Introduction
In the crypto world today, the two major problems faced by the crypto ecosystem currently are scalability and interoperability. In the aspect of scalability, cryptocurrencies like Bitcoin's and Ethereum's architecture were not designed to handle high level of popularity and adoption - they were made simple - and this made transactions to only go through when miners check for verification themselves and put the transaction details in the blocks that ultimately creates bottleneck due to numerous transactions to be dealt with at a time.
More so, in the Bitcoin blockchain, the blocks have a predetermined block limit of about 1MB meaning a lot of data cannot be fit in there before they can get in and mined.
In the aspect of Interpolability, it is very difficult for crypto coins such as Ethereum, Litecoin, Bitcoin etc, to communicate with one another. They hardly know what is going on among themselves. Even the exchanges which is perceived as very strong and which provode a portal between different Cryptos have a problem of undecentralized entity and are extremely vulnerable.
Further more, it is very hard for the crypto-world and legal-world to interact with one another currently and this could lead to a disastrous results in the crypto-world.
Therefore, for cryptocurrencies to acquire further mainstream adoption, these scalability problem needs to be fixed and for blockchains to succeed, they must be able to interact with the legal systems like financial institutions. This is where BUMO comes in to ameliorate and eliminate these problems.
About BUMO
BUMO is believed to be the next-generation commercial-grade public Blockchain for ubiquitous and trusted value transfer, which is aimed to build a decentralized application ecosystem featured with extensive digital trust, free-flowing value and public-sharing apps.
According to the BUMO team, it is aiming to create a decentralized application ecosystem which will encompass DPoS+BFT consensus algorithm for two- layer multiple chains, which is supposed to streamline transaction processing. BUMO is also trying to bridge different main chains into an inter-chain. The system will be able to connect both homogeneous and heterogeneous blockchains. BUMO builds an internet infrastructure that can move value around through core technologies like BU Firework, BU Orbits, BU Canal and BU which are BUMO's ledger structures. Source
The Key Features of BUMO
These key features of BUMO are what separate BUMO from so many other public blockchains and they are as follows:
- The Scalability feature
- The Interoperability feature
The Scalability feature comprises of five sub features which include:
- The Multisig Account
- Merkle Patricia Trie
- The Trailer System for Large Scale Data
- BUMO Firework: The 2 Layer Multi Chain
- Orbit Architecture
Multising Account
This is a type of account that can be opened and controlled by multiple parties at the sane time. This account is created in the Bambook ledger system and it consist of a feature called "account weightage". These systematically planned out account creation tactics will help the BUMO system get more widespread adoption.
Mekle Partricia True
This is a tree which combines the capabilities of the Merkle Tree and the Patricia Tree to effectively store data. The Merkle tree which comprises of non-leaf node will help in the storage of data in such a way that each block contains thousands of transactions. The use of Merkle will greatly cut down the time required to find out whether a particular belongs in that block or not and will save time as well, unlike other blockchains which are cumbersome and time consigning.
Trailer System for Larger Scale Data
The beauty of this blockchain is that comprises of a Trailer system which stores heavier and complex forms of data with its differential storage mechanism called "Trailer" - this system will differentiate the data into off-chain data (data that is stored off the blockchain) and on-chain data (data that is stored on the blockchain).
Bumo Firework
This is a 2 Layer Multi chain consensus system that have a trustless consensus algorithm which is Byzantine fault tolerant which is the ultimate backbone of a cryptocurrency project.
When you look at Bitcoin which currently uses Proof of Work (PoW) consensus mechanism and Ethereum which is likely to move on to Proof of Stake (PoS) through Casper protocol, they have problem of scalability because their consensus requires a supermajority approval from all the nodes that are in the system - the node do not help in scalability.
This is why BUMO has chosen BUMO Firework by creating a two layer multi-chain consensus algorithm, which generates a set of validation nodes for the main chain and then generates blocks by the selected validation nodes - this will help achieve higher transaction throughput, scalability and security - Those bottlenecks of other blockchains are eliminated thorough the use of BU Firework.
Orbit Architecture
BUMO utilizes a two layer polymorphic Architecture for multi-chained Blockchain structure to address all future scalabilie issues. It is featured with a two layer multiform structure which are the main chain and child chains.
The main chain is in charge of the overall maintenance of the ecosystem and responsible of selling the validators of the sub chain block processes and storing the cast state of the sub chain. While the child chain is either a single sub chain or a collection of sub chains which is designed in line with the needs of particular business who are developing on top of BUMO chain. This feature will help eliminate the difficulties encounter in the Dapp and also high-level Dapp.
Interoperability Feature
By the implementation of the canal system, BUMO interoperability. This canal system of main chains and cross chain. When a block of the cross chain is validated, the data of its blockchain is stored on the main chain. The main chain posseses several cross chains just like the traditional network system, which route data from different blockchains to the targeted blockchain. This enables the main chain to communicate with cross chains for easy transaction and transfer information and data.
BUMO Smart Contract Development
For any platform with a smart contract, the ideal way to gain recognition fast is to be created as developer-friendly tools to help them get started. BUMO's smart contract have the following contents:
- Turning complete which means that given enough resources the contract will be able to solve any problem.
- Flexible calls
- Reliability in the execution of the contracts
- Quick deployment
One of the most interesting feature of BUMO is how friendly it is for the traditional app developes and it is mainly because of the following components:
- The richness of its native APIs
- It Empowers users to manage token without the need of a smart contract
- Webscokets like features which checks transaction status.
The smart contract in other platforms often have the problem of barrier of entry - Developers new language and create smart contract which will be air tight. By using BUMO, a "contract-less app" feature, it is going to instantly get a lot of developers developing on their platform with ease. Source
Conclusion
Bump is the next-generation commercial-grade public Blockchain for ubiquitous and trusted value transfer. It enables enterprises and organizations to create a legal blockchain account in multiple folds and allows for easy access of information thereby eliminating the scalability and interoperability problems encountered by other blockchains. Bump brings a lot of interesting features in the crypto space and the team is committed.
More information about BUMO can be found by visiting the following sites:
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