world. When such a ubiquitous trust system is established, the network's antennas and the applications on the network will be ubiquitous. Value will flow freely in this ubiquitous trust network and form a credible value circulation system.

3.5.3 – Differences Between BUMO and other Public chain

1- Allow tokenization of any asset: What does this mean? That any asset that the user possesses can transform a token, this includes fixed assets, loyalty points, Financial Assets, etc.

2- It allows the user to integrate into the project in an easy way: BUMO allows the user to obtain easy access to this world, it is known that one of the limitations of the companies to implement this new technology is the rigorous steps to follow for its implementation, but With BUMO you are offered the creation of applications for the development of them.

3- Blockchains and their bottlenecks: BUMO has a transaction speed above the other blockchains. The transactions of bitcoin, Ethereum,

4 – Trust Network

BUMO network is a completely open and autonomous and seamlessly links the physical world with the blockchain digital world. Any device can join the network as a node, realizes network maintenance, application development and value circulation jointly and forms a ubiquitous large-scale networking.

4.1 – The world of Networking

The aim of networking is to make the unknown known, networking makes the world a more open place, networking turns idle resources to maximum capacity resources.

More user equipment can participate in the construction of trust network directly, so that the network becomes more open and autonomous; on the other hand, these smart devices can create value, there is a strong demand for value delivery or interconnection between different smart devices, and the formation of BUMO network will be the key infrastructure to meet this demand.
BUMO has keyed into this era of networking and here are the main physical contents of Bumo:

(1) Node: any intelligent device or terminal jointed the network is one of the components, and it has the characteristics of opening and autonomy.

(2) Candidate node: all nodes can apply to be candidate nodes. Generally speaking, qualified first N nodes are selected as the candidate nodes, the candidate who has passed the election/lottery becomes the validator node, and N can be determined according to the network scale and performance requirements.

(3) Validator node: it is selected through election/lottery of candidate nodes, reaches the consensus block through algorithm, is responsible for whole network accounting and resource dispatching and obtains the rewards of network transaction costs.

4.2 – Different Mechanisms

THE CONSENSUS MECHANISM

I would prefer using BU Firework algorithm which is a new algorithm for dynamic validator election, which is quite different from the traditional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance). And here’s my reason:

It’s a new algorithm also known as "DPoS+PBFT" and can achieve higher transaction throughput, scalability and security. With these qualities you are safe compared to POS.

With the Consensus mechanism, malicious attack on a system can be prevented.
The penalty mechanism is designed for potential malicious users. For example, users have to "bind" a certain number of assets to a margin account, and if they are proved to be malicious, these deposits will be withdrawn.

THE INCENTIVE MECHANISM

BU Tokeconomics works on the principle of incentives
The blockchain resources are divided into two parts:
First, storage and network fee, related to the type of transaction and size of storage; Second, calculation fee, free allocation of a certain amount of calculation according to the BU weight held.
BUMO network allocates time to execute smart contracts based on the number of BU. The more BU held, the longer the execution time.

GAS allocation mechanism

The validator node contributes to the operation of the blockchain network, so GAS is awarded to the validator node. As for allocation, average allocation comes first, and the balance is modulo allocated according to the number of validator nodes and block height.
The calculation formula is shown as follows:
Average cost incentive = total cost / number of validators;
Remaining cost incentive = total cost - average cost * number of validators; Random index = block height % number of validators.

GAS adjustment algorithm

GAS related parameters are stored on the blockchain, and a set of GAS adjustment algorithms is used to generate new GAS parameters by the community through voting based on the current network development. The algorithm provides the following operations:

(1) Registration fee standard: register a certain type of fee for the validators to vote.
(2) Fee standard for registration cancellation: revocation of the registered fee standard must be revoked by the registrant, and if the fee has been incurred or revoked, the revocation is invalid.
(3) Voting: the validator votes the fee standard, and when votes reach the preset threshold, the fee standard wins. Then the relevant voting data are deleted, the threshold is set up as 80% of the total number of validators, and the validator is not allowed to vote many times for the same registered fee.
(4) Withdrawal of vote: The registrant may withdraw the vote.

