BUMO: THE NEXT GENERATION BLOCKCHAIN FOR UBIQUITOUS VALUE TRANSFER
There are a lot of limitations holding back the blockchain technology from been widely accepted by many. These setbacks ranges from poor transaction speed, achieve little with so much resources and effort, lack of technical expertise to use applications and inadequate flow of cryptocurrecies/value within the blockchain.
Most blockchains are centralized in nature thereby defeating decentralization which gives users control of their assests to make investments or use their funds when they need and want to. This is what Bumo hopes to change for the best.
THE PROBLEMS OF BLOCKCHAIN TECHNOLOGY IN-VIEW
1. SCALABILITY:
This problem limits the amount of transactions done on a network. For example, Bitcoin transaction processing capacity is said to be estimated between 3.3 and 7 transactions per second which is not sufficient enough for a system as large as that, looking at the number of users and transactions made in a single day. This in way slows down transactions processes within the blockchain.
2. HIGH ENERGY CONSUMPTION:
Due to the number of transactions done on blockchains like Bitcoin, it consumes alot of energy which only produces little results with so much energy and time at the end of the day.
3. A GOOD NUMBER OF EXPERTISE IS REQUIRED FOR MOST BLOCKCHAIN OPERATION
Most blockchains are complex in nature and requires expertise to make use of them. This in a way restricts users from adopting cryptocurrecies because they lack the technical know to effectively use and benefit from them; this has in a way reduced the mass adoptability of the blockchain technology.
4. CENTRALIZED BLOCKCHAIN:
The essence of blockchain technology is a decentralized system which gives users control of their assests, free from third parties. This enables them to Invest whenever need be and utilize their profits from their saving. But this is not the case of some blockchains who operates a centralized system that powers all the affairs within the blockchain.
Also, in terms of security, users funds, transaction history and other vital details are made public. These do not guarantee security of possessions on the platform because a users information can easily be gotten by anyone and at anytime.
5. INADEQUATE FLOW OF CRYPTOCURRECIES:
Most blockchains are restricted within their confines, making it difficult for value to flow freely within the blockchain.
ABOUT BUMO
Its focus is to ensure an effective, stress free transaction on the blockchain through its enhanced feature that allows easy transfer when dealing with networks within the internet of things, fintech and social network industry. With an advanced and improved infrastructure that supports up to 10,000 transactions per second and user-friendly tools and templates for easy dApp deployment, users are able to transact with ease and on time.
The Bumo system looks forward to solve the problems faced in the blockchain by modifying it in such a way that people can operate with it with little or no stress.
BUMO SOLUTION TO THE PROBLEMS FACED ON THE BLOCKCHAIN
The problem of scalability has been solved by increasing the amount of transactions that supports up to 10,000 transactions per second. It will make the platform more efficient and effective in it's operation.
The blockchain has been made simple and easy with Bumo which has been designed in such a way that one must not be an expert to use the blockchain effectively.
The platform has recognized the importance of security and privacy for traders, users and investors of cryptocurrecies. Bumo has designed the blockchain in such a way that users are made autonomous in their operation. Vital information of they user is not displayed to the public as other blockchain do, putting users assests at risk of been stolen.
Looking at the area of a centralized blockchain. which limits users greatly, bumo have also made its blockchain decentralized in nature, giving total control of funds to they users who can use them when need be.
Defeating the problem of inflow of value, all assests on the Bumo platform has been tokenized, thereby leading to a circulation of value each time assests is transferred.
BUMO VISION
Bumo looks forward to creating a next generation blockchain that enables a world wide network which allows for tokenization of any assests. The system has been designed in such a way that, all assests can be tokenized and circulated freely around the globe and other chains. Financial assests, insurance, fixed assets and even reality assests can easily be transferred and assessed world-wide.
WHAT MAKES THE BUMO SYSTEM STAND OUT
BUMO STRESS-FREE INTEGRATION
The Bumo system allows for users to implement their needs without spending so much or go through complex processes just to execute an operation. This is made possible through the provision of easy to use templates which helps a user to launch dApps without necessarily having technical know how about it.
In addition, one do not need to be an expert to operate on this platform neither do they need complex devices to participate because any device can be used in the ecosystem.
However, the nodes which is a device necessary for the functioning and survival of the blockchain exist on the Bumo platform. It plays a major role in value creation, network maintenance and application development. Roles of participation on Bumo includes:
a) NODES:
The are any devices connected to the network. The network has been developed in such a way that, it allows for all nodes to be autonomous and transparent. In this way, individuals assests will be secured. Any transaction made: sender's/receivers location, the amount been sent, time and date will not be made known by anyone else except you alone. This will greatly motivate people to save and invest in cryptocurrecies because they are assured of security of their assests.
b) CANDIDATE NODES:
All nodes on bumo can apply to be a candidate node which could qualify it to become a validator once the are selected to pass through a process of election and lottery.
c) VALIDATOR NODES
Nodes that successfully won candidate nodes are given the responsibility of network accounting and resource management. Transaction fees are paid to these nodes.
One unique feature of the Bumo system is its ability to still function effectively and transparently when more devices are connected to it. This to a large extent will tackle the issue of bottlenecks and slow execution of transaction as faced in so many blockchains like Bitcoin and Ethereum.
• **BUMO SYSTEM OF FAIRNESS **
Most blockchains make it a centralized one thereby handling virtually all the activities that happens within the blockchain. The Monopoly feature has made it impossible for users to have control of their assests and Invest it in areas that would be profitable for them. This feature has defeated the attribute of decentralization which ought to be part of the feature of a blockchain, free from third parties or governmental control.
BUMO on the other hand, hopes to create a fair mechanism by having a lottery or election for validator node to ensure the blockchain is updated in a decentralized manner across available IoT devices which it looks forward to connect to in the future.
THE BUMO TOKENS
Users are able to participate in the platform by holding onto the tokens. The tokens have several uses on the platform which are:
•USED AS GAS:
It helps in executing smart contracts interaction by fueling it.
•BOOK KEEPING AWARD:
Provides a sort of incentives for validator nodes.
•COMMUNITY INCENTIVE:
This to a large extent encourages and motivates developers to contribute by creating infrastructure.
WAYS BUMO TOKEN CAN BE ACQUIRED
A user can get tokens by:
- Collecting transaction fees just by acting as a validator node.
- Buying and selling between accounts.
- Participating and supporting developers through donations for Bumo projects in Ethereum.
In conclusion, the blockchain has been made easy with Bumo which does not only ensure security of funds but an easy and stress free use of the blockchain which doesn't require expertise to get started with. Bumo would greatly help in the performance of blockchains it can be integrated with/on other blockchains to improve and upgrade their systems .
Problems of scalability, security, decentralized and inflow of value has been attended to on bumo. No more long processes in transactions neither is there any fear in adopting cryptocurrecies because the blockchain has been made easy for all.
FOR MORE INFORMATION AND RESOURCES:-
WATCH THIS VIDEO PRESENTATION
• BUMO Website
• BUMO WhitePaper
• BUMO TechnicalPaper
• BUMO Telegram
• BUMO Weibo
• BUMO Reddit
• BUMO Facebook
• BUMO Twitter
• BUMO Github
• BUMO Wallet
BUMO TEAM
**BUMO PARTNERS AND INVESTORS** 
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