Can digital value flow on the blockchain as freely as information flows on the internet?
On the the internet, information fly from here to there, in whatever form that pleases the parties. The internet security has given its users some level of trust about the medium of transfer, which is essentially Peer to Peer (P2P). However over this same internet, protocols were not really established to achieve transfer of value from user to user, without a third party.
Centralized authorities were essential to whatever value transactions that was required on the internet. Some of these include Visa, Paypal etcetera. Although this served well, a system which made value as free as information would be more serving. The reason being that, there were many disadvantages attached to these centralization. For one, it could easily be controlled by the “good" government or “bad" ones — hackers. It could also fail, as in form of outages and more extreme fees. And also, users just wanted full control of their funds, hence, the blockchain was conceived.
The anonymous Satoshi Nakamoto, ingeniously found a way to replace the central authorities who were in charge of validation of value transactions of the blockchain and also solve the problem of double-spending associated with the internet by using a decentralized or distributed ledger which were timestamped and hence unalterable. Bitcoin was proof of this concept. Other blockchains and cryptocurrencies have sprang up since then including Ripple, Ethereum, STEEM etcetera.
Although the benefits of these digital value or currency have clearly presented itself to the world like a clean still water, the world is still skeptical about diving into it. A recent research showed that only 1% of the world is participating in this revolutionary tech as of yet.
It goes beyond just one reason. First of all, it is very difficult to integrate or bind with the already existing systems because of its high technicality. Hitherto, building most smart contracts (programs which govern the value flow or transactions) required learning solidity, a computer language and other complex languages as well. However, supply persons skilled in this language could not match the demand for them and we all know what scarcity does to cost. Therefore integration has been very challenging and expensive.
Even devs skilled in these languages have yet to find a way to link existing blockchains together and also together with fiat to ensure smooth and fluid conversions. It’s not out of place to think of the blockchain like a broken mirror that’s yet to be able to form a full clear image of value transactions. As regards this, cryptocurrencies are not so accesible, making them not so liquid. Common sense tells us this is what’s expected, as water becomes stagnant when all its flow channels are restricted, and stagnant water has no value. Well not completely, it does to mosquitoes 😅. Birthed still from blockchain’s technical difficulty is its high energy consumption which is very deterring.
To cap these problems, is the absence of trust. Blockchain bases its transparency on its spirit of decentralization.
Then what happens if its not truly decentralized?
Of course, it becomes translucent and at worst opaque and causes people to lose trust. This is in fact the case, as most of this “distributed ledger holders" are in the same country. Primarily because of the technical problems that this country helps them overcome. By this country, I mean China
Having said all of these, questions like these pop up; will it ever be possible for this digital value flow as freely as information, having several digital value interact with each other, over several smart device types? Can the trust ever be improved through further decentralization? and what can be done about this technicality and the problems it births?
Well before I proceed, permit me to say first that the blockchain is barely 10years old and its growing to maturity, Let’s go gentle on it. It will interest you to know that, the internet of things had similar problems at this age as well and even worse.
Good news is the project I introduce to you has a higher potential of achieving this blockchain future which we sought.
Introducing Bumo — The Ubiquitous Trust Network.
Imagine you were on a journey, and as you took pictures with your smart camera it synced with a network where it is properly priced at all cryptocurrencies. Some other device bids for it, based on categories of their choice and sends the funds directly to your attached wallet. As you proceed on your journey, you get a notification about your power bill expiring from your power metre and your TV satellite subscription needing a topping up from your decoder. Both devices are requesting your permission to transfer value to get back their full function, which you grant.
Running low on gas, you decide to visit a gas station to get some. Being in a very remote area, the gas pump is unmanned, but you purchase the gas anyway because of some value interactions between the gas pump and your mobile device, which charges from your mobile wallet, the cost of gas released through its nozzle, no more no less.
Finally, to keep your family up to date your whereabouts, you take a really cool selfie at pump and place it on your social media tagging your family. For the likes and impressions your posts get, you get monetary rewards in your wallet still.
Press the imagination stop button for now😁. Now what if I told you that the digital economy we just phased through is imminent?
As a matter of fact, It is. Bumo envisions to create a network trusted by everyone, compatible with every device and connects all other blockchains to ensure a vast flow channel for digital value. The network it creates is aimed at establishing an ecosystem for DApps development where there will be free flow of value. Bumo also plans to crank up the the blockchain grade to an enterprise level — capable of processing over 10,000 transactions per second — with no increase in technicality. On the contrary, it reduces building & handling technicality.
Hence the project is defined thus;
BUMO is a 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.
