Preface
The rate at which information is transferred on today's internet is amazing. Information transfer today is doing fine but it is impossible to realize real point-to-point transfer of value. Although Blockchain came with the offer of trustless transaction method for users, some barriers exist which limit it advancements and use. This bottleneck includes excess use of energy for mining, scalability problem and lack of liquidity. This effects leads to the birth of BUMO
What is BUMO?
Bumo is a network aimed at developing a trust network that would ease real value circulation, just as information transmission.
The aim of Bumo is to enhance easy transmission over various networks within IOT (Internet of Things)
Vision of BUMO
The vision of BUMO is to revolutionize value transfer to be ubiquitous, this are readily available for users to utilize in high performance.
Let’s get to know what it means for value transfer to be ubiquitous.
It simply implies that Bumo is enabling tokenization of all assets. This is as a result of the infrastructure of BUMO, assets that can be tokenized include loyalty and game points, Insurance, Financial Assets and some fixed assets. Bumo distributes this values around the globe smoothly.
BUMO Easy integration on other platforms
Bumo enhances easy developments of its dAPPS. This does not even require development knowledge. Traditional blockchain networks posses so many complex and costly processes. Many companies and individuals dislike this complex methods.
BUMO The Evolution Mechanism for decentralization
In todays world, it would be wrong to say that blockchain is completely decentralized since mining has become centralized by power house controlling large scales mining power.
By a mechanism which allows a lottery/election for validator nodes, BUMO’s fair algorithm updates the blockchain in a decentralized manner across all. All IOT devices to be connected.
Problems of the Blockchain
Some limiting factors of the blockchain hindering its mass adoption are;
Transaction speed of currently leading blockchains are poor.
Inadequacy in liquidity
Blockchain integration is difficult as discussed before, not many or no user would love to go through the complex processes.
Finally mining is extremely costly as it requires a lot of electricity, which in most locations are costly.
BUMO’s Network Composition
Nodes: All devices can apply to becomes Nodes, their function is to maintain the network, enhance application development and value creation.
Candidate Nodes: All nodes can apply, but this group are selected based on performance and network scale.
Validator Nodes: Are selected from candidate nodes by potting up an election/lottery. They are responsible networking accounting and disbursement of resources.
Incentive System
The Bu-Token (BU) controls the gas or server cost of the platform which includes storage, network and calculation fees. Validator nodes receive the gas rewards determined through voting by the network users through a special algorithm called GAS adjustment algorithm.
Smart Contract (BUMO Virtual Machine)
BuVM is the platform on which BUMO’s smart contracts are executed. Multi templates exist which ensures that dAPP developments do not require any development knowledge.
BU Contract allows BUMO Smart contracts to be deployed using very common programming languages. As an overall benefit, this reduces cost and times as complex process are eliminated.
USE CASE
Collins has been a running an average textile industry and has dreamt of taking his company named Collins fabrics to the blockchain, but he has been continuously discouraged due to the bottlenecks of the existing blockchains, like slow transaction speed, and low scalability. He also intends to link up to customers on the information internet and social networks so as to make supplies based on quantity of product. Collins stumbles over BUMO, with Bumo he can develop his personal dAPP without background knowledge of APP development, most importantly at low cost.
Synopsis and Recommendation
BUMOis the big thing, value transfer isn’t just getting better, but it is revolutionizing to a level of easy and more efficient integration on other platforms and a certainly of complete decentralization.
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For more information 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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bumo2018