Bumo|| Public Blockchain For Ubiqitous Value Transfer

Hi, all cryptolover’s today I let introduce a new platform named bumo. 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.

Feature:

1)Ubiquitous Trust Network

Trust is based on ubiquitous machines. Rights of data belong to users themselves. All nodes are involved in the maintenance of Blockchain. Trust network will be everywhere.

2) Trusted Value Transfer System

Digital trust is the linkage of virtual world and the real one. Ubiquitous trust system will be established. Online value flows will become ubiquitous as well.

3) Public-Sharing DApp Ecosytem

Digital Identity, Tokenization Protocol, Value Transfer, Decentralized Transactions, In-DApp exchange, etc. Distributed applications will also be ubiquitous.

Technological Advantages

BUMO is a new generation of public chain for business. It builds an internet infrastructure that can move value around through core technologies like BU Firework, BU Orbits, BU Canal and BU CodeMach.

  1. Improved Two-layer Consensus Protocol

The innovative DPoS+BFT consensus algorithm for two-layer multiple chains. A multi-child structure is supported and validators selection is dynamic. It will improve transaction processing and serve diversified scenarios.

2) Two-layer Polymorphic Architecture for Multi-child Blockchain

The multi-child blockchain system is featured with a two-layer multiform structure, in which “two-layer” means the main chain and child chains,and “multiform” means the different technical features among the main chain and child chains.

3) Inter-Chain for Routing Value across Blockchains

Bridging different main chains. Both homogeneous and heterogeneous Blockchains can be connected. Value can be routed among different main chains. The InterChain links main chains, just like the router in traditional Internet.

4) Developer-friendly Smart Contract

To ease the development of smart contract, popular programing languages are extended, like JavaScript, C/C++, Python, etc. Trustworthy data feed is proposed for smart contract. The smart contract is turing-complete as well.

A New Era for IoT?

Normally, Internet of Things solutions lack real value creation, and the value of most connected device is just because they are connected to the network. Unfortunately, this does not make a device more intelligent or better. BUMO will transform value delivery between devices of the Internet of Things, and build the intelligent IoT value network by decentralizing the value transfer mode at a low cost. On BUMO, benefits like full use of idle resources, such as instance computing ability and reduction of threshold for users is offered.
Moreover, with this large number of nodes involved in consensus, BUMOwould ensure a transparent and autonomous Internet of Values.

Network Composition

On BUMO, any device can join the network as a node as the network is open, autonomous and easily joins the physical world with the blockchain. This node can join to enhance network maintenance, application development and value circulation thereby creating an ubiquitous large-scale network.
Physically, BUMO is made of

  1. Node: This is any intelligent, smart device or terminal that joins the network and retains its autonomous feature.
  2. Candidate Node: All nodes can apply to be candidate node. Qualified N nodes are selected as candidate nodes and ’N’ can be ascertain according to network scale and performance requirements.
  3. Validator Nodes: Candidate Nodes who had passed the lottery becomes a validator node and this lottery/election reaches the consensus through a algorithm. The Validator nodes are saddled with the responsibilities of network accounting and resource disbursement. And they are rewarded for this.

Consensus Mechanism:

BUMO uses a new consensus algorithm BU firework. The new consensus is called “DPos+PBFT”. It can attain higher transaction throughut, scalability and security. It is used as a dynamic validator election which differs from the traditional Proof of Stake(PoS) and PBFT(Practical Byzantine Fault Tolerance). It has the following links as shown below with a picture of how validator nodes are selected.

How does the new consensus model make BUMO unique?

Nobody especially large enterprises would want to accept slower and smaller dApps simply because it’s on the blockchain. There is a need for fast, safe and a scalable block chain. BUMO eliminates this through it’s scalable, safe and higher transaction throughput algorithm called DPoS+PBFT.

Also imagine going to a store to buy groceries and for each customer to be served, the store staff must hold a meeting to decide who attends to that particular customer at the pay desk. Maybe you’ll get attended to eventually but this won’t be fast as you’d wish. Well, this is a good similitude of what happens in the blockchain consensus models(PoW, PoS, etc). Transactions are grouped in blocks before being ‘written’ on the chain. It takes about one minute to mine blocks, that is, validate transactions in a block and this primarily causes the slow speed of the blockchain.

Official Sites and Resources

BUMO Website: https://www.bumo.io/
BUMO Whitepaper: https://www.bumo.io/BUMO-White-Paper-en/
BUMO Technical Paper: https://www.bumo.io/BUMO-Technology-White-Paper-en/
BUMO Telegram: https://t.me/bumoen
BUMO Reddit: https://www.reddit.com/r/BUMO/
BUMO Facebook: https://www.facebook.com/BUMOblockchain/
BUMO Twitter: https://twitter.com/BUMOproject
BUMO Github: https://github.com/bumoproject
BUMO Wallet: https://www.bumo.io/wallet/