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Introduction.
In the current technological era has emerged a new paradigm that has come to change our understanding of the digital world and that is gradually being integrated into our lives becoming the key to the future of digital networks. This technology called blockchain or "chain of blocks" consists of an entire coding system that is behind the virtual currency and is the basis of its entire structure. The transfer of digital data through the blockchain takes place in a reliable and secure way that does not need a centralized intermediary to certify the information because the information is distributed in multiple independent nodes that validate and register it and once introduced can never be erased or hacked. Blockchain technology is a system that is changing the way we understand business and our society. Its use allows making all kinds of transactions, which need not necessarily be economic, securely and reliably without the need to disclose confidential information.
What is Bumo?
BUMO is an innovative project that is introduced in the technological market with the aim of creating a trust network that incorporates the intelligent devices that already exist worldwide using blockchain technology.
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The vision of BUMO is the creation of a chain of blocks whose key is the transmission of ubiquitous value considering that data transmission networks and information and communication technologies such as Internet signals, television, telephony are scattered around the world and are available at all times faculty that allows the tokenization of any asset and its easy transfer.
BUMO focuses on improving ease of transferability across various networks within the Internet of Things, fintech and social networking industry. By connecting digital assets, smart devices and user data, BUMO will enable the true benefits of the digital economy to improve people's lives.
Why is BUMO important?
The demand for data transfers increases every day on the Internet, making the business grow every day more. There are many users who have their savings and investments in the digital world, so the goal of BUMO is to create a network of more secure, efficient and reliable transfers. In this totally secure and transparent system each user device can contribute to the maintenance and development of the network.
How is the network formed and do the devices participate?
Any user who participates in the project can turn their device into a node and thus help the growth of the platform. The nodes are users that help to the maintenance, integral development and creation of value in the network. The roles they can have are:
Nodes: is any device that participates in the network totally autonomous.
Candidate nodes: They are nodes that request a candidacy to be chosen as validation nodes through a lottery.
Validation nodes: They are selected from among the candidates to be responsible for the management of network resources and to acquire certain responsibilities of maintenance and administration of the network. These nodes charge fees for network transactions.
Bu Tokens-incentive system.
The Bu token is the official currency of the network that justifies BUMO's gas costs. These costs depend on the size of the transactions, weight of resources, time it takes to execute and other factors that intervene when carrying out an operation in BUMO.
These gas rewards are delivered to the validation nodes by the participants voting through the gas adjustment algorithm.
The value of these tokens is based on the amount of fuel consumed in the network and the community's ability to maintain the use of the BU.
The gas serves as fuel to execute the transactions and thus give an incentive to the validating nodes.
The BU can be acquired by the validating nodes by collecting their fees can be used for buying and selling donations and for the development of the platform ecosystem.
More Information & Resources:
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All images were taken from the Bumo website
Written as part of https://steemit.com/crypto/@originalworks/1250-steem-sponsored-writing-contest-bumo
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