Its goal is to connect users, applications, devices and data by means of the value network of Bumo. To do this, Bumo creates a fine blend of the internet and the blockchain, consolidating their beneficial features to broaden both their scope; inserting commercial value into the internet and broadening the scope and freedom of the blockchain, so that it can interact with more physical assets via text tokenization & connectivity.
The features of Bumo gives us a clearer understanding as to how the network Bumo creates will achieve this. Let’s take a look at some and each of their benefits.
1. Improved Two-Layer Consensus Algorithm.
Bumo is creating a network that permits any and every smart device to participate in it; in maintenance and regulation, making it a very large-scale network. However, if it’s to attain that proposed swift value interaction of about 10,000 transactions per second, it needs to find a way to drastically reduce the block validating time, whilst not increasing the energy cost, with top notch security.
As a matter of fact, it does. Bumo creates a consensus algorithm (named Bu Firework) like never before. The algorithm has been best described as DPoS+PBFT, although it is completely different from these individual algorithms. The algorithm selects from candidate nodes, validator nodes which will be responsible for the validation of blocks. It does this by an encrypted election/lottery algorithm, which very dynamic.
The benefits of this kind of algorithm is improved transactions processing as validators will not be as very plenty, battling for who mines the block first. This subsequently reduces the energy consumed by the Bumo network. By this consensus algorithm, true decentralization is also achieved, guaranteeing users that they have full control over their digital assets.
2. Two-Layer Polymorphic Architecture.
The blockchain system which Bumo creates, allows for a main chain to have child chains. Unlike the popular proverbial quote, “like father, like son”, Bumo allows these child chains to be multiform, different from other child chains, and also different from the parent. Bumo’s proposed isomorphic interchain — Bu Orbits lets it achieve this.
A blockchain system like this helps meet the needs of the versatile world as the differentiated technical traits increases the efficiency of the chains in storage and on processing of blocks.
3. Across Blockchain Value Routers
Bumo’s “ubiquitous“ network would not be so “ubiquitous” if value could not flow everywhere. Proudly “ubiquitous”, Bumo has unleashed the value channels between blockchains that were once locked by technical oblivion. Its proposed Isomeric Interchain — Bu Canal makes it possible for value to flow between blockchains (Cross-chain interoperability). It also makes this interaction possible for its main chains and child chains.
By this, Bumo creates an internet-like blockchain network where value flow has no limit. A consequence of this is the increase in liquidity of digital assets and also mass adoption stimulation.
4. Dev-Friendly Smart Contracts
Bumo embraces existing level of knowledge by providing such smart contracts, reducing the cost of promotion of using Bumo as a tool to develop awesome DApps. It also increase execution efficiency and hence, leads to faster product deployment.
As if the innovative features are not enough to already disrupt the current level of blockchain technology, Bumo adds some more — Oliver twist much! Haha. They include;
- Multi-asset atomic operations which allows Bumo to be very versatile.
- Extensible account structure which allows it support multiple assets and state-indexed block structure.
- Multi-signature joint account which allows multiple users to operate an account fairly.
- Differentiated account storage which aids storage efficiency by being able to apply on-chain and off-chain storages.
- Pluggable storage mechanism which allows users use any storage interface they are comfortable with.
Assets Transformation ( Tokenization)
Bumo provides two protocols to ensure easy and fast interaction with its blockchain.
The first protocol is the Account-based tokenization protocol which allows users interact with tokens quickly and efficiently without actually creating smart contracts.
Contract-based tokenization protocol is the second one. With this protocol, Bumo outlines standard of contract tokens to meet with its area of application.
With all these functions mentioned, we can see that like the google of the internet, Bumo can help users create “One account for all" on the IoT value chain. Devices can engage in value interactions and achieve self-maintenance and self-economy.
Bumo is powered by the Bu-token (BU), the built-in native digital token, which is used as GAS on the platform. Validator nodes are rewarded with BU for their resources devoted to the network. It’s also a fuel for completing trading on the network. BU is also used to reward contributors in the Ecosystem.
In conclusion, the decentralized application ecosystem which Bumo creates by its uniquitous trust Network, will have channels for value to flow seamlessly and easy. The trustworthiness of the network will be undeniable as large host of nodes run and maintain the network. The imagination lane we went down earlier, is about to be a reality with Bumo.
Bumo Partnership & Investors
More Information & Resources
- BUMO Website
- BUMO WhitePaper
- BUMO TechnicalPaper
- BUMO Telegram
- BUMO Weibo
- BUMO Reddit
- BUMO Facebook
- BUMO Twitter
- BUMO Github
- BUMO Wallet
All Images are Credited to Bumo, Unless otherwise stated.