BUMO - commercial Grade Blockchain

One can say BUMO is the next thing, and can define as a next-generation commercial-grade public Blockchain for ubiquitous and trusted value transfer, which is poised to build a decentralized application ecosystem featured with extensive digital trust, free-flowing value and public-sharing apps.

Challenges Faced By the Blockchain

For those of us familiar with the crypto Ecosystem, I believe we are aware of the major challenges faced by the blockchain which are scalability and interoperability

The first problem, faced by the crypto ecosystem is

Scalability

The architecture of Crypto mammoths like Bitcoin and Ethereum was not designed to handle high mass adoption, and this is because of the number of transactions it can handle every given second. Which is the reason it takes a couple of minutes for bitcoin and Ethereum transaction to go through

Interoperability

The second challenge faced by the crypto ecosystem is Interoperability

There are about 2090 cryptocurrencies in the market, and there are several of them; bitcoin, litecoin, tether, Xrp and a host of others. The problem here is that all these tokens operate as independent entities, Bitcoin doesn’t know what’s going on in Cardano, and Steem doesn’t know what is happening with Xrp.

Crypto exchanges have cashed in majorly on this problem, mainly because they are the only available portals that connect all these 2090 crypto tokens that are currently traded in the market

And the power crypto exchanges have is a problem, because they are not decentralized, and are vulnerable to hacks, and blackout during systems upgrade, like what happened to Binance in February this year.
So, in order for blockchain to be widely adopted by the mainstream, there has to be interoperability

What is BUMO?

BUMO is a next-gen commercial public blockchain. The BUMO team is aiming to create a decentralized application ecosystem which will employ DPoS+BFT consensus algorithm for two-layer multiple chains, which is supposed to streamline transaction processing. BUMO is also planning to bridge different main chains through an inter-chain. The system will be able to connect both homogeneous and heterogeneous blockchains.

Main Features of BUMO

• It allows developer build apps without really creating a smart contract
• Developer friendly applications to create smart contract
• A 2-layer multi-chain consensus system which is going to scale them up to 10,000 transactions per second
• The Merkle-Patricia Trie is utilized to help store data in an efficient manner
• Joint Account creation by incorporating “individual account weightage”
• The “Canal” system which helps with interoperability

Use Case

A hospital which has its medical records on its blockchain interacting with the social security blockchain to validate the identity of a patient automatically. And other blockchain networks can have access to this data, hence interoperability.