Bumo: Ubiquitous Public Blockchain to value transfer
The Internet changed the way of exchanging information. Anyone can change their information with another person regardless of the time and place where it is. However, in order to carry out this transmission of information, the presence of a third party (central authority) is required, causing inconvenience when the transmission of information is valuable (money, passwords, confidential information, etc.).
Blockchain technology is currently evolving the technology of IoT (Internet of Things are objects that have the ability to be identified and to transfer data through a network), establishing a new platform where information can be exchanged in a decentralized manner and trustworthy. Where a new way of transmission and delivery of whole human society value is being implemented.
The Blockchain technology focuses on solving the problems of Distributed dynamic networking (keeps connected to the nodes with P2P technology), time-ordered and tamper-proof cryptographics books (prevents manipulations and compares efficiently the books), consensus mechanism under uniform rules (solve traditional distributed consistency and unify the entire Network node book.) and inherent incentive mechanism (benefits for the nodes to integrate into the network).
However, this technology in full growth still has many things to improve. Some of the current problems are:
- Application threshold: this is due to the lack of professional technical experience, which makes it difficult and costly for companies to develop an infrastructure based on blockchain technology.
- Energy: there are two key problems. The first is the high-energy demand that requires mining (PoW by Bitcoin for example) and the second is the centralization of mining (few entities have the computing power in their hands.).
- Performance: Bitcoin (4 transactions per second) and Ethereum (17 transactions per second) are the most popular blockchain important so far, they have a very slow transaction speed.
- Value isolated island: digital assets have a lack of liquidity, restricting the flow and increasing its cost. More liquid markets are needed for cryptos.
Many platforms are emerging to improve and perfect the Blockchain technology. Exist any platform focuses on solving the four main problems that this technology has?. Right, This platform is called BUMO, its vision is to create a trust network that is present in all places at the same time (ubiquitous), where the value can move freely as the information.
BUMO is a public blockchain, aims to use smart devices (as nodes in the network) around the world to create a trust network, where the value can move from one place to another without any resistance, in a completely free, without central authorities.
BUMO propose to use the existing technology (social networks, financial technology and IoT), to improve the transfer experience, improving the digital economy and of course the lives of people and companies.
The goal of BUMO is to create an ecosystem of decentralized applications, where all users have a broad digital confidence in their assets. BUMO uses a trusted network, based on Ubiquitous machines. Where all the nodes are involved in the maintenance and prosperity of the platform.
The solution to all problems in one place
The problems of Performance and Application Threshold are behind, with BUMO can make up to 10 thousand transactions per second and developers can easily, easily and easily implement their dApp (decentralized application). Besides it does not matter if the users do not know how to program, BUMO offers a series of templates so that they can launch their dApps without any inconvenience. This will allow companies and people to lower costs for development and easier and faster implementation.
BUMO to be a public chain also solves the problem of Value Isolated Island, because can tokenize any asset. It does not matter if the issue has to do with games or videogames, financial assets, insurance, etc. These tokens can be transferred without any problem anywhere in the world. Allowing there to be high liquidity and circulation in the market.
One of the advantages of blockchain technology is that it offers an alternative to those centralized technologies. However, currently, one of the drawbacks is that some blockchain (Bitcoin, Ethereum, with the PoW and PoS respectively) allow large enough entities to occupy most of the mining work. Obtaining as a result the centralization of the platform. BUMO solves this problem, demonopolizing mining pools through the lottery election for validator nodes, where the blockchain is updated in a decentralized manner in all the IoT devices that wish to connect to this platform.
Nodes and roles
BUMO allows any user to join their network in the following roles:
- Nodes: are the smart devices connected to BUMO. They are transparent and autonomous.
- Candidate nodes: they are the nodes that wish to become validator nodes, for this they are submitted to an election (lottery).
- Validator nodes: they are the winning nodes of the candidate node election. They are the ones who manage and administer the resources in the network. These nodes receive fees for transactions in the network.
BUMO is a platform created so that as more people in this ecosystem become more transparent and Ubiquitous.
Improved Two-layer Consensus Protocol: BUMO has an improved consensus protocol, using DpoS + BFT (Byzantine fault tolerance) for multiple two-layer chains. A multi-child structure is supported, and validators selection is dynamic. This will improve transaction processing and address multiple scenarios, such as dynamic continuing voting.