4.3 – Eco-friendly Smart contracts

The smart contract is an executable Turing complete script on the blockchain, which has its own storage resources. After the contract is triggered through transaction, the contract engine allocates CPU and memory resources to run the contract, thus accomplishing the business logic. Unlike traditional programs, smart contracts need to satisfy two characteristics: one is that they can stop and the program must be able to end in a limited time, which requires the engine to measure the executable time of the contract; second, certainty. The same input must generate the corresponding output, which requires the removal of all uncertainties.

With BuContract (BUMO Contract) developers can customize the reading and writing of smart contracts to be used by upper applications, and the underlying account provides the ability for smart contracts to access data on the chain: global state, block data, etc. At the same time, it also operates unique data storage areas and initiates contract transactions to interact with other contracts.

BUMO Virtual Machine

In all smart contract applications there is an environment and BUMO has invented the BUMO Virtual Machine BuVM is the execution environment of smart contracts, which provides the intelligent control logic for the application layer, combines with the upper high-level language parsing and transformation, and flexibly supports the basic application of virtual machine; it realizes external interface of virtual machine through customized API operation, and can flexibly interact with book and external data.

BuContract brings the blockchain smart contract technology to ordinary developers, and supports the use of JavaScript as the smart contract development language, which is one of the most popular development languages in the world; based on the open source Google Chrome V8 engine, this reduces the threshold of smart contract development.

BuContract will provide contract templates according to different industry classifications, such as the offering of digital assets, so that developers can quickly and safely realize contract functions by simply modifying the parameters. BuContract will provide online editing and debugging tools to help developers write and debug contracts efficiently.

Cross-chain interoperability

BUMO proposes two blockchain cross-chain transaction architectures - isomorphic
InterChains (BU Orbits) and isomeric InterChains (BU Canal), which has realized the connectivity between independent blockchains and ensured the validity of cross-chain transactions and the security of user privacy data.

4.4 – Transfer of Value

So why is safe transfer of value so important?
The securities transferred through BUMO are assets of the company, for this reason, the security granted to the transactions of said assets is of the utmost importance.
In a digital world, how important is the security and speed of the data?
The importance lies in its performance and security, more data flow generates growth. This is a support supported by the system of BUMO presents greater security and reliability to the user.

5 – BUMO Token

BU-Token (referred to as "BU") is a built-in native encrypted digital token used to characterize and measure digital economic activities on BUMO. As the transaction or smart contract initiated by the user will occupy the resources of the blockchain network, it is necessary to pay a certain amount of GAS as the fee, which will be measured by BU.

BUMO Trustable service architecture
In the future world of digital economy, the demands for transactions between machines will be increased dramatically, and automatic transactions between systems will create a huge global business network, and this extremely large transaction network has requirements for the transaction speed, transaction throughput, transaction cost, etc. If the transaction speed is slow, the transaction throughput is low or the transaction cost is high, it will not be able to be implemented in the entire business network.

5.2 – Free flow of digital assets

Static assets are a pool of stagnant water, while fast-flowing assets are more vital.
Recording digital assets is not the ultimate goal. It is the world that BUMO wants to construct in which digital assets are allowed to flow freely and gain new business value.
In the traditional mode, the flow range of digital assets can only be confined to users of the assets system (including the channel system agent), because the whole flow process must depend on the assets ownership accounting function in the assets system. In the BUMO mode, once digital assets are registered on a blockchain network, the user holding the corresponding private key is the owner of assets and can freely transfer digital assets all over the blockchain network, because the accounting of assets ownership in the flow process is realized by the blockchain network, and assets ownership can neither be more nor less in the flow process, nor can it be forged or tampered with. This cross-domain circulation ability will bring the brand-new value to digital assets.

