Bumo: An easy-to-integrate blockchain for any business application
Currently the scalability of some projects based on Blockchain technology is quite difficult, to be able to materialize a venture and give some value to society, represents high costs for implementation and development in software that will run the chain of blocks and carry out your objectives, however, everything becomes even more complicated, if you do not have any knowledge of programming at this scale. Also to form a network of computers that allow them to be nodes, is done under the existing protocols in the ecosystem that they are: PoW (Proof of Work) and PoS (Proof of Stake)
These are the ones that are commonly used, but generate a high cost in energy and computing power, where only those who have the capacity to acquire specialized equipment can act as a node and in turn receive rewards for this action, which in a certain way gives it a centralized rather than decentralized aspect, since not all have the necessary resources to have a machine so powerful that allows them to perform this type of work to contribute and keep the network alive.
To all these problems and conjunctures that are presented in the Blockchain, a project is born with the capacity of being able to integrate everything that is this technology and its easy implementation in different stages, the name of the same one is “BUMO”, which promises to be the Blockchain of the next generation with multiple applications that we will be discovering little by little throughout this article.
What is BUMO
BUMO is a platform whose main objective is to create a trusted network that allows the creation of decentralized applications, with easy access to all public, service and application, in order to tokenize everything that has value in a simple way, without having great knowledge in programming and development Blockchain. Added to this, this project focuses on improving the interaction that people have with the Blockchain ecosystem, since, to a large extent, it facilitates the transfer of value or any other type of application, through the Internet of things, social networks and everything concerning digital platforms, improving the experience of people who do not know the subject and additional show them the real economic benefits of this new digital era that will undoubtedly improve societies in this environment.
What is the vision of BUMO and what is Ubiquitous Value Transfer?
In general lines the Vision that the project has, is the development of a Blockchain that surpasses everything we have seen up to now in the whole ecosystem, this is for a new generation that seeks to undertake and tokenize everything that has value, where both people and companies, can use the same in a simple and friendly way so that it is available to everyone and facilitates the general adoption of technology in the process.
Ubiquitous Value Transfer:
This term clearly refers to the network that composes BUMO, which allows the tokenization of any asset. In this sense the tokenization refers to being able to give a tangible and interchangeable value to everything that may have a value in the digital or real world respectively. These assets can be from Points in a Game, Loyalty Points, Insurance Premiums, Fixed Assets to Financial Assets, this is largely carried out thanks to Blockchain technology and due to its protocols can be distributed in any chain of blocks.
How the BUMO network is composed
In the whole ecosystem of BUMO, it is possible that any existing device can participate in the whole system. For this there are two types of “Nodes”, which we will describe shortly, but before, we will define that it is a “NODE”.
A node refers to any computational device, be it a smart phone, a tablet or a computer, with which through these you can be connected to the network directly, each of them being transparent and autonomous.
All nodes that want to participate in the network, can apply to be a candidate node, where in a selection process similar to a lottery, some are chosen to be or become validating nodes.
Each validating node is selected from the candidate nodes, these are responsible for the maintenance of the network, in addition to the management of accounting resources that may arise in the same, each of them will be rewarded, as they charge network fees for each action taken in the chain. In a very positive way, the more nodes the network has, the more ubiquitous and transparent it becomes.
Basically, the main elements that make BUMO an extremely innovative network with great changes at a technical level and easy to use are the following:
Ubiquitous Trust Network:
This trust is determined by ubiquitous machines, which means that the value can be distributed uniformly and freely throughout the system, the network will not store data or have the right to use them, since the users themselves will have them in their possession at all times. In a collaborative but autonomous way, all the nodes will participate for the maintenance of the network and the correct functioning of the whole system.
Reliable value transfer system:
This system will be able to provide a reliable value exchange that will be able to intertwine both the digital world and the real world. This value trust system, as I mentioned before, is ubiquitous and thanks to it everything that has a value can be tokenized and will be present everywhere giving a face-to-face character to online value at all times.
Public-Sharing DApp Ecosytem:
Dapps can be easily built in the ecosystem, where the digital identity of all users, value transfers, decentralized transactions that run all will be ubiquitous too, so they will be present at all times at the same time and anywhere.
Technological Advantages of BUMO
What makes the BUMO system so complete and attractive is its concept is based on being a new generation of public chain especially for companies, which can build a fairly complete online infrastructure, which can move value through core technologies such as BU Firework, BU Orbits, BU Canal and BU CodeMach.
In this way I will point out these advantages that position BUMO at the top of the new Blockchain projects that are currently emerging:
Improved two-layer consensus protocol:
BUMO has an innovative DPoS (Delegated Participation Test) consensus algorithm, combined with BFT, which gives validating nodes a more fluid selection process, greatly improving transaction processing, where they in turn can address different scenarios that may arise on the network.
