BUMO: A New Generation of Value-Circulated Ubiquitous Trust Network

1.0.Introduction: Blockchain

Blockchain technology was solely developed to help bring to an end a third party interference in transactions. With Blockchain technology the world would be able to move from era of centralization to the free and self governed policies of decentralization. Blockchain helps bring inherent security:keeping users sensitive information safe, transparency, a-no-third party transaction policy. Transaction details on the Blockchain as the name implies are stored in a public ledger and in form of blocks representing each transactions. Despite the all round encouraging features of the Blockchain, it inability to process value-value point transfer is a big lapse that must be addressed and this is the main idea behind the development of BUMO](https://www.bumo.io/) :A new generation of value-circulated Ubiquitous Trust Network that allows "value" to flow freely like "information”.

2.0.Major Problems Facing Existing Blockchain

Taking Bitcoin and Ethereum blockchain as an example, the major problems facing the existing blockchain Infrastructure include:

Inability to process value transfer: this severely limits the value of assets and value-added space.
High energy consumption during the process of mining.
Poor Liquidity
Scalability Problem

3.0.BUMO(https://www.bumo.io/) vs Existing Blockchain and Advantages to Large Enterprises

Liquidity

With lack of liquidity in the existing blockchain networks which only not restrict flows channel, increase cost of obtaining but also makes asset digitization to be fairly in a close business environment. With BUMO being developed to aid smooth transfer of value and easy digitization of assets, enterprises with vision for the adoption of blockchain can feel at home with BUMO.

Consensus Mechanism

BUMO developed a new consensus algorithm BU Firework, which is a new algorithm called "DPoS+PBFT" and can achieve higher transaction throughput, scalability and security. BU Firework algorithm is a new algorithm for dynamic validator election, which is different from the traditional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance). The traditional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance), can not process high volume of transactions and lacks scalability which gives the BUMO BU firework a competitive edge.

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! source

4.0.BUMO

BUMO is a decentralized blockchain technology developed to provide a blockchain network environment of large digital trust, asset free circulation and common share application. Built to address the lapses in the existing blockchain system, and to provide easy transfer of values and smooth digitization of assets.

4.1.BUMO’s Vision

Create a new generation of value-circulated Ubiquitous Trust Network that allows "value" to flow freely like "information".

4.2.BUMO-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.source

4.3.BUMO - Using Smartphones as Storage Nodes

As against the traditional blockchain network reliance on powerhouse computers to run nodes which are expensive to procure and has a high energy consumption rate, the BUMO blockchain network adopted the use of smartphones as it storage nodes. Any smartphone connected to the network automatically becomes a node. Smartphones are already well adopted around the world’s populace and will ease the adoption of BUMO blockchain as it is readily available and not so expensive to procure.

4.4. Benefits of Bumo

• Scalability
• Low energy consumption
• Easy Integration
• High performance consensus mechanism
• Easy Adoption using smartphones as nodes

5.0.High Security and speed of data Importance

Transactions and data transfer speed on existing blockchains like the Ethereum blockchain is very slow. Transactions can take days before completion which is so frustrating in a business environment.
High security of users data in digital words in other to protect sensitive information from third party.

6.0.Smart Contracts

Smart contracts are self executing contract terms algorithm. They are fully automated and are smart enough to not create contracts outside of the blockchain. Smart contracts on BUMO is executed via BuVM(Bumo Virtual Machine). BuVM allows user with little or no programming language to develop dApp on BUMO.

7.0.Use Case

Mike runs a telecommunications company in the western part of Africa which had a surging number of customer migrating to the network and Mike deemed it fit to adopt a blockchain technology to help deal with the storage of the information of the company’s ever rising customer base. He had a two mind choosing between the Ethereum and BUMO blockchain but after considering the so much benefits that comes with the BUMO blockchain, opted for it. No added cost for procurement of nodes as customers smart devices can serve as nodes.
Mike is happy that he can integrate BUMO at almost no cost, while bringing scalability and performance enhancements.

8.0.BU Token

An inbuilt token to be used to incentivize the BUMO blockchain. Bu will serve as local currency for all transactions such as “Gas fee”.

Watch this short video about BUMO on my YouTube Channel:

More Information & Resources:

BUMO Website
BUMO WhitePaper
BUMO TechnicalPaper
BUMO Telegram
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
BUMO Wallet

https://steemit.com/crypto/@originalworks/1250-steem-sponsored-writing-contest-bumo

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