BUMO: An open platform for the circulation of value

Today, the Internet has solved the problem of information transfer almost perfectly. People can transfer information very conveniently at low cost. However, it is still impossible to perform the point-to-point value delivery, but it depends on the central authority to carry out the accounting function, the reason being that the transmission of value needs to guarantee the uniqueness of the property, which is different from the replicability of information transmission.

Today, BUMO will break the value delivery barrier, solve the value transfer problem and make the global assets a whole.

---

2.The Blockchain and the bottlenecks that still exist

With the advent of Blockchain and its success in eliminating intermediaries and transferring value between two parties reliably through computer networks, this technology is destined to be large-scale. According to the IDC forecast report, blockchain and digital trust have entered large-scale applications: by 2021, at least 25% of the world's 2,000 largest companies will use the blockchain service as the basis of digital trust; by 2020, 25% of the world's leading commercial banks, almost 30% of manufacturers and retailers, and 20% of health institutions will use the blockchain network in production. By 2021, at least 20% of China's 1,000 largest companies will use the blockchain service as a basis for digital trust; By 2020, 20% of banks, 30% of supply chains and 10% of health institutions will use the blockchain network in production.

As the central value internet technology, the blockchain is attracting worldwide attention. People expect the commercial ecology of the blockchain to improve their lives. However, there are still many bottlenecks in the current blockchain network that can be solved:

• Performance problem: the blockchain platform represented by Bitcoin and Ethereum can handle only a few or dozens of transactions per second.
• Energy consumption problem: for the blockchain platform represented by Bitcoin, the miners must resolve an encrypted collision through the competition, and the winning miners can obtain the following block accounting rights and win block allotments. However, this mechanism can lead to an extremely high energy consumption and even to the centralization of mining, that is, the calculation power is concentrated in a few large entities.
• Application Threshold: At present, it is difficult to meet the rapid development needs of the commercial application due to the large amount of development engineering and high professional technical requirements during the blockchain development application. In the app tracking promotion, these platforms are difficult to integrate with a large number of blockchain users and provide flow support for the application, and the cost of the promotion is still high.
• Value isolated island: Currently, the blockchain application on different platforms is still in an isolated state, the value system and the economic circulation are relatively closed, and digital assets are lack of liquidity. The lack of liquidity not only restricts the flow channel, increases the cost of obtaining the client, but also allows the service and digital assets in the application to be in a closed business environment.

---

---

3.BUMO and its Vision of a new generation of Network

BUMO Creates a new generation of blockchain network of wide confidence, ubiquitous of circulating value that allows the free movement of assets and the application of common actions. Focusing on the future network of value circulation, providing open, efficient and scalable underlying technical support, and meeting the needs of asset digitization and circulation of value in various industries such as finance, Internet of things and social networks.

It also seeks to establish a wider "machine" trust through the interconnection of all things according to the Internet of things, and to create a solid base of trust for the circulation of value.

---

---

4.Ubiquitous network of BUMO

Source: BUMO White Paper, Page 6
When confidence in blockchain networks is based on a ubiquitous "machine", the circulation of values is truly credible and efficient. Digital power belongs to users and allows users to really dominate their digital property, which means that all users participate in the construction of the entire blockchain network. To build the ubiquitous trust network through universal participation, the interconnectedness of all things and the democratic consensus.

The connection between "machine" and "machine" is also a bridge between the virtual world and the real world. When such a ubiquitous trust system is established, network antennas and applications on the network will be ubiquitous. The value will flow freely in this trust network and will form a credible value circulation system. The BUMO network is completely open, autonomous and perfectly links the physical world with the digital world of blockchain, any device can join the network as a node, perform network maintenance, application development and value circulation together and form a ubiquitous large-scale network.

---

---

4.1.The composition of the BUMO network:

• Node: any intelligent device or terminal jointed the network is one of the components, and it has the characteristics of opening and autonomy.
• Candidate node: all nodes can apply to be candidate nodes. Generally speaking, qualified first N nodes are selected as the candidate nodes, the candidate who has passed the election / lottery becomes the validator node, and N can be determined according to the network scale and performance requirements.
• Validator node: it is selected through election / lottery of candidate nodes, reaches the consensus block through algorithm, is responsible for whole network accounting and resource dispatching and obtains the rewards of network transaction costs.

---

---

4.2.How BUMO resolves the consensus (PoW, PoS, etc.)