Polymorphic architecture of two layers for a chain of multi-child blocks:
This system of chains of multi-child blocks, provides to the same two layers, giving as consequence the creation of two chains of blocks, this means that it opens a main chain and another secondary one giving distinctly different technical characteristics that will improve in great measure the evolution of the same one in the time.
Inter-Chain for the routing value through blockchains:
This Inter-Chain, allows the connection of several chains of blocks either homogeneous or heterogeneous, giving as a consequence that the value can be routed between different blockchains, providing even more scope and scalability in the processes.
Intelligent contract friendly for the developer:
BUMO Tokenization Protocol
The BUMO network is made up of two APT and CTP token protocols, all this in order to allow all users to use the block chain more easily and quickly for their operations. I will now describe these two protocols below:
Account based Tokenization Protocol (ATP):
Natively the BUMO block chain comes with the functions corresponding to the creation of tokens and transactions, in this way the users who are operating in it can create tokens quickly and easily, accessing the interface that corresponds to that task. In addition to this they can perform these actions without creating intelligent contracts which greatly facilitates the work, this is a very good way of being able to tokenize everything that for us represents a value creating more adoption and knowledge in the world about Blockchain in general and its easy application.
Contract Based Tokenization Protocol (CTP):
This protocol is used for much more complex applications, which is the same to say that, for undertakings or the way to look for tokenize anything under the creation of a DApp, you need this token emission protocol based on an intelligent contract in order to meet certain characteristics, looking for compatibility in the different applications that we can give it. These applications can also be wallet terminals or transaction markets.
Most relevant aspects for developers
applications can also be wallet terminals or transaction markets.
Most relevant aspects for developers
For the developers, the infrastructure offered by BUMO is really complete and easy to use, which allows to build a reliable network with countless global developers. They will be able to acquire different development tools, besides being able to understand the technical essence of the project. For this ecosystem that emerges, some key pieces of BUMO, fall into the recruitment of potential developers that will allow them to expand exponentially throughout the network and the world.
Some basic essential characteristics to achieve this are the following:
- The contract editor provides visual debugging for developers.
- Standard contract templates with multiple contract examples.
- Independent sandbox environment.
- Provides mechanisms for contract interoperability and exception handling.
- CTP 10Token services
- Contract services
- Account services
- Asset services
- Transaction services
- Block services
Problems in the common blockchains and the benefits it brings BUMO
In the first place, I will point out the most common problems that can arise in the chains of blocks that we currently see in the ecosystem, and then continue with the benefits that BUMO brings us and why we should adopt this project.
Problems in Blockchains:
There are many applications and a number of current projects in the whole ecosystem of block chains, mainly we can see that there are many problems with consensus algorithms where many Blockchains work and that as time has passed other projects have tried to solve.
The main thing is presented in mining, we can notice how these processes have become more centralized than decentralized, this is because for example the consensus algorithm PoW (Proof of Work), you need a high computing power for the validation and creation of new blocks, where this action can only be done by those who have very powerful machines that cost a lot of money, which leaves out individuals who have few resources or simple machines to do this work.
There are also other problems in these protocols, which as users and adoption grow are inevitable to happen unless they make chain bifurcations from time to time, which would also divide the community of that project.
Among these problems we can find the following:
Transaction speeds are very low for currencies such as Bitcoin and Ethereum, this is because the network becomes heavy as time goes by, which results in higher transaction fees and longer execution times.
Currently looking for a solution to these problems that present the main crypto currencies, but without doubt, energy consumption is high and more if the network where you are running the work grows more and more, bringing that everyone needs more computing power to keep the network stable.
Application in the real world:
The massive adoption to use this technology is still in process, however, currently is very low, so in many places in the world are training people to learn about it and can be implemented more easily in companies, shops etc.
Benefits of BUMO:
Among the main benefits that I can observe in BUMO are the following:
- Its technology is really innovative.
- The consensus protocols that give it its operation, are really innovative giving more fluidity to the chain of blocks.
- The ability to tokenize everything that has value and adional the same can flow easily and simply, makes it very attractive.
- The nodes that will keep the network alive will be chosen in a decentralized and fair way, avoiding bad practices in the work and operation of the network.
- 45 billion IoT devices expected by 2020
- BUMO wants to act as a universal digital book, allowing this data to be exchanged without problems.
- BUMO will eliminate the high maintenance costs that can be generated in the network.
- Its Infrastructure is created to be adequate to an enterprise level, which can admit up to 10,000 transactions per second.
BUMO Incentive System
This platform uses a token called “BU” which in turn determines the gas costs that occur in the BUMO network.
