-- The world economy is in a permanent state of transformation: technological structures, material values, and regulation mechanisms are changing. This process can be accelerated by the emergence of new factors that change the fundamental foundations of the modern market economy.
Currently, such a factor is global digitalization, which has influenced the development of almost all spheres of the economy. As a result, new markets, new forms of communication, new approaches to organizing and managing the production of goods and the provision of services have emerged.
Cryptocurrencies became the first mass approbation of blockchain technology (distributed ledger technologies). The technology allows building decentralized interactions, ensuring their security. This makes it possible to technologically increase the efficiency of economic relations by excluding an intermediary acting as a guarantor of the fulfillment of the obligations of each participant.
In addition to this, the trends of the rapid development of digital technologies, the reduction in the cost of computer technologies, the increase in computing power and the deep penetration of mobile devices open up new ways of organizing economic relations.
The use of cryptocurrencies in monetary relations allows to increase the security and controllability of the issue of private money. The role of the state as the sole issuer of banknotes and regulator of monetary circulation under this system is reduced in contrast to the growth of control on the part of each subject and society as a whole.
As the core technology of the Internet of Value, Blockchain is attracting world-wide attention from people seeking a nicer life with business ecosystems based on blockchain.
BUMO is a public open and autonomous blockchain network for ubiquitous value transfer. What can BUMO offer to the modern market?
BUMO Vision
BUMO is building a blockchain-based new-generation ubiquitous trust network, so that value may be transferred freely like information. The BUMO Network aims to build a Blockchain ecosystem that has the features of extensive digital trust, freely transferred assets and public application.
The future-oriented BUMO network is designed to provide open, efficient and highly extensible fundamental technology support, and is especially targeted at the demands for tokenized assets and circulation of value for the finance, IoT and social network industries.
After being combined with IoT technology, the BUMO Network builds a more extensive “machine” trust through the IoT mechanism. It provides systematic connection between digital assets, smart devices and user data, and benefits people in the areas of tokenization and Blockchain wealth via tokenized transactions and smart contracts.
Ubiquitous Trust Network
The BUMO Network is a vast, open and autonomous wireless network (WANET), connecting the physical world and Blockchain seamlessly.
All devices may be included in the network as a node. Joint network maintenance, application design and value transfer will be realised, then a massive, ubiquitous network can come into being as well.
The first N nodes that satisfy the condition (the size of network and performance requirements). Any node in the network can become a candidate node.
Validator Node is responsible for ledger keeping and resources allocation throughout the BUMO network, for which it receives incentives from transaction fees. Only validator nodes would receive GAS incentives in the form of BU.
All devices may participate in the consensus process and data-integrity validation. With the development of IoT technologies, more devices in industry and household will become intelligence-motivated and have certain computing capability.
These intelligent devices may also be included in the network as nodes, on one hand idle resources are fully used while the user barrier is significantly reduced, since more users are directly involved in the building of the trust network and it becomes more open and autonomous.
On the other hand these devices can create value by themselves, since there is a pervasive demand for value transfer and communication between intelligent devices and the BUMO Network will be the must-have-infrastructure under this circumstances.
BUMO Consensus Protocol-Next Generation
Similar to Algorand consensus algorithm proposed by Professor Silvio Micali, BCP-NG (BUMO Consensus Protocol-Next Generation) will make further improvement and remaking of BCP. Priorities of nodes with higher proportion will be re-assigned, such priority will then be measured by the stake of the account of the node, finally the validator nodes selection system which is based on PoS will form. The validator node is part of the entire subset of nodes, and selection procedure is the first step in the operation of the protocol.
BUMO Contract
BuContract (BUMO Contract) Developers can customise the read/write operation of a smart contract for calling by derived applications, while the underlying ledger enables the smart contract to access data on the chain: global status, block data, etc. Besides, it can also manipulate its unique data storage area and initiate interactions between a smart contract and other contracts.
BuVM (BUMO Virtual Machine) serves as the execution environment of smart contracts and provides smart control logic to the application layer. When combined with the parsing and conversion feature of high-level language, it provides flexible supports for fundamental virtual machine applications. It realises external interfaces on virtual machines by using customised APIs and can interact with ledger data and external data flexibly.
Join BUMO and take full advantage of its network: https://bumo.io
Contact Info:
Name: Bumo
Email: Send Email
Organization: Bumo
Website: https://bumo.io
Release ID: 88998814
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