BUMO: The Ubiquitous Trust Network
currently, the world is advancing at a very fast pace, every day we encounter many changes which often come to offer solutions to problems that afflict us daily or simply to make our lives simpler, at this time, advances in technology have provided us with a set of tools that improve the quality of life of all people, within these tools is the blockchain technology, which since its inception has provided us with many benefits and security thanks to its decentralized nature.
This particular tool has managed to solve problems that until recently were considered impossible to solve, blockchain technology has replaced huge and complicated processes by much more efficient ones and has given users greater control of their data and money without compromising their network security.
Although the blockchain technology has been a great impulse in the network since 2009 in different fields (health, economy, finance, commercial, security, etc.) this technology still has some challenges to face before becoming a fully functional solution and recognized worldwide, among these are some:
Scalability: While blockchain technology is efficient one of its main problems is that each entry into the block chain requires each node to process it, which slows their transactions, due to the nature of this technology, each new record must be serialized, which implies that each rate of updates is slower than centralized databases that can update information in parallel.
Although all nodes within the network are required to process each transaction, the blockchain technology is natively resistant to cyber attacks, because hundreds of nodes would have to be hacked to gain control of the network, but this consequently slows down the processing of transactions and ultimately, their scalability.
High Power Consumption: For the Bitcoin process to be much safer, it is necessary to solve a number of complex problems, these complex problems are solved using computers that have a large processing capacity, this is called “mining”, the people who are dedicated to solving these problems are the miners, they are rewarded with Bitcoins according to the number of processes they solve.
These great computers at the time of solving these problems consume a great amount of energy, due to the cost that entails this not all the people can dedicate themselves to the mining.
Complexity in Technical Requirements: The process of design, development and implementation of the block chain requires a high level of technical knowledge which is currently scarce, due to the lack of talent organizations do not feel completely safe when adopting this technology, even knowing how beneficial it can be for the organization.
Value Transfer: Almost all current platforms that have adopted blockchain technology in their development have their own economic value systems that are isolated from the other platforms (Ethereum, Bitcoin, Dash, Steem Dollar, etc.) although all are based on blockchain technology.
This isolation leads to a problem: The lack of liquidity. Due to the absence of interaction between different platforms, the amount of economic activities and the value of these are limited, these low economic activities on the part of the platforms make it difficult to buy-sell tokens which causes the flow of value of the platforms are limited.
These are only some of the main problems that blockchain technology must solve to be a completely efficient and integral system, many possible solutions have been proposed, but in this article we will analyze a platform that has a very reliable proposal:
Universal Value Transfer System: BUMO
BUMO is a reliable value circulation network of new generation which allows the free flow of value, in a similar way to which information flows, in other words BUMO is an obicua trust network which allows the creation and transfer of values between different independent systems.
BUMO is mainly focused on creating a value circulation network that provides a very efficient, open and scalable technical support to meet the need of the new era of digitalization of assets and circulation of value in different industries, this will establish a reliable basis through the connection of all organizations with the help of the Internet of things.
Constitution of BUMO
The BUMO platform aims to create an obicua trust network which facilitates the free flow of value through the Internet making use of the intelligent devices of all users as nodes, to achieve this the BUMO network has to connect intelligent devices to the digital network of blockchain technology, this will achieve through the following components:
Node: Any computer or intelligent device that connects to the BUMO network to be part of the system.
Candidate Node: All nodes have the opportunity to be a candidate node, all nodes selected by the network are candidate nodes.
Validator Node: These are nodes that have been chosen through a lottery or election to become a validator node, this node is responsible for dispatch resources, resource management and are rewarded with network transaction fees.
One of the new features offered by BUMO is its choice of consensus mechanism, as we know, currently Bitcoin uses the Working Test mechanism (PoF) and Ethereum is considering the transition to the Stake Test mechanism (PoS), these mechanisms contribute to the scalability problems of both currencies since they depend on the validation of a large majority of nodes in the system before a new block can be added to the ledger.
The BUMO platform uses a consensus mechanism called BU Firework which makes use of the Practical Byzantine Fault Tolerance (PBFT). The BU Firework is divided into two groups or action layers distributed in two strings in the network which are DPoS+PBFT.
Main Chain: This is the first layer consensus, the BU Firework allows all network users to apply as candidate nodes making use of the Delegate Stake Test (DPoS), BUMO uses the test of this delegate because this is the fairest and least centralized model that integrates all network users as well as taking into account their classification and reputation.
This allows users to vote democratically in real time in a transparent way, after the vote, the classified nodes are chosen to become validating nodes in the order of their classification, this vote can be repeated to choose more nodes candidates as needed.
Secondary Chain: This is the second consensus mechanism where the validator nodes reach consensus on the blocks that are already generated and complete validation using the Practical Byzantine Fault Tolerance (PFBT), this mechanism complements the Delegated Stake Test mechanism to help the nodes reach the fairest possible consensus.
BU Firework Process:
1º Candidate nodes apply to become validation nodes, a lottery system is used to choose qualified nodes to become validation nodes, after each round the selected validator notes are dynamically changed and the process is repeated.
2º Any of the selected nodes can propose a block for the verification of consensus, to be able to reach a consensus on the proposed block, the validation nodes carry out several rounds of voting for the value of a block, a block passes successfully if at least 2/3 of the whole network vote for it, after that the consensus is reached and the block is exploited and annexed to the public ledger.
BUMO’s BU Firework is an innovation in consensus algorithms, its concept not only uses the nodes for mining, but also combines the most transparent and equitable system for sharing the mining blocks between the nodes, this ensures that the most qualified validators are selected democratically to do the work.
BUMO intelligent contracts are designed in a much more efficient way, have better performance, compatibility and security with high level languages, through a friendly development interface and have application extensions that help facilitate the work for developers, the BUMO platform is oriented to offer the best development tools to form a quick implementation and reliable execution.
BUAPP: This layer is oriented to the development of decentralized applications in a friendly way with the combination of intelligent contracts.
BUVM: This is BUMO’s virtual machine, offering a secure and reliable development environment which allows the friendly debugging of decentralized applications and intelligent contracts.
BUOracle: This layer allows intelligent contracts to access the outside world or reliable external data.
Bambook: This layer represents the data structure of the ledger of the blockchain.
The tokens used in the BUMO platform are the “BU” tokens, this is used to measure and characterize the economic activities of BUMO. Transactions made by users and intelligent contracts occupy resources of the blockchain network, it is essential to pay a certain fee such as GAS which is measured in the BU token, the resources of the blockchain are divided into two parts: storage network fee and calculation fee.
The charge for storage and network is associated with the types of transaction and the size of storage, the second is the charge for calculation, these are the fees for a certain amount of calculations based on the weight of BU maintained.
Mark is a programmer who creates an RPG game based on Ethereum where players can buy and sell equipment for their characters to improve them, the game when launched is a success, but as more users register the level of transactions slows down causing users do not have the best experience within the game. Mark desperately tries to find a solution to the speed of transactions until browsing medium gets an article about BUMO from the user “Richart Caramo” (ejem ejem). Mark sees the incredible benefits of BUMO and how it can help him solve problems about his game, thanks to BUMO transaction speed problems are solved and users can enjoy a great in-game experience.
BUMO creates a new blockchain technology that is more universal and efficient, is a revolutionary technology that allows to join the other blockchain technologies and create a free flow of values through the network, through its infrastructure, BUMO allows communication between the different chains improving scalability, interoperability without compromising security and transparency.