These costs are composed of:
Storage and network rate:
The same is determined by the type of transaction to be performed and its size, which means that to a large extent this gas is linked to this.
Calculation of the rates:
Here is taken into account the time it takes to execute the requirements set out in the intelligent contract, also for computing resources, which is equal to say the computing power of the devices that act as nodes. Additionally the nodes are rewarded by these transaction fees and they are determined by a GAS adjustment algorithm, which comes to life thanks to the participants who are in the network and who will determine these rewards by voting for them.
Among so many public channels, what are the key differences of BUMO?
One of BUMO’s most notable differences compared to other public block chains lies in its technology, basically in the algorithms it uses, the multi-layer double-layer system of the block chain that is suitable for certain characteristics, the easy development of decentralized applications under templates and the ubiquitous value transfer system are really differentiating to everything we have seen in other networks.
For some large companies that have problems of scalability, security and performance in the implementation of blockchain, how do you think BUMO could help?
BUMO is created to serve mainly companies, its infrastructure is designed to execute up to 10,000 transactions per second, which to a great extent will guarantee a much better and faster scalability in any other aspect. Its easy implementation and creation of Dapps and tokenization protocols make BUMO an easy network to interact with which companies will feel comfortable and will be able to access the implementation of this technology easily and quickly without inconvenience.
Consensus (PoW, PoS, etc.) is always a bottleneck for the transaction speed of a chain of blocks, how does BUMOsolve it?
The consensus protocol used by BUMO is very different from the traditional algorithms that we know. It uses a double layer that guarantees the correct choice of the validating nodes that will keep the network operative, which means that these nodes are autonomous, transparent and decentralized. It should also be noted that any device can be a node unlike the traditional consensus this is not so and that must meet certain characteristics to perform these works. The combination of DPoS (Delegated Participation Test) with BFT completely eliminates the bottlenecks that currently exist in the Blockchain ecosystem.
Why is the Safe transfer of value so important?
What really gives a high adoption and credibility to a project is the protection that can provide users economically in the transfer of any asset, which minimize the risks in a large percentage protecting them from any scam. This for me is what determines that a project can be successful or reliable in time, because, if you transmit privacy, security and convenience for value transfers, no doubt users will accept the project quickly. This is offered by BUMO without a doubt, its protocol and the way its ubiquitous technology is constituted makes value transfers fluid and secure at the same time they are at any time and anywhere in the world.
In a digital world, what is the importance of data security and speed?
It is very important to touch on this point, since in the previous question you pointed out that the way in which a project could be positioned among the best was if it offered greater privacy and security in terms of the value transfers in question. Emphasizing the data, as it is not far from the same, most people want privacy in all areas to avoid extortion, providing this would be very important for everyone, because what most users want is to be anonymous therefore if a project offers these features and everything goes very well for it.
Since BUMO is not restricted to powerful computers to run nodes, how can this help mass adoption?
Very easy, previously commented that the mining processes in the most known consensus algorithms in the blockchain ecosystem, their nodes, had to have very powerful machines to be able to be rewarded and in turn perform this work, the problem is that not all have the necessary resources for this, however, BUMO offers the facility that with any device can be a Validating Node and be rewarded for this. In any case, this will generate a high impact because it does not require highly expensive equipment to be a Node, generating at the same time much adoption in the Blockchain ecosystem and in the BUMO project in general.
Case of use
Michael runs a food production chain “Massive Foods”, this company is responsible for the production and distribution of all food to major supermarkets on the continent.
The company has been growing exponentially around the world and the handling and tracing of food to supermarkets is becoming increasingly tedious and complicated, even losing cargo opportunities. After this problem Michael decides to apply Blockchain technology, finding on his way to the BUMO project and platform.
By giving each shipment special devices, they act as nodes allowing Michael to track each of the shipments in real time, having the status and location of each of them. He has implemented the creation of a simple application through the templates provided by BuVM, giving each device what it needs for tracking, making the job much easier, allowing it to expand to the rest of the world.
BUMO’s platform is undoubtedly very innovative and brings us a blockchain of last generation that will allow every user, especially companies, to adopt blockchain technology and tokenize and give value to everything they consider has value, additional to that is easy to use and access where anyone with the simple templates that brings us can create a high level Dapp. Also it is necessary to emphasize that the implemented algorithm makes this chain of blocks very special, allowing its easy scalability and adoption. A highly advanced project that can address the main problems that currently loom in the ecosystem.
BUMOTeam, Partners and Investors
- BUMO Website
- BUMO WhitePaper
- BUMO TechnicalPaper
- BUMO Telegram
- BUMO Weibo
- BUMO Reddit
- BUMO Facebook
- BUMO Twitter
- BUMO Github
- BUMO Wallet