1250 STEEM ~ Sponsored Writing Contest: BUMO

originalworks (69)in #crypto • 6 years ago (edited)

Welcome to the @OriginalWorks sponsored writing contest!

Status: OPEN

Accepted Languages:

English

Start Time: ~9 PM ET, Saturday
End Time: CLOSED: We will continue accepting late submissions for about a day.

Special Twitter 0.5 STEEM bonus!
Details outlined at the bottom.

This is a call to all great Steemit writers! BUMO has sponsored a Steemit writing contest!

Please make sure to read the contest topic carefully. Good luck!

Prize Pool Total: 1250 STEEM

Prizes: 1000 STEEM + 250 STEEM (100 bonuses of 2.5 STEEM!) + Twitter Bonus (Details Below)

1st Place: 80 STEEM
2nd Place: 71 STEEM
3rd Place: 68 STEEM
4th Place: 63 STEEM
5th Place: 52 STEEM
6th Place: 47 STEEM
7th Place: 44 STEEM
8th Place: 41 STEEM
9th Place: 38 STEEM
10th Place: 34 STEEM
11th Place: 31 STEEM
12th Place: 29 STEEM
13th Place: 28 STEEM
14th Place: 26 STEEM
15th Place: 23 STEEM
16th - 20th: 15 STEEM
21st - 25th: 12 STEEM
26th - 30th: 10 STEEM
31st - 40th: 8 STEEM
41st - 50th: 6 STEEM
51st - 150th: 2.5 STEEM Bonus

Deadline: 72 Hours

All articles must be submitted within 72 hours of this post to be considered!

Changes in submission rules below

What is BUMO – The Ubiquitous Trust Network

BUMO is a project with the objective of creating a trust network where value can flow as freely as information, utilizing existing smart devices that are already present everywhere in the world!

BUMO is focused on enhancing ease of transfer over various networks within the Internet of Things, fintech, and the social network industry. By connecting digital assets, smart devices and user data, BUMO will enable the true benefits of the digital economy to enhance people’s lives.
Ready-to-use enterprise-grade infrastructure that can support up to 10,000 transactions per second
Developer friendly design tools and templates for easy dApp deployment
Smart devices act as network nodes!

Questions? Ask on Telegram! Q&A group just for this event!

BUMO - Vision

BUMO's vision is to create a next generation blockchain for ubiquitous value transfer, which is ready for enterprises to use in high performance.

What is ubiquitous value transfer?

A global network enabling tokenization of any assets!

Based on the infrastructure of BUMO public chain, all assets could be tokenized, no matter they are Loyalty Points, Game Points, Insurance, Financial Assets, or even some Fixed Assets or Reality Assets, which extend the scope of assets in circulation, make them easy for transferring, and enable these value to be circulated freely around the world and different chains.

BUMO - EASY INTEGRATION

A key step to achieving integration of blockchain technology is easy implementation. Individuals as well companies are likely to avoid costly and complex processes in favor of traditional value transfer methods.
This is where BUMO changes the game. BUMO allows users to launch dApps without any dev knowledge. An easy to use templates library can be accessed and used to achieve what the user needs!

BUMO - The Evolution in Fairness

One of the issues that plague modern day blockchains is centralization of mining. This means that there are powerhouses that control an overwhelmingly large amount of mining power. This form of monopolization goes against the very spirit of decentralization and effectively grants them control over the entire chain.

By having a lottery election for validator nodes, BUMO creates a fair mechanism by which the blockchain can be updated in a decentralized way across the many IoT devices it hopes to connect.

