BUMO: A DECENTRALIZED PROJECT ALLOWING FREE VALUE TRANSFER BETWEEN IoT, FINTECH AND SOCIAL NETWORK INDUSTRY

alexanderrigov (52)in #crypto • 6 years ago (edited)

1.. What is BUMO project trying to achieve?

2.. What makes BUMO so special?

3.. How can BUMO help your business?
3.1. Connecting networks efficiently
3.2. Integration has never been so easy - BuVM changes the game
3.2.1. From a company to dApps built on top of BuVM
3.2.2. Programming languages supported by BuVM via Bucontract
3.3. An example - Michael's startup

4.. Why is BUMO blockchain faster than the most other blockchains?
4.1. The usual problems of traditional blockchains
4.2. Why you should care about the speed of data transfer
4.3. With BUMO, no mega-powerful supercomputers are needed for running nodes
4.3.1. How does BUMO network function
4.3.2. BUMO is decentralized, and decentralized means fast
4.4. BUMO is decentralized, and decentralized means fast

5.. Why should you care about security?
5.1. Why secure transfer of value is more important than you think
5.2. How BUMO ensures that its transactions are secure

6.. What is BU Token?
6.1. Two factors determining its value
6.2. Ways of acquisition

7.. The project

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1.. What is BUMO project trying to achieve?
The aim of BUMO project is to ensure seamless value flow by tokenizing various assets of different networks and allowing them to be freely exchanged across the whole BUMO network, no matter the place, time or asset type.

2.. What makes BUMO so special?

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BUMO blockchain has several key benefits compared to traditional ones:

No need to host powerful servers => low maintenance costs
Free flow of digital assets is ensured, because there is no point in static assets => flow of value inside the network, creation of value for network users
Information = value. One of the "links" in BUMO node hosting are IoT devices that generate loads of information => creation of value for network users (YES, once again!). Note: number of Iot devices will continue to rise steadily and is expected to reach 45 000 000 000 by 2020, meaning that the value of BUMO network will continue to increase.
No illicit nodes on the network => more secure
Unified communication protocol between network devices => no fragmentation

3.. How can BUMO help your business?

3.1. Connecting networks efficiently

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If your company does not use IoT devices yet, chances are that in the nearest future that will change. BUMO can help control your IoT ecosystem by ensuring free information transfer and its security. What's more, if your business has to deal with data from fintech or social network industries, BUMO can help there in a similar way as well.

3.2. Integration has never been so easy - BuVM changes the game
3.2.1. From a company to dApps built on top of BuVM
Easy implementation helps any technology to reach mass adoption as fast as possible. No extensive technical knowledge is needed to build dApps on top of BUMO blockchain thanks to templates library. dApps, called BU Apps are being built on top of BuVM - short for BUMO Virtual Machine.

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3.2.2. Programming languages supported by BuVM via Bucontract
As stated by BUMO team:

BuContract is a means of allowing BUMO smart contracts to be deployed in common programming languages.
Programming languages that will be supported are JavaScript (insanely popular), C/C++ (blazing fast), Python (easy to use). Other languages will be available through WebAssembly.

3.3. An example - Michael's startup
Michael's innovative startup RE:frigerator sells 'smart' refrigerators that send users an alert to their smartphone when, for example, there is no more milk or eggs left so that users don't have to make their shopping lists. Each refrigerator has numerous cameras and sensors installed inside and generates a large amount of data.
But Michael doesn't have to worry as he uses BUMO.
Each individual sensor acts as a node, which improves speed and security of a blockchain while being extremely power-efficient. Every byte of information is safely and rapidly processed, no watt of electricity is being wasted. Both the company and its users benefit.

4.. Why is BUMO blockchain faster than the most other blockchains?

4.1. The usual problems of traditional blockchains

Speed of transactions - Bitcoin can only manage 7 transactions per second, Ethereum - 20 TPS. Compare it to BUMO's 10000 TPS!
Inefficient power usage - PoW requires large amounts of energy. BUMO can run nodes on IoT devices, thus being power-efficient.
Isolation of value - with biggest amounts of cryptocurrencies being traded on centralized exchanges, this problem is severe. BUMO is decentralized, eliminating the problem altogether.
Technical knowledge is needed for building applications - blockchain products are not intuitive to create. BUMO solves this problem by providing users with template library, allowing to launch dApps without extensive knowledge in programming.

4.2. Why you should care about the speed of data transfer

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Do you like being in a queue at grocery store? Of course, as a customer, you hate queues. Does the grocery store benefit from the queue then? Quite the opposite, in fact - it doesn't serve customers fast enough, it is losing money. As you can see, everyone loses.
Imagine that the queues consist of data. Once again, any slowdown is bad both for user and company. That's why data transfer speed matters.

4.3. With BUMO, no mega-powerful supercomputers are needed for running nodes

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As nodes can be run even on low-power IoT devices, no expensive servers are needed to implement the system.
4.3.1. How does BUMO network function

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BUMO network has three types of nodes, as stated by BUMO development team:

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.
4.3.2. BUMO is decentralized, and decentralized means fast
Because BUMO is decentralized, it can achieve a high transaction speed by using individual IoT devices as one of three types of nodes.

5.. Why should you care about security?

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5.1. Why secure transfer of value is more important than you think
Let's return to our fellow Michael's company. Imagine that he does not use BUMO, instead using less secure system. Imagine there is another startup CoolFrigerator selling similar refrigerators. They use computing power to attack Michael's RE:frigerator IoT chain. People are getting notifications that they have to buy eggs, potatoes e.g., even though there are still plenty. RE:frigerators become unreliable, people are buying rival's CoolFrigerators, Michael is going bankrupt.
This is why it is wise to use BUMO to make sure something like this cannot happen.

5.2. How BUMO ensures that its transactions are secure
Other blockchains' mining power, such as Bitcoin, is often concentrated in one hands, which means that with enough power, any user can make the network centralized. BUMO, on the other hand, uses lottery-type choice of validator nodes, making it much harder to concentrate the control over the network in one hands. That means that even with large amounts of computational power it is extremely hard to exploit BUMO network.

6.. What is BU Token?

6.1. Two factors determining its value

Quantity of token "burned" as a fuel for BUMO network. The more BUMO network is being used, the less BU Tokens there are, the more BU Token costs.
Each BU Token holder can participate in governance of the BUMO network. The more BUMO network popularity rises, the more people will want to govern it, the more BU Token costs.

6.2. Ways of acquisition