Two-layer Polymorphic Architecture for Multi-child Blockchain: it is presented with a two-layer multiform structure. It is multiform because it has different technical characteristics between the two layers (main chain and child chains.). In addition this allows a whole ledger with hashing and indexing and value transfer between all the Blockchains.
Inter-Chain for Routing Value across Blockchains: homogeneous and heterogeneous Blockchains can be connected. In addition InterChain links the main chains just like the traditional internet router. You can Value transfer freely across Blockchains.
Developer-friendly Smart Contract: for developers the most popular programming languages Python, C, C ++ are offered.
Atomic trading structure: adapt to the different application scenarios.
Multi-signature joint account: is responsible for obtaining precise operations controlling the account by several users.
Pluggable storage mechanism: provide users with simple and fast-to-use interfaces.
Value representation and value transfer function: to encourage the interaction of users and partners within the ecosystem, where there is a relationship of mutual benefit and everyone wins.
BUMO has its Token called BU, which denominates gas costs in the BUMO ecosystem. These costs are for storage and network fee (type of transaction and size), and per calculation fee (pesos of the computer resources). Finally, the Validator nodes receive the gas rewards.
Thus, the value of the BU token is based on the amount of BU consumed as fuel in the platform and the ability to participate and interact in the government of the BUMO community.
Some of the BU token applications are:
- Gas: fuel to run smart contracts
- Rewards for validating nodes
- Development in the construction of the ecosystem of BUMO
- Transfers between BUMO accounts (buy-sell interaction).
With two ATP and CTP token protocols, users can use the blockchain, quickly and easily. BUMO uses two types of protocols to work quickly and easily on the blockchain:
- Account-based Tokenization Protocol (ATP): users can issue tokens without the need to create smart contracts. They just need to use the corresponding operation interface of the blockchain.
- Contract-based Tokenization Protocol (CTP): used for complex applications, where it is use to meet the compatibility of different applications.
BUMO has a powerful infrastructure that allows less experienced users in the development of applications to use their BuVM (BUMO Virtual Machine) for high-level dApp development. In addition to BuVM, BUMO smart contracts can be executed.
The BuContract allows coordinating the data and the real world:
- A data provider creates and maintains the (real) data contract in a deposit, then if the validating nodes consider that this data acts in a criminal manner, the deposit may be lost.
- The contract notifies the oracle (BuOracle), about the data that must be obtained due to an activation event programmed in the smart contract, then the oracle processes and returns the value to BuVM.
One of the benefits that BUMO provides is the free flow of digital assets. The greater the volume of circulation, the greater the new magnitude of the value for all the users that interact in BUMO. It is not enough just to be a BUMO user. The real gain is obtained when interacting within the platform.
BUMO expects by 2020 around 45 billion IoT smart devices around the world, creating a Smart IoT Value Chain. This will generate value to the ecosystem by the data generated by the devices. BUMO also acts as a digital book allowing data to be exchanged between devices.
Another benefit of BUMO is that it will eliminate the high-maintenance costs of the network. As well as the fragmented communication protocols and the distrust that still exists for the illicit nodes within the ecosystem.
One of the advantages of BUMO for companies is that it builds an Internet infrastructure, which can move value through centralized technologies such as BU Firework, BU Orbits, BU Canal and BU CodeMach.
BUMO is the new generation of blockchain publishes for business. BUMO knows and solves the main problems of public blockchain. This makes it different from other public chains. BUMO had developed a way to achieve speed, energy saving, decentralization in mining, tokenization of any asset, increase of liquidity in the market, development of applications at low cost and rapid implementation for ordinary people and/or developers.
BUMO brings security, scalability and performance. Thus, BUMO solves one of the most common problems of mass adoption services (low performance and high hardware cost). Normally, as the number of users increases, the performance of the platforms decreases, on the contrary, BUMO increases the number of users, its platform benefits as it is a transparent ecosystem and provides security thanks to its Ubiquity. And in case it was not enough without running the cats for maintenance.
BUMO is not only scalable due to the design of its platform, but also the easy and cheap acquisition of intelligent devices for those users who wish to become nodes, which allows a massive adoption, since it does not depend on powerful computers to become a node in the network.