Blockchains and Their Bottlenecks

There are many limits holding back blockchain technology and its mass adoption as it currently exists.
· Performance – transaction speed for platforms like Bitcoin and Ethereum is very low
· Energy consumption – Proof of Work mining is extremely taxing on energy and leads to centralization of mining via mining pools
· Application threshold – Building, integrating, and promoting blockchain infrastructure products into businesses is difficult because professional technical expertise is scarce
· Value isolation – Lack of liquid markets for cryptocurrencies

Network Composition

Any device can become a participant in the BUMO environment. These nodes can all contribute to network maintenance, application development, and value creation.
The roles the participants within BUMO can assume are:
· Node – Any intelligent device connected to the network; all nodes are transparent and autonomous
· Candidate nodes – All BUMO nodes can apply to be a candidate node; some number of qualified nodes are selected as candidate nodes, these nodes that are put through an election/lottery to become validator nodes
· Validator nodes – Selected from elected/winning candidate nodes, and are responsible for networking accounting and resource management; these nodes collect network transaction fees
The more devices connected to the BUMO network, the more ubiquitous and transparent the network becomes.

Incentive System

The BU-Token (“BU”) denominates the “gas” costs of the BUMO Network.
These costs are comprised of:
(i) Storage and network fee – based on type of transaction and its size
(ii) Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
Gas rewards are delivered to validator nodes as explained above. These rewards are continuously adjusted through voting by the participants on the network via a separate mechanism called the GAS adjustment algorithm.

Smart Contract

BuVM (BUMO Virtual Machine) is the environment in which BUMO's smart contracts are executed. BuVM has numerous templates that allow users without any development background to create high level applications.

Source: BUMO TechnicalPaper, Page 53

BuContract is a means of allowing BUMO smart contracts to be deployed in common programming languages such as Javascript. There are inherent advantages to this, such as no cost of learning new programming languages for developers and the high execution efficiency of these popular and readily-tested languages. BuVM will also support C/C++, Python and other languages via WebAssembly.
Data and the real world are coordinated via two methods through BuContract:
(i) A “real” data contract is generated and maintained by the data provider through a deposit; the deposit can be lost if validators deem the provider of the data is acting illicitly
(ii) The contract notifies the oracle (BuOracle, BUMO Oracle) of which data needs to be obtained by some triggering event programmed into its smart contract, after the oracle processes the event and returns a value that value is returned to BuVM

BUMO Benefits

Free Flow of Digital Assets:
· Static assets are practically useless
· Cross-domain circulation creates new magnitudes of value for all users interoperating through BUMO
Intelligent IoT Value Chain:
· 45 Billion IoT devices expected by 2020
· Intelligent devices can generate data and therefore create value
· BUMO wants to act as a universal, digital book, enabling this data to be traded seamlessly
Will eliminate fragmented communication protocols between different devices
Will eliminate high costs of network maintenance
Will eliminate fears born of lack of trust via illicit nodes on the network

Use-Case

John runs an insurance company - HouseSafe. The insurance company provides insurance for damages to homes and properties.

HouseSafe is growing, and dealing with increased amounts of data. They collect data from sensors on homes to find patterns that help them determine their premiums.

The HouseSafe CTO - Joanne, is deciding between two blockchains to help securely verify the authenticity of the sensor data - Ethereum and BUMO.

After weighing their options, Joanne decides that BUMO has numerous advantages for this application.
Each sensor can act as a node! The hardware is already there, no added costs.
With 10,000 transactions per second, the information can be updated in real time.
Easy implementation through the use of existing templates in BuVM!

John is happy that he can integrate BUMO at almost no cost, while bringing scalability and performance enhancements.

BU Token

BU Token value is based on two factors: 1) the quantity of BU consumed as fuel in the BUMO network and 2) the ability to participate in BUMO community governance by holding onto BU.
Applications of BU include but are not limited to:
· Gas – fuel for executing smart contract interactions
· Bookkeeping award – incentive for validators nodes
· Community incentive – motivate developers to create infrastructure contributions
BU can be acquired by:
· Acting as a validator node and collecting a transaction fee through gas
· Transfers between accounts on BUMO (buy/sell)
· Participation via donations in Ethereum to the BUMO project developers
· Participation in the development of the construction of BUMO's ecosystem
· Other ways...

