BUMO "A Ubiquitous Trust Network that allows Value to flow freely like Information"
Introduction
Blockchain technology is currently changing the way information and transactions are being processed over the internet. The blockchain technology has successfully decentralized the internet.
However, it has failed to realize the point-to-point value delivery; rather it depends on a central authority to undertake the necessary functions.
There are several limitations currently faced in the blockchain network. Which include: handling of few dozens of transaction per second, high energy consumption by the blockchain networks, limited development of blockchain applications and isolated state of blockchain application on different platforms.
The BUMO network would solve these limitations and provide an efficient point-to-point value delivery in the internet of things.
What is BUMO?
Two words are the main foundation of the BUMO network, which are value and network. BUMO is a ubiquitous trust network that aims to allow values to flow freely in various sections of the internet such as social networks, the finance sector and internet of things.
Currently, the internet of things is not interconnected. But with BUMO a wider machine trust would be established so as to interconnect all things in the internet and create a solid trust basis for circulation of value.
BUMO aims to add value to the intrernet of things through the following ways
A) Through the creation of a ubiquitous trust network. The current blockchain networks lack the efficient means of circulation of value. BUMO aims to create an open network where the physical world can be linked to the blockchain world. Any device can connect to the network and each device can act as a node thereby facilitating the circulation of values over the internet.
In the BUMO network any device can act as a node and are qualified to participate in the verification of consensus process or data security. However, all nodes can apply to be selected as candidate nodes. But, only the qualified first N nodes are selected as candidate nodes. In addition, through electoral or selection process candidate nodes can be selected to be validator nodes that is responsible for network accounting, dispatching of resources and obtaining the rewards incurred from the network transactions.
In order to create a robust and effective ubiquitous trust network BUMO has a consensus mechanism called the BU Firework. A limited number of transactions can be carried out in the current blockcahin networks but with the BU Firework algorithm a large scale of transactions can be carried out effectively under maximum security. The BU Firework algorithm also ensures the selection of dynamic validator nodes are done effectively.
BUMO smart contract
Smart contracts are computer protocols on the blockchain which can be triggered by executing the actions on which it was created. BUContract are smart contracts based on the BUMO network. These BUContracts are written in such a way that they can be able to access data on a global and wide scale.
A lot of smart contracts are complex to create and can only be done by experts. But with BUContract ordinary developers would find it easy to create smart contracts on the BUMO network.
The BUContract ensures the exchange of data in the real world with the the blockchain through two ways
- Deposit is paid by the data provider once a real data contract is established and this deposit would be deducted by the validators if any wrongdoing is found.
- Through the use of the oracle machine(BUOracle), the contract would notify the oracle machine the necessary data by means of an event trigger and returns it to the virtual machine after processing.
BuVM(BUMO virtual machine) is the environment on which the BUContract can be executed. It provides the developers with a flexible and easy environment where the smart contracts can be created or executed; as well as a variety of programming languages for developers.
For value to flow freely through the internet of things, it is necessary to facilitate cross-chain interoperability. To achieve this BUMO has two blockchain cross-chain transaction architectures- isomorphic interchains(BU Orbits) and isomeric transaction architectures(BU Canal). These two architectures would ensure that different independent blockchains are connected, cross- chain transcations are valid and security of user privacy data.
B) Through trustable value circulation system. Creating a ubiquitous trust network won’t ensure the circulation of value. The rate of adoption of the blockchain technology would increase the demands for transactions between machines, thereby creating a huge global business network leading to high transaction costs, low transaction speed and bad transaction throughput. These limitations would eventually limit the circulation of value in the blockchain.
BUMO network has different service architecture to address these limitations
This comprises the basic composition of the blockchain which include:
P2P networking, consensus mechanism, incentive mechanism etc. these basic compositions provide the various nodes, ensures strong consistency between the different nodes and maintains the economic aspect of the system respectively.
In this layer the transactions and contracts are executed automatically by the smart contracts.
This layer is the technical extension layer. It is necessary for the expansion of the application scope so that the network can support different types of digital assets, smart contracts etc.
This layer is the services layer including digital assets, 3rd party applications. In this layer the trading of assets, services are rendered and acquired. This layer ensures the circulation of trust in the blockchain.
This is the layer that connects the whole ecology to the users. Such as the digital wallet, blockchain browser, data monitoring and identity authentication.
BU-Token
BU-Token is the native digital token used in the BUMO network for transactions, as incentives, settlement and fulfillment of contract on the network. The value of BU is based on the quantity of BU used as fuel in the network and the participation of BUMO community governance by holding BU.
BU can be applied as gas, bookkeeping award and community incentive.
BU can be acquired by
- Gas in transaction or contract execution of validator node
- By exchanging with ethereum in supporting projects
- By participating in the ecological construction of BUMO
- Through incentives
Benefits of the BUMO network
- High transaction speed
- Flexible way of developing smart contracts using BUContract
- Development of decentralized Dapplications
- Free flow of digital assets
- Enhancing cross-chain interoperability
- An open network that links the physical world to the blockchain
Use case
Don an average programmer that specialises on web designing. He receives an offer from a company to create a website. Don and the company agrees to create a smart contract for the business proposal.
However, Don has little knowledge on how to create smart contracts. He contacts his friend whom recommends BUMO network to him.
Don joins the network using the BUMO virtual machine, he easily and effectively creates a BUContract for the business proposal.
Conclusion
The blockchain technology has revolutionized the way transactions are conducted over the internet. This has resulted in the creation of value but this value is not yet circulated. The idea behind the BUMO network creating a ubiquitous trust network that would ensure the circulation of value within the blockchain would greatly add value to the information and transaction performed using the blockchain, as well as address the limitations faced by the blockchain technology.
More Information and Resources
- BUMO Website
- BUMO Whitepaper
- BUMO TechnicalPaper
- BUMO Telegram
- BUMO Weibo
- BUMO Reddit
- BUMO Facebook
- BUMO Twitter
- BUMO Github
- BUMO Wallet
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