5.3 – Intelligent IOT value Chain

The future trend of Internet of Things (IoT) will be wide application, many types, large scale, rapid development and a great impact on global industries. IDC predicts that the total number of IoT devices will continue to increase by 15% to 20% in the next few years.
The total number of IoT devices will reach 45 billion units by 2020.

BUMO experienced thinking about the question of equipment creating value and began to build. A key difference between intelligent devices and non-intelligent devices is that intelligent devices themselves can create value (including data value, etc.). When devices can compete and trade in real time, they will create flowing markets from the physical world. In the Internet of Things made up of tens of billions of devices, "value connection" and "data intelligence" will be the means to produce better products and experience.
In the intelligent Internet of Things value chain of BUMO, blockchain will act as a universal digital book to facilitate the different types of transactions between IoT devices.

6 – Applications and Use Cases

Mary had always wanted to build her flights, reservations, tourist and hotel booking company named AirikWays on the blockchain but she is discouraged by the slow speed at which transactions are processed on the blockchain compared with the magnitude of what she wants to achieve. However , she would also need to connect regular customers luggage to the Internet of Things so as to help his company automatically book flights for such customers according to certain weights of their luggage and the airline charging fee. She is then introduced to BUMO by her friend. He then explain to her that On BUMO, she can easily launch her company application without the need of a developer while also having secured and fast transactions on her company dApp, and also reduce the cost of what she might have spent on building a site, this would also give her the opportunity to tell her friends about this new technology thereby making Bumo popular.

6.1 - ADVANTAGES OF BUMO

BUMO has an asset free circulation

There is a common share of applications

BUMO provides efficient, open and scalable underlying technical support

BUMO meets the need of asset digitization

BUMO is diversified like value creation in various industries eg. Finance, IOT, social networking.

BUMO is bent on establishing a solid trust

BUMO is also connecting digital assets, establishing intelligent equipment, and user data organically.

BUMO is also making people beneficiaries of asset digitalization and blockchain new economy through digital transactions and intelligent protocol.

6.2 – Other Applications

Diversified Dapp applications.

Do you know that Decentralized Application (Dapp) to the blockchain is like APP to the mobile Internet? It is the most intuitive understanding of the blockchain by ordinary users and the value support of the blockchain network. Only when more Dapp applications join the network to accumulate more values, can a new generation of value mobile network be formed.
In order to expand value flow base, Because of this Bumo is expanding application boundary of the blockchain, providing standardized protocol specifications, attracting more Dapp applications to join the network, finally building a rich blockchain ecosystem and making usability of the entire blockchain industry to move forward.
BUMO is implemented through good design principles and design strategies to support Dapp access in different industries (e.g. finance, gaming, social, and Internet of Things etc.). The practicality and reliability of the technology can ensure fast and efficient Dapp access and greatly reduce development costs.
Token, as a way of defining value in the blockchain, facilitates Dapp to calibrate digital asset and asset circulation. BUMO supports issuance and circulation of Tokens. At the same time, all Tokens use a unified standard, thereby exchange between Token and intercommunication between Dapp becomes easier.

6.2 – Applications for big companies

7 – Conclusion

BUMO network is an open and autonomous network that simply connects the physical world with the blockchain digital world. BUMO wants to construct a world where digital assets are allowed to flow freely and gain new business value. While doing this, BUMO has also introduced the the IoT into a beautiful new era of easy transfer of values and tokenization of assets. BUMO offers so many advantages over several other public blockchains and it is the first blockchain to interoperate the blockchain with the IoT while promoting value exchange and tokenization of assets at the same time.

The future of the blockchain, IoT and the information and value transfer ecosystem is here, and it is BUMO.

8 – My video on BUMO

The Great BUMO Team

BUMO Advisors

BUMO Partners

Official Sites and Resources

BUMO Website
BUMO Whitepaper
BUMO Technical Paper
BUMO Telegram
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
BUMO Wallet

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