operations | 0. | 0. | comment |
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1. | parent_author | "" |
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parent_permlink | crypto |
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author | florae |
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permlink | bumo-the-consistent-trust-network |
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title | "Bumo - The consistent Trust Network" |
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body | "## Introduction
Blockchain technology has improved over the years with its adoption also increasing simultaneously. The movement of information from one person to the other has been made very easy via the internet and its technology and also at a relatively low cost. The transfer of information from the sender to the receiver has not been much of a problem as the internet has tackled this problem almost completely. All these information transfer aided by the internet is easy and at low cost but it has failed to establish a system where point-to-point value delivery - this is because it depends on a central authority that has the sole responsibility of managing accounts. This is so because the value transmission needs to be assured of the uniqueness of ownership which is not the same thing as the replicability of information transmission. BUMO is set to provide accounting function that the value delivery does not and will not depend on a central authority but rather conduct point-to-point value transfer.
The blockchain technology solves major problems which include; distributed dynamic networking, consensus mechanism under unified rules, time-ordered and tamper-proof and intrinsic incentive mechanism.
Digital trust and distributed business
## BUMO – the ever-present Trust Network
BUMO has a target of making a trust network where there is a point-to-point flow of value as information, via the use of already existing smart tools and devices which are made available throughout the globe. BUMO is concentrated on enhancing simple transfer over numerous networks at intervals the net of Things, fintech, and therefore the social network trade. By connecting digital assets, good devices and user information, BUMO can take advantage of the already existing and the new economy to reinforce the lives of people on earth. They have a smart infrastructure that can support about 10,000 transactions per second with a developer-friendly design tools that makes it very easy for users to use.
Developer friendly style tools and templates for straightforward dApp preparation
Smart devices act as network nodes!
Questions? raise on Telegram! Q&A cluster only for this event!
BUMO - Vision
BUMO's vision is to make next generation blockchain for omnipresent pricetransfer, that is prepared for enterprises to use in high performance.
What is omnipresent price transfer?
A global network sanctioning tokenization of any assets!
Based on the infrastructure of BUMO public chain, all assets may well betokenized, in spite of they're Loyalty Points, Game Points, Insurance, moneyAssets, or maybe some fastened Assets or Reality Assets, that extend the scope of assets in circulation, build them straightforward for transferring, and alter these price to be circulated freely round the world and completely different chains.
BUMO - straightforward INTEGRATION
A key step to achieving integration of blockchain technology is straightforwardimplementation. people yet corporations area unit seemingly to avoid expensiveand complicated processes in favor of ancient price transfer strategies.
This is wherever BUMO changes the sport. BUMO permits users to launch dApps with none dev data. a simple to use templates library are often accessed and accustomtoed succeed what the user needs!
BUMO - The Evolution in Fairness
One of the problems that plague modern-day blockchains is centralization of mining. this suggests that there area unit powerhouses that managementassociate degree irresistibly great deal of mining power. this manner of monopolisation goes against the terribly spirit of decentralization and effectively grants them management over the complete chain.
By having a lottery election for validator nodes, BUMO creates a good mechanism by that the blockchain are often updated in an exceedingly decentralised manneracross the numerous IoT devices it hopes to attach.
Blockchains and Their Bottlenecks
There area unit several limits holding back blockchain technology and its mass adoption because it presently exists.
· Performance – group action speed for platforms like Bitcoin and Ethereum is incredibly low
· Energy consumption – Proof of labor mining is very heavy on energy and results in centralization of mining via mining pools
· Application threshold – Building, group action, and promoting blockchain infrastructure product into businesses is tough as a result of skilled technical experience is scarce
· price isolation – Lack of liquid markets for cryptocurrencies
Network Composition
Any device will become a participant within the BUMO atmosphere. These nodes will all contribute to network maintenance, application development, and pricecreation.
The roles the participants at intervals BUMO will assume are:
· Node – Any intelligent device connected to the network; all nodes area unit clearand autonomous
· Candidate nodes – All BUMO nodes will apply to be a candidate node; some variety of qualified nodes area unit hand-picked as candidate nodes, these nodes that area unit place through associate degree election/lottery to become validator nodes
· Validator nodes – hand-picked from elected/winning candidate nodes, and area unit answerable for networking accounting and resource management; these nodes collect network group action fees
The additional devices connected to the BUMO network, the additionalomnipresent and clear the network becomes.
Incentive System
The BU-Token (“BU”) denominates the “gas” prices of the BUMO Network.
These prices area unit comprised of:
(i) Storage and network fee – supported kind of group action and its size
(ii) Calculation fee – supported weight of computing resources, measured within the time it takes to execute contract necessities
Gas rewards area unit delivered to validator nodes as explained on top of. These rewards area unit ceaselessly adjusted through pick by the participants on the network via a separate mechanism known as the GAS adjustment rule.
Smart Contract
BuVM (BUMO Virtual Machine) is that the atmosphere during which BUMO's goodcontracts area unit dead. BuVM has various templates that enable users with none development background to make high level applications.
Source: BUMO TechnicalPaper, Page 53
BuContract may be a means that of permitting BUMO good contracts to be deployed in common programming languages like Javascript. There area unitinherent benefits to the present, like no value of learning new programming languages for developers and therefore the high execution potency of thosecommon and readily-tested languages. BuVM will support C/C++, Python and alternative languages via WebAssembly.
Data and therefore the planet area unit coordinated via 2 strategies through BuContract:
(i) A “real” information contract is generated and maintained by the info supplierthrough a deposit; the deposit are often lost if validators take for the supplier of the info is acting illicitly
(ii) The contract notifies the oracle (BuOracle, BUMO Oracle) of that informationmust be obtained by some triggering event programmed into its good contract, once the oracle processes the event and returns {a price|a worth|a price} that value is came back to BuVM
BUMO advantages
Free Flow of Digital Assets:
· Static assets area unit much useless
· Cross-domain circulation creates new magnitudes important for all users interoperating through BUMO
Intelligent IoT price Chain:
· forty five Billion IoT devices expected by 2020
· Intelligent devices will generate information and so produce price
· BUMO needs to act as a universal, digital book, sanctioning this information to be listed seamlessly
Will eliminate fragmented communication protocols between completely differentdevices
Will eliminate high prices of network maintenance
Will eliminate fears born of lack of trust via illicit nodes on the network
## My video entry
https://youtu.be/Xy4YbBFZlc4
## My twiiter link - https://twitter.com/aurorastun/status/1052318763750752256
This is a contest by @originalworks and you can join in by clicking [here](https://steemit.com/crypto/@originalworks/1250-steem-sponsored-writing-contest-bumo)
Additional Information & Resources:
[BUMO Website]( https://www.bumo.io/)
[BUMO WhitePaper]( https://www.bumo.io/BUMO-White-Paper-en/)
[BUMO TechnicalPaper](https://www.bumo.io/BUMO-Technology-White-Paper-en/)
[BUMO Telegram](https://t.me/bumoen)
[BUMO Weibo](https://www.weibo.com/login.php)
[BUMO Reddit](https://www.reddit.com/r/BUMO/)
[BUMO Facebook](https://web.facebook.com/BUMOblockchain/)
[BUMO Twitter](https://twitter.com/BUMOproject)
[BUMO Github](https://github.com/bumoproject)
[BUMO Wallet](https://www.bumo.io/wallet/)
Bumo2018
Bumotwitter" |
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