Introduction

Over the years, information transfer on the internet has been developed to become instantaneous at very affordable rates for users. On the otherhand, point-to-point value transfer is still difficult or impossible to realize due to the centralization of existing systems. The great need for uniqueness of ownership for value transaction and also a system to allow value transmission to pass through has been the reason for the existence of centralized authorities, this isn’t the case with that of information replicability. Another major bottleneck of this system centralized point-to-point value system is the proneness of centralized authorities to malicious attacks.

Todays information transfer speed and efficiency is incomparable to the poor value transfer system. Combined with high rates for this transactions.

What would make a difference? What if there existed a platform or network that would possess a function of Account, offering value transfer in a decentralized manner and directly. At this point you already know where am driving at, off course it’s the advent of blockchain. The blockchain offers trustless value exchange and at very low transaction fees, which would normally not be significant but for server maintenance. With blockchain there is no need for intermediaries, transfer is made permanent, validated and completed.

Blockchain has enhanced a lot of areas and its application increases largely as the years go by, but despite its ability to provide a digital trust between users some bottlenecks exist which barrier its adoption.

Bottlenecks of Blockchain

Low Scalability:

Our mother Blockchain, Bitcoin can only process 7 transactions per second, Ethereum was paralyzed by increased usage during the launching and use of a crypto game called crypto kittens. Also, every transcation causes the blockchain to grow larger.

High Energy cost and Consumption:

Another challenge related to the blockchain is the high consumption of energy. Most mining of Bitcoin are controlled by companies in china where electricity is cheaper, this centralizes most of the mining.

Finally, is the liquidity Problem:

Inadequate liquidity leads to multi crypto isolations which affects value distribution greatly.
This challenges have lead to the center of this post,

BUMO

Bumo is described as an unbiquitous trust network that offers easy and efficient value distribution by interoperating multi independent entities. For better understanding of BUMO’s properties and function consider this expression.

Blockchain + Internet of Things (IoT) = BUMO

This combination solves both the technical set backs of IoT and also improves it with multi intelligent devices for all.
It is also important to mention that values such as Game points, loyalty assets, Insurance and the likes can be tokenized on Bumo.
(IoT)

Internet of Things Revolutionized

The main set back of IoT is it lack of real value creation, device value cannot be termed as real, since its only reason is because it is connected to the network. Bumo offers a transformation for value distribution between devices connected to the IoT, and also develop an efficient and intelligent IoT network by completing transactions at low cost and most importantly decentralized.
Bumo offers benefits like instant computing, threshold reduction and full use of idle resources which is rare. Most importantly it offers a more transparent and autonomous IoT due to the large number of consensus nodes it possesses.

BUMO NETWORK COMPOSITION

Bumo network is open to any device to join as a node, it is easier to connect the device with the bloackchain. Nodes function to maintain, develop and enhance value distribution.
The Physical Components of BUMO include;

Nodes: Any smart device or computer connected to Bumo, but doesn’t loose it autonomous feature.

Candidate Nodes: This is specially chosen nodes based on performance and network scaling. But all are qualified to apply.
Validator Nodes: A lottery is put up and candidate nodes that succeed through designed algorithm are picked. Their job is to disburse resources and make network account.

BUMO’s Consensus Mechanism

BUMO employs a unique algorithm BU firework which is called “Dpos + PBFT”. It can attain higher and larger transaction scalability and security. It differs from the Popular Proof of Stake (PoS) and PBFT.

Benefit and Uniqueness of BUMO’s Mechanism
Its simple, algorithm like POS, POW etc, offer slower and smaller DAPPS. The slowness of the blockchain is due to the fact that transaction grouping into blocks before being written on the chain takes time.

Incentive Mechanism

All economic activities on the platform is foeled by BU-Tokens. Validator nodes are incentivized and this is sourced by fees called GAS which is paid by users for using the platform’s resources and is measured in BU-Token. The amount of GAS to be paid is allocated as follows:
Storage and Network Fee: Based on type and size of transaction.
Calculation Fee: which is determined by the weight of computing resources as a function of the time it takes to execute contract requirements.

BU Contracts

Smart contracts are executed as BU contracts. The Bucontract is built in a manner that enhances real values and bloackchain to be directly linked. BU contract are designed to eliminate cheaters. If found, deposits are voted out by validators and other users or the use of oracle machine. Most importantly contracts must trust the oracle machine algorithm.
Components of BU Contracts include;
BUMO Virtue Machine (BUVM)
Its function is to ensure that all BU contracts on the BUMO framework is executed.

BUMO Oracle
This framework, through the event initiated in Bucontract, triggers the oracle machine to get data required.

THE BU-TOKEN

This is the driving force of all economic activities on BUMO.

(For more information on BU-token, Allocation of tokens interoperability and other technicalities, visit the white paper linked below this post)_

Use Case

Blessing owns an average fish company and has been so busy not take careful look at the accounts of transactions. She finally observes that records of sales and returns have been tempered, meanwhile, a friend introduces her to Bumo. She integrates it immediately, hosting few smart devices on the report templates of her workers. Few workers are caught and used as scapegoats, cheating cease and she can efficiently manage and track all data collected via smart contracts.

CONCLUSION

BUMO platform is a totally open and autonomous path connecting the physical world and it assests to the blockchain. It aims at constructing a society of smooth value circulation and a new dawn for IOT, introducing it to a revolution that doesn’t limit asset tokenization of any kind. BUMO is the future of blockchain, IOT and value transfer.

Watch my video

For more information and resources

Bumo website
Bumo whitepaper
Bumo Technical paper
Bumo Telegram
Bumo weibo
Bumo reddit
Bumo Facebook
Bumo twitter
Bumo Github
Bumo wallet

This is my entry for @originalworks writing contest, to join click

Here is my twitter post

https://twitter.com/Dickson65409562/status/1052342847968632832?s=20

- Dickson65409562

bumotwitter
bumo2018