The cryptocurrencies, digital money, developed through the creation of a software and using encryption techniques, that is, techniques that allow to hide the information through codes, making it much more secure. These techniques allow to regulate the generation of units and verify each transaction in a decentralized way in a system known as Blockchain.
Unlike the central banks and the government, which intervene generating or restricting, creating or destroying money in order to modify supply and demand, cryptocurrencies are born with pre-established rules of generation and limits of themselves. These rules can only be modified in consensus of the community. That is why they are said to be decentralized.
The process of deciphering the codes to create a cryptocurrency unit is called mining, and the miners are the people who dedicate themselves to carrying out this process, currently through very powerful machines capable of performing thousands of calculations per second.
This type of mining is done by Proof of Work (PoW). On the other hand, cryptocurrencies can also be generated without the need for powerful machines used by large miners, it is achieved through Proof of Stake (PoS) test based on the possession or amount of coins that is possessed, understanding that the possessor has as an aim that this coin grows and for this possession the network grants a smaller difficulty to find blocks.
In the world of the blockchain and its mining has created a monopoly that is destroying the decentralization of the blockchain itself, large levels of computing power are used by a few to keep all the mining part of the most used blockchain, this has caused a market that leaves very badly to the decentralization that is used both as a flag
On the other hand…..
There are 2 types of bottlenecks.
1.The bottleneck hardware 2.The bottleneck algorithm
The hardware bottleneck is basically the limitation of the hardware with which you are running your blockchain. If all Ethereum pairs used 10 Gigabit Ethernet cards, 16 core processors would achieve a higher transaction rate. Theoretically, Ethereum can handle 1,000 transactions per second.
Now, the algorithm bottleneck. The bottleneck of the algorithm is explained in non-technical language in this summary:
• The Ethereum network runs with only 1 computer at a time, so you can have a network of 1 million nodes, only 1 node will create the current block in the block chain. So, basically, the entire group of 10 million Ethereum accounts is using 1 computer for all its transactions.
• The blockchain algorithm is serial (as opposed to parallel algorithms). It can not be parallelized and, therefore, can not be scaled. This is a big blockchains problem, they just do not scale by design. You can not do anything about it.
To solve the bottleneck problem you can adjust the hardware and software, or divide the coin into many block chains.
How does BUMO help with bottlenecks and mining?
BUMO creates a decentralized network where each device that connects is already an available node, the computing power of the community is used to make the network scalable, a network that becomes solid while it grows and thus obtains more transactions to be carried out, but has more nodes available for different tasks, all nodes are involved in Blockchain maintenance
Types of nodes in BUMO:
1: node:
is the machine that connects to the network, each device connected to the system is a node that can be used for the good of the platform
2: candidate node:
the users mediating their devices can be postulated for the different tasks of maintenance of the platform, each node can apply and through transparent lottery the nodes are chosen that can carry out validation works
3: validation node:
They are the candidate nodes that are chosen for data validation work that are needed for the operation of the network, these nodes charge network transaction fees
Then we have scalability and the good use of the nodes, the help in mining but to use the blockchain of BUMO this is complemented with the ease of their smart contracts
With more and more frequency we hear that concept: smart contracts. The simplest definition in this respect is that they are contracts that have the capacity to be fulfilled automatically once the parties have agreed to the terms. But surely you have in mind the classic signed paper, so how is it possible that a contract can enforce itself? Well, the truth is that smart contracts are a little different from paper contracts
Smart contracts, on the other hand, are computer programs. They are not written in natural language, but in virtual code. They are a type of software that is programmed, like any other software, to carry out a task or series of tasks determined according to the instructions previously introduced. Its fulfillment, therefore, is not subject to the interpretation of any of the parties: if event A happens, then consequence B will start automatically. Its legal implication has fallen -like all the technology related to Bitcoin- in a gray zone. No trusted intermediary is required (as a notary), because this role is adopted by the computer code, which will ensure without doubt the compliance with the conditions. Therefore, significant time and costs are reduced.
How does the BUMO network help with the use of smart contracts?
BuVM (Virtual Machine BUMO) is the environment in which the intelligent contracts of BUMO are executed. BuVM has numerous templates that allow users without any development background to create high-level applications.
So if a template is used?
The programmer uses the templates already prescribed for the advancement of the language work that must be done, the intelligent contract may need several layers, so you can also use different templates that adapt to what is needed to draft the contract.
Simply the programmer will not only use the template, this is part of the contract as such, there may be event templates of dates or sum of values, they may only be used to extract a value that is needed to resolve an event within the contract, but This simple fact helps to reduce valuable programming time that can be invested in relevant factors of a contract
BuVM brings the favorite of every programmer as the predominant language, Javascript is present, it will also support C / C ++, Python and other languages through WebAssembly.
the BUMO token (BU) creates marketing on the platform
Through a separate mechanism called GAS adjustment algorithm, the collection of rewards for work on the platform is adjusted, the various tasks are rewarded with this token (BU) WHICH IS INTERCHANGEABLE BY ANY ASSETS within the platform and generates a liquidity and a market fluid
As simple as that, the nodes that maintain the network are encouraged through the BU token, the users that use the platform and create smart contracts also need the token to be able to afford the cost of their contracts and be able to solve two fundamental factors: the rate of network storage and the calculation rate
Case of use:
Jose is very happy because his company is in expansion, he has managed to create a product with a very special raw material that brings from Asia, the problem is that he needs to ensure the raw material for future sales
Jose already has a commercial ally that supplies him but for the thousands of kilometers that separate them, a very strong inconvenience has been created, they both need a platform that guarantees a fair game in their commercial exchange
Like Jose, the owner of the raw material company, Mr. Leng is a connoisseur of the blockchain and its benefits, he even knows about BUMO and he tells Jose that they can create an intelligent contract which guarantees timely payment and an exact delivery of the merchandise, jose analyzes the subject, knows about the intelligent contracts and knows that they are unalterable, there is no way of influencing them and that they are safe if used in a decentralized and functional platform like BUMO
They reach an agreement on the terms and conditions, everything is ready for the smart contract which is done by a specialized programmer who saves a lot of time with the templates and support of BUMO and in a short time they already have their contract on the platform, all with your interests protected in BUMO !!
CREATING A GLOBAL BLOCKCHAIN !!
With a unique platform BUMO create a scenario worthy of admiration, on the one hand is the user, which gets a way to manage their assets dynamically, giving the value of decentralization in a real way, The innovative consensus algorithm DPoS + BFT for multiple two-layer chains will improve transaction processing and address diversified scenarios.
Various interconnected blockchain for a real flow of assets, InterChain links the main chains, just like the traditional Internet router.
On the other hand, the programmers find a more friendly route with help systems such as templates of intelligent contracts that encourage and reduce the time of work of computer experts, also the programming languages most used at the moment are maintained, gives easy access to traditional programmers to blockchain technology
video about BUMO
More Information & Resources:
BUMO Website
BUMO WhitePaper
BUMO Telegram
BUMO Facebook
BUMO Github
BUMO Twitter
explanatory:
All the images about BUMO are coming from your website and other images made with the help of google search
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