CateredContent Medium & Reddit Bonus

Share your article on Medium and Reddit to win bonus Steem. A prize pool of $200 is up for grabs on CateredContent!

Make sure to add a Steemit username to your profile in order to receive your prize!

More Information & Resources:

Submission

Write an article about BUMO! Among so many public chains, what are the key differences of BUMO? For some large enterprises who have scalability, security and performance concerns about implementing blockchain, how do you think BUMO could help? Consensus (PoW, PoS, etc) is always a bottleneck for the transaction speed of a blockchain, how does BUMO solve it? Why is secure transfer of value is so important? In a digital world, how important is the security and speed of data? Since BUMO is not restricted to powerhouse computers to run nodes, how can this help mass adoption? Think of some cool use-cases! There are many applications, so feel free to give a few! As always, the topic is fairly open-ended, so be creative!

To submit please do the following:

Add the word "bumo2018" (without the quotes) at the very end of your article.
Link this post in your submission.
Post the link to your article as a reply to this post.
Resteem this contest post.

Rules

The article must be at least 250 words in length and it is recommended(not mandatory) that the length is under ~1500 words.
At least 70% of the submission must be original. Using "article spinners", and other word substitution tools is also not permitted.
All copied text must be in quotes. Feel free to copy links to resources from the contest post, but please be sure to not copy from other contestants.
Please keep discussions relevant to the contest topic. We would like to encourage a good vibe in the comments!

Please note, any users caught copy pasting or word spinning material without clearly showing that they took the work from somewhere, such as using quotes, will have their submissions disqualified.

Video Bonus

Feel free to use images and media from their website. You can even make your own video and have it in your submission! Videos have a chance of winning a separate bonus based on quality. Videos should be uploaded to YouTube. DTube or IPFS. Please do not remove the videos, or it might impact future eligibility. Feel free to make a new YouTube account for these. We really wanted to use DTube, but sometimes the videos were not view-able at all. We may change this in again in the future. For the time being please ensure whatever service you choose to use is working.

Twitter Bonus

BUMO is offering an extra Twitter bonus!

For the Twitter bonus:

Tweet the link to your article on Twitter.
Tweet should contain article link, mention @bubitech2 and @BUMOproject as well as one of the cryptocurrency related hashtags such as #blockchain, #crypto, etc
Add the link to your tweet at the bottom of your competition Steemit post!
At the end of your article, add the word "bumotwitter", without the quotes!

This is great because it will also encourage Twitter users to come join Steemit as well!

The bonus for this 0.5 Steem for every article that tweets and meets a level of quality and contest conditions.

How the winners are decided

The submissions will be passed along to the team at BUMO , and they will decide the best method for picking winners and the winning articles.

This can mean that the team judges the submissions, or they ask our team to judge it. Regardless of the method, the final say always lies with the sponsor.

More information & recommendations:

Pay attention to spelling and grammar!
Feel free to use informal language such as "I would, etc"
Use information and resources above to learn more about BUMO!
If you copy something, use quotes. This is an @OriginalWorks contest after all :)
Link the company's website: BUMO so that your readers can do research for themselves.
Articles can be edited up until the deadline.

After writing an article, within a few minutes you should get one of these as a response to your article post:

If you don't get one, let me know by adding a quick message after you submit your link as a reply here and it will be done manually. Sometimes it can take some time, so don't worry if it isn't instant! Rest assured, as long as your link is shared as a reply here, everything is double checked at contest close to ensure that all articles are submitted!

100 submissions will get 2.5 STEEM each. The article must meet the contest conditions such as word length and a level of quality.

Disclaimer: @OriginalWorks makes no claims as to the legitimacy or operating procedures of contest topics. @OriginalWorks does not offer any sort of investment advice. This is a writing contest. @OriginalWorks only guarantees prize payout. The contest topic company may choose to share the contest submissions that receive prizes. If for whatever reason there are over 500 submissions, new submissions will not be considered.