BUMO proposes a new consensus algorithm BU Firework, which is a new algorithm called "DPoS + PBFT" and can achieve higher transaction throughput, scalability and security. BU Firework algorithm is a new algorithm for dynamic validator election, which is different from the traditional POS (Proof-of-Stake) and PBFT (Practical Byzantine Fault Tolerance). BU Firework consensus algorithm mainly has the following links:

• When selecting candidate nodes, all nodes can apply to be candidate nodes. Generally speaking, the qualified first N nodes are selected as the candidate nodes.
• All nodes in the network can vote for the rights and interests of the candidate nodes, each candidate will get an equity sum C, and the first M candidate nodes will be elected as the validator node; The voting process may be cyclical or continuous changing mode.
• Validator node reaches consensus and completes the blocking validation through asynchronous BFT algorithm, the function F (S) indicates the weights of validator nodes in the BFT algorithm, the higher the weights, the greater the chance of getting the block.
• To prevent Nothing-at-Stake attacks, when the validator node is proved to be malicious behavior (signing different blocks of the same height), the deposit is validated by the validator node is forfeited and removed from the set of validator nodes, and corresponding candidate nodes are selected to enter the new validator node collection.
• To prevent the Long-Range-Attack, all validator nodes will enter to deposit freezing stage when redeeming the deposit, so to prevent the malicious validator nodes of redemption from jointly committing the malicious attack system.

---

---

5.BU-Token

It is a built-in native encrypted digital token that is used to characterize and measure digital economic activities in BUMO. As the intelligent transaction or contract initiated by the user will occupy the resources of the blockchain network, it is necessary to pay a certain amount of GAS as the tariff, which will be measured by BU.

Also to quantify this part of the GAS, the resources of the block chain are divided into two parts: storage rate and network tariff, the first related to the type of transaction and the size of the storage; and the second related to the calculation rate, free allocation of a certain amount of calculation according to the weight of BU maintained.
The computing resources that smart contracts can consume are measured by the execution time, which means that contracts are executed in the shortest possible time.

The contract designer should consider the resources of the system comprehensively at the beginning, in order to save the resources of the system as much as possible. Of course, if the contract is relatively complex and the occupation of resources can not be reduced, the user can transfer a certain amount of BU to the contract to extend the contract execution time. The BUMO network allocates time to execute smart contracts based on the BU number. The more the BU is maintained, the longer the execution time.

---

---

6.Secure Transfer of Value with Intelligent Contracts

Source: BUMO TechnicalPaper, Page 53
In this opportunity BUMO presents two technologies to comply with a secure transfer of value:

BuVM (BUMO Virtual Machine), is the environment of execution of intelligent contracts, which provides the intelligent control logic for the application layer, is combined with the analysis and the transformation of the upper level language, and it allows in a flexible way the basic application of the virtual machine; Performs the external interface of the virtual machine through the custom API operation and can interact flexibly with the book and external data.

BuContract (BUMO Contract), can customize the reading and writing of intelligent contracts to be used by higher applications, and the underlying account provides the ability for intelligent contracts to access the data of the chain: global status, block data , etc. At this time, it also operates unique data storage areas and initiates contract transactions to interact with other contracts.

Equally BuContract also brings blockchain intelligent contract technology to ordinary developers, and supports the use of JavaScript as the intelligent contract development language, which is one of the most popular development languages in the world; Based on the Google Chrome V8 open source engine, the BuVM virtual machine is made. Similarly, BuContract will allow two ways to coordinate with real-world data outside the chain:

• A real data contract is established, which is generated and maintained by the data provider, and a deposit is paid for their data. If a violation is found, the validator and other community participants must vote to deduct the deposit.
• With the help of the oracle machine (BuOracle, BUMO Oracle), the contract notifies the machine oracle the data that will be obtained through the event trigger, which must be returned to the virtual machine once processed by the oracle machine. The contract must rely fully on the Oracle machine. BuContract will provide contract templates according to different industry classifications, such as the offer of digital assets, so that developers can perform the contract functions quickly and safely by simply modifying the parameters. BuContract will provide online editing and debugging tools to help developers write and debug contracts efficiently.

---

---

7.Key BUMO differences in inter-string interoperability

To meet the problem faced by the single-chain system and its limitation by the scale of the consensus nodes, BUMO proposes two transaction architectures between blockchain chains: Isomorphs InterChains (Orbits BU) and Isomeric InterChains (Canal BU)

BU Orbits, is a two-layer polymorphic architecture, which consists of two layers of Mainchain and Child Chain, which performs the dispersion between nodes and between nodes of transaction processing, state storage, transaction download and transmission.

This architecture is composed mainly of two types of chains. The first is the Mainchain, and there is only one Mainchain; the second is Children's Chain, and there may be more than one children's chain.

The underlying technology of Mainchain and Child Chain is interconnected, and the same blockchain architecture, the account tree structure and the consensus algorithm system can be shared. However, in the specific implementation process, the technology can be selected according to the characteristics of the Child Chain application, such as the use of different children's chain consensus algorithms, different restrictions on block size, etc.

BU Channel, also consists of two layers of Mainchain and the Child Chain. Unlike the BU Orbits, there is usually no isomorphism between the BU Canal Children's Chain, and it is not possible to communicate and trade directly between Children's Chains. Compared to a single blockchain system, BU Canal can achieve a significant increase in transaction processing capacity by expanding multiple Child Chains, while also helping users to implement differentiated businesses flexibly as needed to provide users blockchain services of higher quality. The general architecture diagram of BU Canal is shown in the following figure:

Source: BUMO White Paper, Page 16

---

---

8.Importance of security and speed of data for BUMO

In the future world of the digital economy, the demands of transactions between machines will increase drastically, and the automatic transactions between systems will create a large global commercial network, and this extremely large network of transactions has requirements for transaction speed, the performance of the transaction, the transaction cost. , etc. If the speed of the transaction is slow, the performance of the transaction is low or the cost of the transaction is high, it can not be implemented throughout the commercial network.

The service architecture of BUMO solves these problems with the following aspects:

• The basic composition of the underlying block chain includes: P2P networks, book structure, consensus mechanism, incentive mechanism, etc., which are the basis for building a trust network. Several nodes in the underlying network distribute messages through the P2P protocol; provide definition of book structure and storage of book data; the consensus mechanism guarantees a solid consistency of the underlying data and resists the attacks of malicious nodes; The incentive mechanism realizes the economic game of the entire autonomous system.
• In terms of transactions and contracts, it is the expression of the blockchain pair. Smart contracts are able to execute transactions automatically, which also support programmable functions.
• The third layer is the technical extension layer, including the cross chain, the side chain, privacy, etc. It is suitable to inherit and reuse the block chain and expand the scope of the application and the innovation space of the block chain technology, so that the chain of blocks blocks admits multiple types of assets, small and micro payments, Smart contracts, security management mechanism, real-world property registration, etc., which can improve blockchain privacy protection.
• The highest level is the service layer, which includes digital assets, the Internet of things and third-party applications. It is compatible with users and applications to exchange, acquire services, extract revenue, issue digital assets, etc., at the same time, this layer can provide computing power and confidence transfer to the underlying block chain.
• Digital wallet, blockchain browser, data monitoring and analysis, identity authentication and other external applications, can connect all the ecology and open the circulation system of digital assets.

---

---

9.BUMO Use-Case

"John runs an insurance company - HouseSafe. The insurance company provides insurance for damages to homes and properties.

HouseSafe is growing, and dealing with increased amounts of data. They collect data from sensors on homes to find patterns that help them determine their premiums.

The HouseSafe CTO - Joanne, is deciding between two blockchains to help securely verify the authenticity of the sensor data - Ethereum and BUMO.

After weighing their options, Joanne decides that BUMO has numerous advantages for this application.
Each sensor can act as a node! The hardware is already there, no added costs.
With 10,000 transactions per second, the information can be updated in real time.
Easy implementation through the use of existing templates in BuVM!

John is happy that he can integrate BUMO at almost no cost, while bringing scalability and performance enhancements."

---

---

10.Conclusion

For those large companies that still have problems of scalability, security and performance in the implementation of blockchain, BUMO provides an open platform for the circulation of value that supports all digital assets and supports the free flow of digital assets.

In the future, digital assets in BUMO will cover all industries and form a large network of asset value. Based on this shared database, several participants (individuals and institutions) can greatly simplify the coordination process, reduce the customer acquisition cost and improve the efficiency of the circulation of assets. The business opportunities brought by the exchange of value will be infinitely expanded.

Finally, remember that the main objective of BUMO is to connect users, applications, devices and data through the value network of BUMO through transaction accounts and smart contracts.

---

---

11.More Information & Resources:

BUMO Website
BUMO WhitePaper
BUMO TechnicalPaper
BUMO Telegram
BUMO Weibo
BUMO Reddit
BUMO Facebook
BUMO Twitter
BUMO Github
BUMO Wallet

To Participate in this @originalworks sponsored contest please go here.

Twitter Bonus:
https://mobile.twitter.com/Kathee_21/status/1052375067768881152

bumotwitter

bumo2018